GameStop and Immutable X partner for an NFT marketplace, IMX tokens surge 37%

GameStop shot to prominence in 2021 as one of the most popular meme stocks, alongside AMC Entertainment.

IMX tokens rose to $3.92 per token on Thursday, rallying by over 37% in 24 hours.

A new non-fungible token (NFT) marketplace will launch soon, courtesy of a partnership between video game retailer GameStop and Immutable X, an Ethereum (ETH) layer 2 project.

GameStop announced this development on Thursday, stating in a press release that it expects the NFT marketplace to hit the space in 2022.

The US-based video game giant and the Ethereum L2 platform also look to attract gaming developers after they agreed to a $100 million grant partnership. 

The funds, GameStop said in its news release, will be used in support programs targeting Web 3 and metaverse gaming developers keen to use the new marketplace for their NFT projects.

The grant agreement, according to a filing with the US Securities and Exchange Commission (SEC), has the funds available in IMX tokens, the native token on the Immutable X platform.

The fund will have a total of 56,209,850 tokens, the SECdocument shows.

As part of the partnership, Immutable X has agreed to a giveaway worth $150 million of IMX tokens. The funds will be available at specific timelines, including the eventual launch of the NFT marketplace and once the platform crosses given sales volumes.

IMX tokens

The price of IMX has soared significantly over the past 24 hours, despite a slump across the crypto market.

According to data on CoinGecko, the token’s price is up 37% in the past 24 hours to trade around $3.92 per token.

GameStop stock

The GME stock is up 2.2% on Thursday to $102.04, with the January sell-off meaning that the stock remains over 33% down year-to-date.