GameStop intends to launch its forthcoming non-fungible token (NFT) platform by the end of Q2 2022.
The firm announced its plans in its Q4 2021 earnings call today and included the plans in its 10-K disclosure filing as part of “new growth opportunities.”
“As we scale and expand our core offerings we will simultaneously invest in additional growth, including blockchain, digital assets (including non-fungible tokens (“NFTs”)), Web 3.0 technology, and new destination formats for our stores,” said the filing.
GameStop partnered with Immutable X in January of this year to build out the NFT marketplace. Digital Worlds plans to grant up to $100 million in IMX tokens to NFT creators and up to $150 million to GameStop itself as it meets certain milestones, according to the terms of the deal.
Immutable X is an Ethereum Layer 2 network for NFTs built with StarkWare’s ZK-rollup technology, which purports increased scalability and lower gas fees.