GameStop NFT is back in the spotlight after a recently announced partnership with Illuvium, an Ethereum blockchain game developer. The collaboration will see the debut of a 20,000 nonfungible token (NFT) collection starting June 12. Called “Illuvitars,” the NFTs are described as dynamic collectible works of art, each representing a specific avatar of an Illuvial with a distinct expression and power rating based on its rarity.
The unique “GameStop x Illuvitar D1SK NFT” will showcase a GameStop-branded “Illuvitar,” boasting 108 potential combinations derived from six different Illuvials, three expressions, three background stages, and two finishes. Each D1SK will contain random Illuvitars and accessories, and they will be tradable on the Illuvi decentralized exchange. Moreover, NFT holders will gain early access to Illuvium’s creature collector games, Illuvium Overworld and Illuvium Arena, among other perks.
Cointelegraph reported in February 2022 that GameStop chose the Ethereum layer-2 scaling solution Immutable X to power their NFT marketplace. Nonetheless, by August 2022, the daily fee revenue of GameStop NFT reportedly fell to a mere $4,000 due to the ongoing cryptocurrency bear market. In stark contrast, the NFT collection with the highest trading volume on GameStop NFT is Buck Season II, which saw $109,213 worth of digital collectibles traded in the past 30 days.
This partnership brings renewed attention to GameStop NFT and raises the question of whether this collaboration will reinvigorate interest in the platform and its offerings. With Illuvium’s involvement, GameStop NFT stands to gain enhanced visibility and credibility within the blockchain gaming space, potentially leading to increased trading volumes and revenue.
On the other hand, some may argue that NFTs, as a volatile and nascent market, may not prove to be a reliable source of revenue for GameStop in the long run. Moreover, the ongoing cryptocurrency bear market could continue to dampen interest and investments in NFTs, making it difficult for the platform to regain lost ground.
Overall, the GameStop and Illuvium partnership presents both exciting possibilities and uncertain risks. While it could result in a resurgence of interest and investment in GameStop NFT, only time will tell if this partnership can weather the challenges posed by the volatile cryptocurrency and NFT markets.
Source: Cointelegraph
