GameStop will use immutable X’s NFT solutions on its upcoming marketplace and ongoing talks with Loopring. On Thursday, GameStop announced a collaboration with layer-2 nonfungible tokens, or NFTs, Ethereum (ETH) scaling solution Immutable X. They would develop GameStop’s upcoming NFT marketplace.
Immutable technology will use by GameStop for trading and minting NFTs. Immutable developers claim that the new NFT marketplace will be carbon neutral and free of gas fees. Furthermore, Immutable and GameStop will launch a $100 million grant program for NFT content creators and tech developers denominated in IMX tokens. GameStop will receive the rights to up to $150 million in IMX tokens. However, this will be the case if it meets certain business milestones.
In context, GameStop had fallen more than 70% since its all-time highs in January, when it was the target of a Reddit-fueled short squeeze. The deterioration of its stock momentum has resulted in a community of dissatisfied investors.
The grant is only available to corporate entities and decentralized autonomous organizations developing video games, Web3, metaverse, IT services, and digital brands at the time of publication. The month before, GameStop announced hiring over 20 new employees and teased two upcoming partnerships with blockchain firms for NFT game development.
Furthermore, users appear to be dissatisfied with Loopring; an ETH token project aimed at powering decentralized cryptocurrency exchanges. It was not a part of the announcement despite prior negotiations with GameStop.
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