Gamestop has partnered with Immutable X for the NFT market and announced a $100 million grant for creators. GameStop will use its solutions for trading and printing NFTs in Immutable X’s market as partnership talks with Loopring continue. In the days when crypto winter was spoken behind the news, altcoin price warmed the hearts of investors. For details cryptocoin.com You should keep reading.
GameStop partnership blows altcoin price
GameStop on Thursday announced that it has partnered with Ethereum scaling solution Immutable X to develop GameStop’s upcoming Non Fungible Token (NFT) market. GameStop will use Immutable’s technology for trading and printing NFTs.
The developers of Immutable claim that the new NFT market will have no gas fees and will be 100% carbon neutral. Additionally, both Immutable and GameStop will launch a $100 million grant program in IMX tokens for NFT creators and tech developers. However, GameStop will receive the rights to up to $150 million in IMX tokens after achieving certain milestones.
At the time of publication, the grant will only apply to corporate entities and decentralized autonomous organizations developing video games, Web 3.0, metaverse, IT services and digital brands. A month ago, GameStop announced the hiring of more than 20 new staff, and NFT briefed on two upcoming partnerships with Blockchain firms to develop games. After the news of the partnership, the altcoin price literally warmed up the winter days, gaining about 53% and hitting $4.25. At press time, it was trading at $3.82.
There are also those who are dissatisfied with the Immutable X partnership with GameStop
On the other hand, on social media, users did not seem very happy with the development, as LouiePikmin2 stated in his post:
Wow, you will really do anything to stay in business, including investing heavily in a fashion.
In this regard, GameStop has dropped over 70% from its ATH level since last January when it was the target of a Reddit short squeeze. The decline in stock momentum has created a community of less than happy investors. Additionally, users seem disgruntled that Loopring, an ETH token project designed to power decentralized cryptocurrency exchanges, was not included in the announcement despite previous discussions with GameStop. However, in the Securities and Exchange Commission filing the same day, GameStop announced that Loopring is still involved in the NFT market, and the company said:
GameStop will not integrate any Blockchain protocols other than Ethereum Layer-1 and Loopring into NFT markets without first integrating Immutable.
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