With the new collaboration, GameStop expects to breathe life into its non-fungible token marketplace.
Illuvium, an Ethereum blockchain game developer, has revealed an exciting alliance with the well-known video game and consumer merchandise retailer GameStop.
The partnership aims to launch a collection of 20,000 non-fungible tokens (NFTs), dubbed "Illuvitars." The collection's launch date is set for June 12th.
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The creators of Illuvitars describe these NFTs as lively, artistic collectibles that each symbolize a unique avatar, or "Illuvial," with a characteristic expression. In the world of Illuvium, these Illuvitars hold a power rating, the magnitude of which is decided by their rarity, offering holders the chance to ascend the leaderboard.
Each of these "GameStop x Illuvitar D1SK NFTs" will hold an exclusive GameStop-branded "Illuvitar." According to the creators, these special Illuvitars have "108 potential combinations grounded on three different background stages, two finishes, three expressions, and six distinct Illuvials."
The D1SKs are laden with random Illuvitars and accessories, which can be exchanged on the Illuvi decentralized exchange. Moreover, NFT holders can look forward to privileged early access to Illuvium's creature collector games, such as Illuvium Overworld and Illuvium Arena.
In February 2022, GameStop selected Ethereum's Layer-2 scaling solution, Immutable X, to fuel its NFT marketplace. However, as the cryptocurrency market turned bearish, the daily fee revenue of GameStop NFT plummeted to a mere $4,000 by August 2022.
This drop marks a notable decline from the earnings of the platform's first full operational day on July 13th, 2022, when the NFT sales volume reached a staggering $1.98 million, thus generating approximately $44,500 in fees.
Currently, the NFT collection that boasts the highest trading volume on GameStop NFT is Buck Season II, having traded digital collectibles worth $109,213 over the last 30 days.
This partnership, launching a fresh wave of NFTs, could signal the much-needed revival of the GameStop NFT platform. It will be fascinating to see how these dynamic Illuvitars influence the platform's trajectory and whether they can rekindle interest in the NFT marketplace amid a bearish cryptocurrency climate.
