The two companies have also set up a $100 million grant fund to support developers who will launch their gaming NFT projects on the marketplace. The grant fund is denominated in Immutable X's IMX tokens, precisely 56,209,850 tokens worth over $200 million at current prices as the token price has shot up over the last few days. But the fund was capped at $100 million.
Commenting on the $100 million grant fund, Gamestop said:
“We seek to fund game changers. We are calling on builders and creators to power the future of Web3 gaming. Apply for grant consideration. The partnership establishes an up to $100 million fund in Immutable X’s IMX tokens, which the parties intend to use for grants to creators of non-fungible token content and technology."
Immutable X works on top of the Ethereum blockchain and is designed specifically for NFT-based video game projects. It inherits the security of the Ethereum mainnet, but can handle a much larger volume of transactions at much lower costs, with a significantly smaller environmental footprint in the process. The network is also the creator behind well-known blockchain games such as Gods Unchained and Guild of Guardians.
Commenting on the development, Immutable co-founder and CEO Robbie Ferguson, said:
“This is a huge leap forward for the gaming industry and blockchain. It is further validation that NFTs and blockchain have tremendous utility and are reaching a much broader audience.”