Gaming Retail Giant GameStop Partners With NFT Marketplace in Push Towards Crypto Adoption

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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GameStop Dumps IMX Token Amid Partnership Announcement

Key Takeaways

  • GameStop has sold nearly 15 million IMX tokens in the past few days.
  • Immutable, the developer of Immutable X, has so far sent around 37.5 million IMX tokens to GameStop, with around 15 million more to come.
  • Yesterday, Immutable announced it had been tapped by GameStop to help build its NFT marketplace.

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GameStop has dumped almost 15 million IMX tokens it had received as part of a development deal with Immutable.

IMX Floods Market

Yesterday, Immutable, the developer of Ethereum Layer 2 scaling solution Immutable X, announced a partnership with GameStop that included building out its NFT marketplace.

As part of the deal, GameStop was set to receive up to $150 million worth of its IMX token in grants upon the completion of certain milestones. Transaction records on Etherscan indicate that GameStop received has received more than 37.5 million IMX tokens over the past four days.

Since then, GameStop has dispensed with 14,989,293 of those tokens.

Over a series of three transactions—two of which took place two days prior to the partnership announcement, and one which took place a few hours after the announcement—GameStop moved the roughly $44 million in IMX to centralized exchanges Binance, Huobi, and OKX.

With a current circulating supply of around 225 million, 15 million IMX tokens represents about 6.5% of the token’s supply.

The flood of IMX tokens onto the market has likely contributed to its sharp price decline in the past day and a half. Following Immutable’s announcement yesterday, the IMX token reached prices of over $4.20, but today the token sits under $3 at press time, representing a 40% price decline. 

Immutable X is a Layer 2 NFT protocol for Ethereum that allows for quick transactions without gas fees. It utilizes zero-knowledge rollups to scale on Ethereum.

In September, Immutable raised $60 million in funding for its Immutable X scaling solution platform. 

Down from its highs of around $380 per share last January, GameStop stock hovers slightly above $100 at press time. It is up around 3% today. 

Disclosure: At the time of writing, the author of this piece owned IMX, ETH, and several other cryptocurrencies. 

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GameStop Announces New Partnership with Immutable X

American video game, consumer electronics, and gaming merchandise retailer, GameStop Corp has unveiled a new partnership with blockchain-based Non-Fungible Token (NFT) platform, Immutable X to extend its foothold in the NFT ecosystem.

As announced by the Texas-based publicly listed company, the partnership established a $100 million fund for NFT creators utilizing the Immutable X platform as well as those who will be onboarded on GameStop’s own NFT marketplace.

Through the partnership, Immutable X will also serve as the Layer-2 protocol to help bootstrap the GameStop NFT marketplace.

“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 (“NFT”) content and technology. 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 announcement reads.

According to the terms of the agreement, Immutable X is also expected to provide its native tokens IMX of up to $150 million to GameStop once a certain milestone has been achieved. While Immutable X already has its flourishing ecosystem of creators, GameStop is enjoining all creators from gaming studios, web 3.0, and metaverse gaming developers to apply as part of the creators for its proposed NFT marketplace.

This is one of the most significant steps GameStop has made since it announced its plans to wade into the NFT and metaverse world earlier in January. The switch into NFTs was marked by the onboarding of about 20 veterans to run the newly formed division. 

GameStop is not alone in the new foray into the NFT and metaverse world as other mainstream entertainment companies are also exploring NFT-focused solutions. With the launch of a digital collectible featuring Captain America, Marvel Studios is one of the big names pulling serious weight in the entertainment world through NFT, a move GameStop wants to replicate.

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Gamestop partners with Immutable X for NFT marketplace, announces $100M grant for creators

On Thursday, iconic brick-and-mortar video game retailer GameStop announced a partnership with layer-two nonfungible tokens, or NFTs, Ethereum (ETH) scaling solution Immutable X to develop GameStop’s upcoming NFT marketplace. GameStop will utilize Immutable’s technology for trading and minting NFTs.

Immutable developers claim that the new NFT marketplace will be 100% carbon neutral with no gas fees. In addition, both Immutable and GameStop will launch a $100 million grant program denominated in IMX tokens for NFT content creators and tech developers. Although, GameStop will receive the rights to up to $150 million IMX tokens upon accomplishing certain business milestones.

At the time of publication, the grant is only available to corporate entities and decentralized autonomous organizations developing video games, Web 3.0, metaverse, IT services, and digital brands. The month prior, GameStop entered the NFT space by announcing the hiring of over 20 new staff and teasing two upcoming partnerships with blockchain firms for NFT game development.

On social media, users appeared less than pleased with the development, with @LouiePikmin2 writing:

“Wow, you guys will really do anything to stay in business, including investing heavily into a fad.”

In context, GameStop had dropped over 70% since all-time highs last January, when it was the target of a Reddit-fueled short-squeeze. The decay of its stock momentum has created a community of less than happy investors.

In addition, users appear to be disgruntled that Loopring, an ETH token project designed for powering decentralized cryptocurrency exchanges, was not included in the announcement despite prior negotiations with GameStop. However, in a Securities and Exchange Commission filing the same day, GameStop disclosed that Loopring is still involved in the NFT marketplace, with the company stating:

“GameStop will not integrate any blockchain protocol other than Ethereum Layer 1 and Loopring into their NFT marketplace without first having integrated Immutable.”