Video Game Retailer Gamestop Partners With L2 Startup Immutable X, Launches $100 Million NFT Fund

Last May it was found that the online game retail large Gamestop was getting into the world of non-fungible token (NFT) know-how. Nine months later, Gamestop has revealed it’s partnering with the layer two (L2) Ethereum scaling undertaking, Immutable X. The two groups have additionally established a $100 million fund devoted to NFT creator grants.

Gamestop Partners With Immutable X

Gamestop has lastly revealed its blockchain accomplice on February 3, 2022, after the corporate hinted in regards to the creation of a Gamestop NFT marketplace constructed on high of Ethereum. Gamestop’s announcement on Thursday says the online game retailer is collaborating with the Ethereum-based L2 undertaking Immutable X.

Immutable X beforehand labored with the social media firm Tiktok in September. The undertaking’s web site claims that it’s the “first layer two for NFTs on Ethereum” and Immutable X members expertise “zero gasoline charges, instantaneous trades, and carbon-neutral NFTs for marketplaces, video games, and functions with out compromise.”

Gamestop and Sydney-based startup Immutable X are additionally launching a grant fund worth $100 million in IMX tokens that can be used for creator grants. “We search to fund recreation changers,” Gamestop says in regards to the $100 million grant fund. “We are calling on builders and creators to energy the way forward for Web3 gaming. Apply for grant consideration.”

“The partnership establishes an as much as $100 million fund in Immutable X’s IMX tokens, which the events intend to make use of for grants to creators of non-fungible token (“NFT”) content material and know-how,” Gamestop’s announcement particulars. The firm added:

“Immutable X may even develop into a layer-2 accomplice and platform for Gamestop and the corporate’s NFT market that’s anticipated to launch later this yr. In addition, the phrases present for Immutable X offering as much as roughly $150 million in IMX tokens to Gamestop upon the achievement of sure milestones.”

Gamestop additionally says that the collaboration deal can be filed with the U.S. Securities and Exchange Commission (SEC). “The partnership settlement and different related data can be disclosed on Form 8-Ok with the [SEC],” the online game retailer notes.

What do you consider Gamestop’s partnership with Immutable X and the $100 million creator fund? Let us know what you consider this topic within the feedback part under.

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