GameStop NFT back in the spotlight after partnership with Illuvium

On June 5, Ethereum blockchain game developer Illuvium announced a partnership with video game and consumer merchandise retailer GameStop to debut a 20,000 nonfungible token (NFT) collection starting June 12. As told by developers:

According to developers, the “Illuvitars” NFTS are “dynamic collectable works of art, representing a specific avatar of an Illuvial with a distinct expression. Each Illuvitar carries a power rating, determined by its rarity, which helps you climb the leaderboard.”

Each “GameStop x Illuvitar D1SK NFT” will contain a unique GameStop-branded “Illuvitar,” which developers say possess “108 potential combinations based on six different Illuvials, three expressions, three background stages, and two finishes.” D1SKs contain random Illuvitars and accessories and can be traded on the Illuvi decentralized exchange. In addition, NFT holders will be entitled to early access to Illuvium’s creature collector games, Illuvium Overworld and Illuvium Arena, and other perks.

Cointelegraph reported in February 2022 that GameStop selected Ethereum layer-2 scaling solution Immutable X to power its NFT marketplace. However, by August 2022, the daily fee revenue of GameStop NFT reportedly fell to just $4,000 due to the ongoing cryptocurrency bear market. 

The figures represented a significant decrease from the project’s first full day of business on July 13, 2022, with an NFT sales volume of $1.98 million, equating to about $44,500 worth of fees. At the time of publication, the NFT collection with the highest trading volume on GameStop NFT is Buck Season II, with $109,213 worth of digital collectibles traded within the past 30 days.

Magazine: Gen Z and the NFT: Redefining Ownership for Digital Natives

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