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.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Natalia Siiatovskaia/WindAwake