GameStop Partners With Immutable X To Establish a $100M NFT Fund
As the trend goes, Web3, NFTs, and Metaverse are the current focus of attention for organizations, companies, and investors alike.
From simply being a part of the space to literally furthering it into the future, crypto is observing major developmental bullishness from the crowd.
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GameStop x Immutable X
In a press release today, GameStop highlighted its partnership with Immutable X. With this partnership, GameStop plans on drawing developers towards its upcoming NFT marketplace.
The announcement reads:
“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. (sic)”
With this partnership, Immutable X, which is the first layer 2 for NFTs on Ethereum, will also act as a layer 2 partner and platform for GameStop.
Furthermore, as per the agreement, Immutable X will also be providing GameStop with about $150 million in IMX tokens (Immutable X’s native cryptocurrency). On the same, the release reads:
“The number of IMX tokens scheduled to be granted to GameStop was based on the 7-day trailing average of the IMX USD closing price preceding the date the partnership agreement was executed by the parties.”
This will be a game-changer for Gamestop as operating as a Layer 2 on Ethereum has enabled Immutable X to be used for quick and cheap transactions.
Gamestop aims at banking on this exactly as the upcoming marketplace from Gamestop is aimed at including ‘billions’ of low-cost in-game items that can also be traded.
Other Companies in the Web3
While GameStop is still relevant to Web3 owing to the fact that its business focuses on games, many other companies are also finding ways either to be a part of it or simply to invest in it.
Recently Verizon partnered with Entain Inc to produce Ennovate which will basically be $133 million into the metaverse.
Additionally, Cryptocurrency exchange Gemini’s Galactic Market too became a FINRA member recently although its operations will be limited to that of operating as a broker-dealer registered with the SEC.
As more and more companies join, this place will blow up just as quickly.