Immutable X and Gamestop -$100M grant for creators
Immutable X and Gamestop -$100M grant for creators
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 to 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. Although GameStop will receive the rights to up to $150 million in IMX tokens if certain business milestones are met.
About NFT grant
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 that Loopring, an ETH token project aimed at powering decentralized cryptocurrency exchanges, was not included in the announcement despite prior negotiations with GameStop.
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