GameStop Dumps $47M in Immutable X Tokens Following Ethereum NFT Marketplace Deal

Video game retailer GameStop has taken a big step with what was planned Ethereum This Week’s NFT Marketplace, Announcement of plan Enhance that initiative with the Immutable X Layer 2 Scaling Solution.However, GameStop seems to have already dumped most of the IMX. token Received as part of the alliance and generated $ 47 million in the process.

Data from Ethereum Blockchain Explorer Etherscan Shows that GameStop sold just under 15 million IMX tokens in three transactions this week and was split into cryptocurrency exchanges Huobi, Binance and OKX. Twitter user polka We first elaborated on sales this morning in a now viral tweet thread.

The end of these transactions took place yesterday following the announcement of the partnership, after the price of IMX tokens soared. GameStop sold over 8 million IMX tokens worth over $ 27.4 million at the time. Last week’s last deals were around $ 18.6 million and $ 1.1 million, respectively, and GameStop’s take exceeded $ 47 million.

according to Documents submitted by GameStop On Thursday, Immutable agreed with the US Securities and Exchange Commission to grant the company more than 56.2 million IMX tokens as part of the transaction.

The payment schedule was based on various milestones announced by GameStop and finally launched. NFT market. So far, according to Etherscan data, GameStop has received about 37.5 million of these tokens, consistent with the schedule detailed in the documentation. This document suggests that Immutable will eventually provide GameStop with approximately $ 150 million worth of IMX tokens as part of the deal.

As mentioned earlier, IMX tokens have surged in price following yesterday’s announcement, reaching a high of $ 4.13 per data. CoinGecko.. However, prices plummeted as the market was flooded with the latest batches of tokens sold by GameStop. The price of IMX is currently $ 2.94, down 23% in the last 24 hours.

Decryption We asked representatives of both GameStop and Immutable for comment, but didn’t get an immediate response. GameStop still holds close to 22.5 million IMX tokens and is worth close to $ 65.9 million at the time of this writing.

GameStop builds an NFT marketplace on Immutable X. This enables faster, cheaper and more eco-friendly transactions. EthereumOwn Main net.. Partners aim to onboard developers of NFT-centric games (such as Play-to-Earn games) with a $ 100 million funding fund for IMX tokens. The developer’s funds for granting tokens are separate from the tokens Immutable has agreed to pay to GameStop in accordance with SEC filing.