GameStop Corp (NYSE: GME) is making a push into the NFT space. The firm this morning announced a partnership in the space that will enable the company to pay creators that develop the non-fungible tokens for the firms marketplace.
The firm has selected to partner with Immutable X, whom has developed a second layer to the Ethereum platform for the trading of NFT’s. The tech features zero gas fees, which is a major issue for the first layer tech currently, while also featuring “carbon neutral” NFT’s, among other features.
Under the terms of the partnership, a fund will be formed that will see up to $100 million made available for use as grants for NFT creators, which will be paid out in the IMX token via an arrangement with Digital Worlds NFTS Ltd. The firm will also become a layer 2 partner and platform for GameStop and its NFT marketplace that is currently under development.
Lastly, up to $150 million in IMX tokens may be provided to GameStop upon the achievement of certain milestones.
GameStop last traded at $100.04 on the NYSE.
Information for this briefing was found via Edgar and GameStop Corp. The author has no affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
