GameStop partners with Immutable X to create NFTs and a NFT Marketplace, Historic?

History in the making.

As I read this headline I felt this was a historic moment in cryptocurrency history. I think this partnership is potentially a big turning point where gamers join the cryptocurrency revolution as part of the Web 3.0 Revolution. That’s a lot to unpack so let’s look at this more closely.

GameStop

• GameStop is an American Video Game Store icon in America. It’s famous and many gamers have fond childhood memories of this store.
• GameStop became famous in 2021 when investors who make money shorting failing companies, which usually accelerated their demise, targeted GameStop for shorting. A group of retail investors, called WallStreet Bets picked GameStop as a company with big turnaround potential, trading at a low and picked it as an investment club investment.

• When WallStreet bets discovered the shorting investors picked GameStop for shorting, they rallied their thousands of members via their Reddit community to buy GameStop stock
• Thus turned into a country wide and world wide David versus Goliath culture war.
• This propelled WallStreet Beys investment group and GameStop into worldwide prominence.
• Meanwhile GameStop as a brick and mortar business has been transforming itself into a more internet based company.
• And then NFTs blew up and became a very popular investment.
• GameStop decides to create a NFT marketplace for video games and starts looking for a partner.

NFTs

-Nonfungible tokens become big news as an easy to understand and profitable investment on the world stage.

Ethereum

The blockchain is popularly equated with safety and security. Ethereum emerges as the world wide standard of safety for NFT buying and selling.

Ethereum Costs

The transaction costs on the Ethereum blockchain get to be so high, that NFT marketplaces spring up on cheaper blockchains, which are potentially less secure then Ethereum.

Immutable X

Immutable X launches as a NFT marketplace on Ethereum which pays all the Ethereum transaction fees for buyers and sellers of NFTs on the ethereum blockchain.
Immutable X decides to focus on the high volume, but low value NFT transactions involving items gamers win inside games, to create an economy where gamers buy and sell their video game items.
The narrative starts to changes to one of property rights not money making.

GameStop decides to open a NFT marketplace on Ethereum blockchain and on Immutable platform.

Summary and putting it all together

• Ethereum becomes the popularly thought leader in safety and security, but also becomes very expensive to buy and sell on it.

• GameStop, a huge icon retailer in the video game industry becomes a populist favorite in this Reddit community WallStreet Bets culture meme of common people versus rich investment companies.

• NFTs become fabulously popular as a way to secure property rights for video game players stuff they win in the game.

• Immutable X creates a NFT marketplace on Ethereum and solves the high cost of transaction fees by making them free to users of their platform.

• Immutable X focuses its business model on the low value and high volume NFT marketplace items of video gamers in-game items, and supports a normally high volume and low value economy with zero fee transactions.

• GameStop decides to use it’s huge brand name recognition and enter a new business niche on the Internet; the NFT market place.

• GameStop can use all its existing connections to video game developer companies and it’s huge customer base of gamers.

• GameStop decides it wants to be on the largest, most famous and possibly safest blockchain Ethereum.

• Immutable X is a zero transaction fee NFT platform on Ethereum and the partnership between them fulfills many of GameStops needs to enter this business.

Final thoughts

I think it is a marriage made in heaven, as it brings together a popular name brand GameStop, a large and recently energized following of investors WallStreet Bets and a huge community of gamers who bought games at GameStop whom I will call the ** GameStop Faithful** and creates a huge customer base for the GameStop NFT store. This doesn’t even include all other NFT investors out besides these previously mentioned groups who are potentially also going to buy into this store as the items may have appreciation potential as new buyers discover this store. Lastly, I think changing the narrative a bit from just making on NFTs, which some traditional gamers have objected to as ruining the games. To the new narrative where NFTs become about property rights and giving more of the income/value from art to the artists resonances better with gamers.

What are your thoughts?

@shortsegments

. . . penned with my hand 6 February 2022

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