On Thursday, GameStop, a popular video game retailer, announced a partnership with Level 2 Non-Fungible Tokens, or NFTs, an Ethereum (ETH) Immutable X scaling solution to develop the future GameStop NFT market. GameStop will use the same technology to trade and create NFTs.
The die-hard developers claim that the new NFT market will be 100% carbon neutral and there will be no gas taxes. In addition, Immutable and GameStop will launch a $100 million scholarship program denominated in IMX tokens for NFT content creators and tech developers. Although GameStop will receive rights for up to $150 million in IMX tokens upon completion of some stages of work.
At the time of publication, the grant was only available to commercial organizations and decentralized independent organizations developing video games, Web3, the Metaverse, IT services, and digital brands. GameStop entered the NFT space last month by announcing the hiring of over 20 new employees and announcing two upcoming partnerships with blockchain companies to develop NFT games.
On social networks, users were unhappy with the development, and @louiePikmin2 wrote:
“Wow, you guys would really do anything to stay in business, including investing heavily in a fad.”
In context, GameStop is down over 70% from its highest record last January, when it was the target of a Reddit short press. The downward momentum in stocks has created a community of disgruntled investors.
In addition, users are outraged that Loopring, an ETH token project designed to host decentralized cryptocurrency exchanges, was not included in the announcement despite previous discussions with GameStop. However, on the same day, GameStop filed with the Securities and Exchange Commission that Loopring was still involved in the NFT market, and the company stated:
“GameStop will not integrate blockchain protocols other than Ethereum Layer 1 and Loopring into its NFT marketplace without a prior immutable system.”