NFT

The case against GameStop’s $100 million NFT marketplace

The case against GameStop’s $100 million NFT marketplace

NFTs

At a time when NFTs are as divisive as ever, GameCease in partnership with Immutable X are going all in on non-fungibles.

Samuel Wan Feb. 4, 2022 at 5:00 pm UTC 2 min learn

The case against GameStop’s $100 million NFT marketplace

Cover artwork/illustration through CryptoSlate

Symbiosis

In conjunction with Immutable X, GameCease is footing $100 million to create an NFT market.

Rumors of this occurring had been first instructed in October 2021, when eagle-eyed observers famous some amended code in a Loopring Github commit.

Although it drew little consideration on the time, now the plans have been confirmed, critics are circling to vent their disapproval. They label the transfer “desperate,” and an ill-fated try to remain related.

Regardless of that, NFT gaming is on the rise. Research carried out by the Blockchain Gaming Alliance confirmed NFT video games generated income of $2.32 billion in Q3 2021. This accounted for 22% of all NFT buying and selling quantity within the quarter.

The co-founder of OneRare, Supreet Raju, mentioned this isn’t an extension of gaming. Instead, it’s a disruption that can redefine all the gaming business.

GameCease NFT market launches later this 12 months

As extra folks purchase video games on-line, sport retailers are more and more feeling the pinch. In a bid to diversify its enterprise mannequin and keep away from being the subsequent Blockbuster Video, GameCease is branching out into NFTs.

A press launch posted on Thursday gave particulars of their plans. The agency is making a $100 million fund to bankroll “creators of NFT content and technology.”  Applications for grant funding may be made right here.

It additionally talked about partnering with Immutable X to develop an NFT market, which is able to go dwell later this 12 months.

“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 (“NFT”) content material and expertise.”

Immutable X is an Ethereum layer 2 protocol. Although Ethereum will get stick for being costly to make use of and damaging to the surroundings, Immutable X says utilizing their chain is immediate, zero value, and carbon impartial.

Is this a clever transfer?

Despite the potential of the challenge, not everyone seems to be satisfied GameCease could make successful of it.

In a scathing piece on the matter, Forbes mentioned NFTs and blockchain are simply one other fad. The writer doubles down by citing an business survey by which the vast majority of devs mentioned they had been bored with NFTs and cryptocurrency as a fee methodology.

“A recent survey in GDC’s State of the Game Industry report found that 70% of developers were not interested in NFTs and 72% were not interested in using cryptocurrency for payment.”

There has been rising concern amongst avid gamers that non-fungibles are getting used to take advantage of income in current instances. In flip, gaming turns into much less about enjoyable and extra about funding alternatives.

The backlash has pressured quite a lot of software program homes, together with Ubisoft, Sega, and EA, to rethink their NFT plans.

With that, is it too little too late for GameCease, or can they one way or the other pull this off?

Get your day by day recap of Bitcoin, DeFi, NFT and Web3 information from CryptoSlate

It’s free and you may unsubscribe anytime.

Get an Edge on the Crypto Market 👇

Become a member of CryptoSlate Edge and entry our unique Discord neighborhood, extra unique content material and evaluation.

On-chain evaluation

Price snapshots

More context

Join now for $19/month Explore all advantages

Read More

Leave a Reply

Your email address will not be published.