GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) announced today that it had formed a collaboration with Immutable X Pty Limited (collectively, “Immutable X”) and its affiliates. The cooperation creates a fund in Immutable X’s IMX tokens worth up to $100 million, which the parties plan to pay grants to developers of the non-fungible token (“NFT”) content and technology.
Immutable X will also serve as a layer-2 partner and platform for GameStop’s NFT marketplace, which is set to launch later this year. In addition, the rules stipulate that Immutable X will reward GameStop with up to $150 million in IMX tokens if specific objectives are met. The collaboration agreement and other pertinent information will be filed with the US Securities and Exchange Commission on Form 8-K.
On its NFT marketplace, which can be found at https://nft.gamestop.com, the companies are now inviting creators from gaming studios, web 3.0, and metaverse developers to become content providers.
With the emergence of this news, the Gamestop shares went down 1.6% premarket. And it stooped down again more than 11% today during the first few hours of trading. But the stocks continue heading north by 8% in the last 12 months, while the S&P 500 SPX, +0.94%, has gained 20%.
Layer 2 protocol: Immutable X
Users may trade Ethereum NFTs quickly with confirmations in seconds, have massive scalability (9,000 transactions per second), and pay no gas fees by using Immutable X. Immutable X seeks to make trading traditional digital assets and minting NFTs more convenient.
Immutable X is a layer two scaling solution that leverages the Ethereum blockchain’s power and security rather than competing with it. Immutable X offers the following features to provide its users.