The firm included web3 initiatives and its NFT platform in its 10-K disclosure filing as part of 'new growth opportunities.'
GameStop intends to launch its forthcoming non-fungible token 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 ), 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 toup 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.
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