GameStop Dumped X Tokens After Ethereum NFT Marketplace Deal

GameStop dumped X tokens worth $47 million after an Ethereum NFT marketplace deal and now the IMX is down by 23% as Gamestop cashed in on the token grant so let’s read further in today’s altcoin news.

Gamestop dumped X tokens that were granted to it by Immutable as a part of the partnership agreement. IMX jumped in value after the latest partnership news but now is down by 23% in the past day. Video game retailer GameStop took a huge step ahead with the planned Ethereum NFT marketplace this week and announced more plans to use the Immutable X Layer 2 scaling solution for its initiative. However, it seems that GameStop already dumped a huge chunk of the tokens that it received s part of the alliance and yielded $47 million in the process.

Today in Crypto;
Gamestop received a grant from @Immutable on the sum of ~100M$ on signing the partnership, and goes on to immediately dump 30M$ on Huobi, OKex and Binance.
Proof is on-chain:https://t.co/ekyCBmclu6
The wallet received the exact awards as in the milestones below. pic.twitter.com/IKQeLZPqz7

— polka (@polarply) February 4, 2022

The data from the Ethereum blockchain explorer Etherscan shows that GameStop sold 15 million IMX tokens in three transactions and split between the crypto exchanges Huobi, OKex, and Binance. Twitter user “Polka” detailed the sales this morning in a tweet. The last of the transactions took place yesterday after an announcement of the partnership after the IMF token surged in price. Gamestop sold over 8 million IMX tokens at a value of $27.4 million at the time. The previous transactions yielded about $18.6 million and $1.1 million which brought the GameStop to take to over $47 million. According to the documents that GameStop filed with the US SEC, Immutable agreed to grant the company 56.2 million IMX tokens as a part of the deal.

The disbursement schedule was based on various milestones as GameStop announced and launched the NFT marketplace. So far, according to Etherscan data, GameStop recieved about 37 million of the tokens and matched the schedule detailed in the documents. Also, the documents showed that Immutable will provide $150 million worth of IMX tokens to GameStop as a part of the arrangement. The IMX token jumped in price after yesterday’s announcement and reached a high of $4.13 per the data from CoinGEcko. The price dropped dramatically as the latest batch of tokens that the company sold flooded the market. The IMX price is down 23% over the past 24 hours with a price of $2.94.

GameStop will build its NFT marketplace on Immutable X which allows for cheaper and faster transactions than on the Ethereum mainnet. The partners aim to onboard developers on the NFT games with a $100 million fund that will provide IMX token grants.