In May of this year, it was revealed that video game retail giant Gamestop had stepped into the world of non-fungible token (NFT) technology. Nine months later, Gamestop announced a partnership with Immutable X, a layer-2 (L2) Ethereum scaling project. Additionally, the two teams have raised $100 million in funding for NFT creator grants.
Immutable X – Gamestop Partnership
On February 3, 2022, Gamestop finally announced its blockchain partner after enabling the creation of a Gamestop NFT marketplace built on Ethereum. The video game retailer is collaborating with Ethereum-based L2 project Immutable X, according to an announcement by Gamestop on Thursday.
The project’s website says the platform is “the first layer-2 platform on Ethereum for NFTs,” and Immutable X participants enjoy “marketplaces, games, apps, zero gas fees, instant trading, and carbon-neutral NFTs.”
Sydney-based startup Gamestop and Immutable X are also launching a $100 million grant fund in IMX tokens to be used for creative grants. Gamestop has this to say about its $100 million grant fund:
“We’re trying to fund game changers. We invite developers and creators to power the future of Web3 games. Apply for grant consideration.”
Immutable X (IMX), avoided the market-dominating red wave today and became one of this week’s biggest crypto earners following the news of this collaboration with Gamestop. IMX climbed over 35 percent after the GameStop announcement and reached the level of $ 4.25.
Details in Gamestop’s announcement, the result of the partnership is to create a fund of up to $100 million (in Immutable X’s IMX tokens) that the parties plan to use for grants to creators of non-fungible token (NFT) content and technology. The company also adds:
“Immutable X will also serve as a tier-2 partner and platform for Gamestop and the company’s NFT market, which will launch later this year. In addition, the terms of the agreement require Immutable X to provide Gamestop with up to $150 million in IMX tokens upon successful meeting certain milestones.”
Gamestop also states that the cooperation agreement will be submitted to the United States Securities and Exchange Commission (SEC). The video game retailer said, “Partnership agreement and other related information [SEC]It will be disclosed in Form 8-K submitted to ”.
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