GameStop NFT back in the spotlight after partnership with Illuvium

On June 5, Illuvium, a developer of Ethereum blockchain games, declared an alliance with GameStop, an outlet for video games and consumer products, to introduce a collection of 20,000 non-fungible tokens (NFTs) commencing June 12.

Developers state that the “Illuvitars” NFTs are “dynamic pieces of art that represent a certain avatar of an Illuvial with a distinct look. Each Illuvitar has a power rating determined by its rarity, which allows you to progress up the leaderboard.”

Each “GameStop x Illuvitar D1SK NFT” will feature an exclusive GameStop-branded “Illuvitar” that developers say has “108 potential combinations based on six different Illuvials, three expressions, three background stages, and two finishes.” D1SKs have random Illuvitars and accessories and can be exchanged on the Illuvi decentralised marketplace. Furthermore, NFT owners will be given early access to Illuvium’s creature collector games, Illuvium Overworld and Illuvium Arena, and other benefits.

In February 2022, Cointelegraph reported that GameStop had chosen the Ethereum layer-2 scaling solution Immutable X to power its NFT marketplace. However, by August 2022, it was reported that the daily fee revenue of GameStop NFT had dropped to a mere $4,000 due to the ongoing bear market in the cryptocurrency sector.

The figures indicated a considerable decrease from the project’s first full day of operations on July 13, 2022, when the NFT sales volume totaled $1.98 million, translating to around $44,500 in fees. At the time of writing, the GameStop NFT collection with the highest trading volume was Buck Season II, with a turnover of $109,213 worth of digital collectibles over the last 30 days.

Magazine: Gen Z and the NFT – Redefining Possession for Digital Natives

Categorized in: