In an intense bout of déjà vu, GameStop (NYSE:GME) is taking up the spotlight in the early months of the year. We’re coming up on a year since the beginning of the GME retail trading madness. And over the last year, the company has shown its ability to retain interest and create headlines. This week, it’s doing this with a long-awaited announcement. The company’s non-fungible token (NFT) market is becoming a reality, thanks to Immutable X (CCC:IMX-USD). Now, investors are looking to learn more about the soaring IMX crypto.
The last year has seen news sites populated by speculation over what GameStop’s next move is. Indeed, since taking in Chewy (NYSE:CHWY) co-founder Ryan Cohen as the company’s chairman, GameStop’s plans for a big turnaround effort have been kept under tight wraps. In autumn of last year, rumors really began taking off around the idea of the company launching its own NFT platform.
Early 2022 finally saw these rumors answered for, with GameStop formally announcing its intentions to launch such a platform. And today, the chatter is only heating up more. The company is giving investors more details and insight into the platform, announcing its development partner in blockchain network Immutable X.
Immutable X Soars on GameStop NFT Announcement
Immutable X is an Australian blockchain block that offers exactly the types of services GameStop will need for the launch of a widespread NFT marketplace. An apt candidate, the news is seeing the IMX crypto soar this morning. It’s also seeing the trading volume of the token skyrocket as investors look to expose themselves to the project.
The Immutable X project is a layer-2 network, meant specifically to accommodate the transaction of NFTs on Ethereum (CCC:ETH-USD). As a layer-2, Immutable X promises faster transactions, lower fees and a hassle-free experience compared to transacting on Ethereum.
In order to achieve this promise, the network utilizes two different proofing mechanisms: zero knowledge (zk) and optimistic. For GameStop, the network will be underlying the company’s NFT marketplace with zero knowledge proofs to conduct transactions. Zero knowledge proofs allow transactions to be validated by third parties without these third parties knowing every single bit of data. This streamlining is what ultimately increases scalability and decreases gas fees.
As the news continues to make its way across the investing world, the IMX crypto is gaining ground fast. The token is up 35%, and trading volume is increasing by a whopping 350%.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.