A non-fungible tokens (NFTs) platform will be launched by GameStop Corp., a worldwide video game corporation. Immutable X and GameStop have teamed together to launch an NFT marketplace. In addition, the agreement includes up to $150 million in IMX tokens if certain objectives are met.
According to MarketWatch, GME stock has dropped 56% in the last year. GME shares are also down 40.9% year to date. As a result of the drop, the $6.63 billion Corporation has been looking for new revenue streams. The most popular market is cryptocurrency and blockchain technology.
GameStop recorded $2.254 billion in net revenue in the fourth quarter. The result was a few million more than the fourth quarter of 2020’s $2.122 billion. Regardless of share price fluctuation, this indicates the firm has had better revenue in the previous year.
GameStop and the NFT market
According to GameStop CEO Matt Furlong, the firm plans to diversify into crypto and blockchain technologies. “The business believes the more than $40 billion market for NFTs has substantial long-term potential,” Furlong added.
Through GameFi, the NFT sector has become more entwined with the gaming industry. The NFT platform’s infrastructure will be built by GameStop and Immutable X. Immutable X, in particular, gives consumers a safe mean to generate and share materials on a large scale. The platform also serves as a layer-two scaling option for NFTs on Ethereum.
Immutable X’s native ERC-20 utility token, IMX, has a production limit of 2 billion. According to market statistics, IMX traded at roughly $1.51 in the last 24 hours, down 4.9 percent.