Since GameStop’s partnership with Immutable X, GameStop has seen a rise in the popularity of GameStop’s tokenized stock FTX(GME) coin.
Today’s token price jump of 13% gave the uptrend more momentum.
According to CoinMarketCap, the GME coin was trading at $115.95 at the time of writing
GameStop and Immutable X are partners
GameStop is a well-known video game retailer.
Immutable X is an NFTs layer-2 Ethereum solution.
Immutable X partnered with GameStop amid rumors that GameStop was creating an NFT marketplace. GameStop launched a $100 million NFT fund.
What is behind today’s price hike?
Today’s price increase is mainly due to speculations about GameStop’s plans to partner with Microsoft in order to offer NFT gaming.
GameStop and the IMX token holders will be able to launch a $100 million program that will support content creators as part of the agreement.
Reddit and Twitter have reported that Microsoft and GameStop could partner to offer NFT integrations to existing games, as well as to develop new integrated ones.
Although the three parties’ relationship is not known, a post by the Reddit community on 6th February gave a clue of what the partnership might involve.
Reddit user Bamfcoco1 claimed that Hearthstone dropped users from 23.5 to 3.5 millions due to the lack of ownership and high costs of card collection. NFT integrations could solve these problems.
“With the ability to freely mint and trade NFTs on Immutable X’s platform, it’s a no brainer. GameStop could launch Hearthstone on their brand new Web3 platform by simply making an NFT for every card and then distributing them accordingly to users’ existing card collections. It’s about as easy as it would get.”