ImmutableX, GameStop, Stepn & Instagram Launch NFT Marketplaces

ImmutableX gains popularity as GameStop’s NFT marketplace goes live and Stepn founders have launched their own NFT marketplace, with a twist.

ImmutableX has only continued to grow, despite the bear market and global economy. Over 50 different games were onboarded into the Immutable ecosystem during Q3, with over a thousand different games being built currently on the platform. Games have come from the Terra ecosystem and even the Polygon ecosystem, transitioning chains for a better opportunity.

The company has an arsenal of capital after announcing a 500 million dollar fund to boost gaming within its ecosystem. Until now, marketplaces have all focused on the same broad NFT industry. ImmutableX is placing an emphasis on NFT gaming at a time when companies like Salesforce put an emphasis on NFT branding and loyalty rewards.

Speaking of ImmutableX, GameStop’s NFT marketplace is officially live. This is a direct result of GameStop attempting to revive its business by capturing the NFT hype. The two companies formed a partnership and GameStop fill focuses on, you guessed it, gaming NFTs that allow players access to blockchain games. The play-to-earn space has only grown since inception and GameStop plans to embrace the new technology.

In other NFT marketplace news, the founders of Stepn have decided to shake things up. Stepn is a move-to-earn concept, tracking and rewarding steps with cryptocurrency. The team has created Satoshi Lab where they launched an NFT marketplace. This marketplace operates differently than most, using a monthly subscription and no trading fees. The best part for creators? Mandatory royalties.

NFT marketplaces have garnered attention in the last few weeks for making royalties optional, moves met with unease and disappointment from the community. Now for around $30 a month, users can make unlimited trades on the new marketplace, always paying royalties but never paying fees. The platform, named MOOAR, will work in tandem with Stepn and DOOAR (the company’s decentralized exchange).

In other marketplace news, social platform Instagram has begun rolling out NFT features. The decentralized data storage of Solana but integrated and certain creators have access to the platforms marketplace tools. This is significant due to Instagram boasting over two billion active users, all of whom will have NFTs right in front of them shortly.

Alternative NFT marketplaces show the growth of the space, while six months ago OpenSea was the only credibly exchange with Magic Eden barely utilized. Now both exchanges have taken top places while other options begin to surface, along with social media platforms onboarding their own users. At this rate, half the worlds population will have NFT exposure in their lives by 2023!

This article was written by Patrick Hagerty on the Exploring Digital Assets  on 25.10.2022 and has been published here with permission.

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