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GameStop has entered a new partnership with blockchain platform Immutable X, following plans to launch its NFT marketplace later this year. The platform discloses $100 million fund support for NFT content creators and tech developers.
The video gaming company GameStop has joined the trend of gaming platforms that are venturing deep into the crypto sphere. GameStop has unveiled integrations with Immutable X, an Ethereum-based layer-2 scaling solution for NFTs, following plans to build an NFT Marketplace for its gamers later this year.
GameStop and Immutable X
GameStop announced on Thursday, that it would be launching its upcoming NFT marketplace on Immutable X. As such, Immutable X will begin to operate as a layer-2 partner and platform for the company and its NFT marketplace immediately launch is effected. Thus, GameStop will utilize Immutable X’s infrastructures and mechanisms to mint and trade its NFTs.
The Immutable X’s team considers their collaboration with GameStop as a stepping stone to further up their efficiency in the blockchain industry as the company expresses its delight on the new development via a recent tweet which reads:
“We’re thrilled to announce that Immutable is taking another leap forward in the gaming & blockchain industry by partnering with GameStop to power their NFT Marketplace…”
$100 Million Worth of IMX Tokens for Grants
According to reports, the partnership agreement has sealed a deal for both companies to cooperatively launch a $100 million funding event for the content creators and tech developers who would join the NFT marketplace.
The grant will be offered in Immutable X’s IMX tokens to support content creators and developers who seek to use GameStop’s NFT marketplace.
GameStop further noted that its NFT marketplace will be open to all enthusiasts within and out of the platform saying:
“Creators from gaming studios, web 3.0 and metaverse gaming developers, and elsewhere can request to be a content creator on GameStop’s NFT marketplace by visiting.”
Furthermore, the disclosure of the terms validating the agreement revealed that provisions were made for Immutable X to offer its new partner, GameStop upto $150 million in IMX tokens upon the achievement of certain milestones.
The established grants to be offered to the company will be denominated in Immutable X’s native token (IMX). In fulfillment of the grant deal, the price of the tokens scheduled for the grant offer will depend on the 7-day trailing average of the IMX USD closing price that precedes the date the partnership agreement was executed by the parties.