GameStop has had a fascinating few years, with /r/WallStreetBets identifying some questionable positions and a short squeeze in January 2021 that had a global financial impact. GameStop, under the new leadership of Ryan Cohen, became the internet sweetheart and saw a phoenix-esque rise back to prominence in a sector they had almost fallen from entirely. With the power of nostalgia, memes, and a subReddit, GameStop stormed back onto the court.
Last year, amid rumors and screenshots of job boards, I wrote Reborn Powerhouse, GameStop, Is Hiring NFT and Web3 Team where I noted that “Ryan Cohen appears to be taking GameStop from an outdated brick-and-mortar retailer, to a pace-setter in the gaming industry.” That still appears to be the case and I’m pleased to see it — it’s a company that had been a staple of the early gaming industry and it would be disappointing to see them crumble with rigid high street shops.
Then, just last month, I highlighted a number of critical comments of GameStop over their NFT plans, including Michael Pachter stating the platform would be “dead on arrival” and that it is a “dumb idea.” While he raised some interesting points, I was not convinced by Pachter not the other business outlets being outwardly critical without much substance to their arguments. The underlining motivation appeared to be simply that there’s no reason for GameStop to build anything for web3. As I concluded last month though, “why not GameStop?”
GameStop and Immutable X Partner, Launch $100m Creator Fund
The billboard partnership is somewhat unexpected, but a pleasing one. Immutable has established itself as a leader in the blockchain gaming industry and with GameStop’s social clout, this is a mutually beneficial union. The creator fund of $100m $IMX is simply a cherry atop an already enticing cake.
One final, unsung victory of this partnership is the rise in value of the games already using Immutable X. Games like Gods Unchained, Guild of Guardians, and Ember Sword now may be able to interact with Gamestop, raising their profile substantially.
Let’s break down the key takeaways:
- L2 Protocol, Immutable X, will power the GameStop NFT marketplace
- It will be 100% carbon neutral and have zero gas fees
- a $100m $IMX fund will be made available for creators of NFT content and technology
- Potentially a huge win for games already on IMX