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Despite the announcement of the partnership between GameStop and Illuvium, both Illuvium (ILV) price and GME stock edged lower in the past 24 hours.
GameStop Corporation (NYSE: GME) has announced a strategic collaboration with Illuvium, an open-world fantasy battle game built on the Ethereum blockchain. According to the two entities, a limited edition of the Illuvitor will begin an official sale of 20k units on June 12 and run for the next three days. Notably, the Illuvitors have different rarities to help them climb the leaderboard.
Reportedly, the developers of GameStop x Illuvitar D1SK presented more than 108 potential combinations based on six different Illuvials, three expressions, three background stages, and two finishes to enhance the rarity.
“The GameStop and Illuvitar D1SK offers an exclusive Illuvitar pre-bonded with custom GameStop-branded accessories, a variety of expressions, backgrounds, and finishes,” Illuvium wrote on its website.
🚀Get ready for a groundbreaking collaboration with @illuviumio for exclusive, branded D1SKs!⁰Stay tuned for sale details and exclusive opportunities to own a part of digital collecting history. 🎮🌌 https://t.co/85Cq2PZSgT pic.twitter.com/w9Flysaac6
— GameStopNFT (@GameStopNFT) June 5, 2023
Market Effects of the Collaboration GameStop and Illuvium
Despite the announcement of the partnership between GameStop and Illuvium, both Illuvium (ILV) price and GME stock edged lower in the past 24 hours. According to market data provided by Binance-backed Coinmarketcap, ILV’s price dropped approximately 3.39 percent in the past 24 hours to trade around $50.68 on Tuesday.
As a result, the Illuvium ecosystem had a market capitalization of approximately $161 million and an FDV of about $488 million.
GameStop shares, on the other hand, closed Monday trading around $24.31, down 1.34 percent from the day’s opening price.
Nonetheless, GME shares had gained about 0.96 percent during the after-hours trading session, according to market data provided by MarketWatch. The partnership solidifies GameStop’s venture into the metaverse and NFT market, which has significantly contributed to its 31.69 percent rise in YTD. The $7.59 billion company is, however, facing a steep uphill following increased crypto regulatory scrutiny in the United States by the SEC.
Notably, the SEC chair has argued that most digital assets are unregistered securities apart from Bitcoin. As a result, GameStop could soon be forced to register their NFT sales as securities with the SEC since the company is making huge profits from the periodic sales.
Illuvium Protocol recently announced that it raised $10 million in funding from Framework Ventures to help accelerate its development efforts. Less than a week after, Illuvium is already working with a unicorn company to launch a limited series of NFTs. As a result, Illuvium noted that all GameStop D1SK purchasers will gain early access to both its creature collector game, Illuvium Overworld, and its strategic auto-battler, Illuvium Arena.
The high competition in the blockchain gaming industry has compelled most NFT and Metaverse startups to work together for the common goal of obtaining more users. Furthermore, collaboration in the metaverse and NFT industry helps the underlying services more entertaining and interesting to the users.