Video game retail giant GameStop is entering the crypto world through a partnership with an Ethereum-based digital assets marketplace.
In a new press release, GameStop says they are teaming up with Ethereum layer-2 scaling solution Immutable X (IMX) to create a joint non-fungible token (NFT) marketplace.
“Immutable X will also become a layer-2 partner and platform for GameStop and the company’s NFT marketplace that is expected to launch later this year.”
The deal will establish an up to $100 million fund in IMX coins to kickstart the creation of NFTs, and the possibility of earning $150 million more in tokens if certain achievements are met.
“The partnership establishes an up to $100 million fund in Immutable X’s IMX tokens, which the parties intend to use for grants to creators of non-fungible token content and technology…
In addition, the terms provide for Immutable X providing up to approximately $150 million in IMX tokens to GameStop upon the achievement of certain milestones.”
The gaming retailer first stated its intentions to create an Ethereum-based NFT marketplace last May, though they had not yet picked a partner at that time.
News of the partnership sent Immutable X skyrocketing, as the token went from a seven-day low of $2.49 to a peak of $4.13 in just a few days, a staggering 66% increase. IMX has since stabilized and is exchanging hands at $2.94 at time of writing.
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