GameStop, one of the world's largest gaming retailers, has announced a partnership with Ethereum layer 2 solution developer Immutable X for its NFT marketplace. As part of the collaboration, GameStop established a $100 million fund in Immutable X's IMX tokens to support game developers and artists for content that will be published on the marketplace.
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Immutable X can also provide up to $150 million in IMX tokens to GameStop if the company meets certain milestones, a press release says. According to a regulatory filing, those milestones are:
- Executing the Primary Sales Agreement and Grant Agreement (28,104,925 IMX).
- Notifying Immutable X of its intent to release, a PR announcement of Immutable X's grant program for parties intending to build atop of Grant Recipient's NFT Marketplace (9,368,308 IMX).
- Notifying Immutable X of its intent of Platform Launch of the GameStop NFT platform (3,747,323 IMX).
- Reach a cumulative amount of $1.5 billion in combined Primary Sales and Secondary Market Sales Transactions on Immutable X within 24 months (7,494,647 IMX).
- Reach a cumulative amount of $3 billion in combined Primary Sales and Secondary Market Sales Transactions on Immutable X within 24 months (7,494,647 IMX).
Last December, GameStop opened a waitlist for NFT-artists and creators. The website also featured an address of a smart contract that will issue the gamestop (GME) tokens. However, no timeframes for the launch were given. As of press time it remains unclear though when the company plans to launch the marketplace.
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