Immutable X

Another Start for GameStop

GameStop entered a partnership with Immutable X in February to guarantee future funding (in the form of IMX tokens) for its marketplace. A potential US$150 million in IMX has been negotiated but can only be accessed by GameStop once it reaches certain milestones.

For now, artworks are the only products on the marketplace; however, GameStop is set on the NFT gaming space and plans to bring NFTs to video games. The partnership with Immutable X has created a US$100 million token ‘grant’ fund in hopes of attracting game developers to the marketplace.

GameStop Now a Fully Fledged Crypto Player

In May 2021, GameStop announced development plans for an NFT platform on Ethereum and a new token ($GME). This move accelerated its evolution from a simple retail chain into the crypto industry proper.

Almost exactly a year later, GameStop launched its crypto and NFT wallet, branching further into the digital assets sector. It came in the form of an Ethereum-based browser extension, downloadable from the Chrome Web Store. The wallet is self-custodial and designed with the most recent marketplace addition in mind:

1/ You can swap tokens directly in your GameStop Wallet – you don’t have to go anywhere, or give up control of your assets to an exchange.

You can swap ETH and ERC20 tokens for one another, on Layer 1 using the 0x API, and on Layer 2 using the Loopring DEX. pic.twitter.com/yyXJcAP2Nu
— GameStopNFT (@GameStopNFT) July 6, 2022

Australia’s gaming start-up, Immutable, has announced that its most recent funding round has pushed the company’s value to US$2.5 billion. According to an Immutable Twitter thread, the $200 million round was led by investors from Singaporean company Temasek.

I purchased me some (IMX) immutable X I have a great feeling about the platform
— Dez Bryant (@DezBryant) March 2, 2022

Immutable Supercharges Its Mission

Sydney-based blockchain firm Immutable, the start-up behind the scaling solution for Ethereum NFT games – Immutable X – has just joined the ranks of the crypto unicorns (ie, crypto start-ups worth at least a billion dollars). This comes after its latest round of funding, led by Temasek investors alongside metaverse investment firm Animoca Brands and Chinese Temacent. The increase in funding was not the only benefit Immutable received. As a result of the firm’s promotion to unicorn status, Immutable’s token (IMX) has also soared.

#Crypto #IMX – The Immutable X price is currently $1.46 with a 24-hour trading volume of $266.95M across 20 exchanges. The IMX price is up 22.68% in the last 24 hours. The Immutable X price prediction sentiment is currently neutral.https://t.co/39LPbmKQmq
— Alerts (@ShareCheck) March 7, 2022

Immutable’s previous funding round in 2021 saw it garner US$410 million. Currently, the Immutable X price prediction is neutral; however, the company only seems to be moving from strength to strength. Immutable hopes that the fresh funds will supercharge its goal of pushing NFTs mainstream through high-quality blockchain games.

IMX Pursues Gaming Industry

Immutable X established several high-profile partnerships and deals in late 2021 and early 2022. A partnership was solidified in October with ESL Gaming, a leading Esports company, which provided the ESL Pro Tour NFTs with gasless trading on its platform.

More recently, Immutable X entered a contract with retail game giant GameStop to develop its new NFT marketplace, with the addition of a US$100 million innovation fund to support the NFT space and its creators.