frens, a few days ago we got a huge announcement from GameStop. They announced that they had secured a partnership with Immutable X to build out their NFT marketplace. Now something spicy has arisen.
GameStop X Immutable X
I had planned to do a post on this partnership but I honestly have had so much going on that it just slipped through the cracks. I have been working on having less tabs open on my browser at any given point too so I try to keep only essential open. Everything else gets throw into a sticky note that floats around on my desktop for later. Anyway - GameStop is building out an NFT marketplace as we all know and they secured this crazy partnership with Immutable X to use their Layer 2 chain for the marketplace. Gods Unchained has been using Immutable X for quite some times and I can say from experience, it's slick. I prefer Immutable X over pretty much all of the current layer 2 solutions for the Ethereum blockchain so seeing it expand is pretty awesome. As you could expect, an announcement of a partnership with a company the size of GameStop cause the IMX token to pump pretty hard. What no one expected was that GameStop dumped a substantial amount of the IMX tokens as soon as it pumped causing a harsh crash.
The pump on the announcement took IMX to $4.13 and GameStop saw this an an opportunity to go ahead and secure some profits off this deal. They fuckin dumped. The price fell sharply back down to the $2.82 after GameStop sold a large portion of the 37 million tokens they have already received. When it's all said and done, GameStop will be receiving $150 million worth of IMX and I'd be willing to bet that most of it gets dumped. This is a really shitty thing to do to investors, especially when you know that investors are going to buy as soon as there's a big announcement. There's also ways to sell crypto without dumping prices like this. It's called the OTC market, and when you're dealing with $47 million worth of tokens... You shouldn't just dump on the market. Unless you are intentionally manipulating the market. Hmmmm... Not saying that's what's going on, but it's just odd that they used the news to pump the tokens only to dump.
I can't wait to hear their explanation. The blockchain don't lie. The proof is right here on the Ethereum blockchain. Surprisingly enough there were no "420" or "69"s in the numbers. I guess they thought that would be a little bit too scumbag-ish. Despite selling a huge chunk of the tokens, around 25 million tokens still remain in the GameStop wallet just waiting to be dumped. Ironic that it's worth $69 million lol.
Regardless of how shitty this was of a move, all press is good press. They know that. The good part in all of this is that they GameStop and Immutable X will be onboarding NFT based game creators with a $100 million fund of IMX as well. Looks like Immutable X is ready to do some hardcore expansion and onboard a lot of new games. With its insanely fast transactions and zero fees combined with the security of Ethereum, Immutable is setting itself up as one of the best layer 2 solutions for NFTs on Ethereum. I'm all about the WAX blockchain for NFTs and gaming, but Immutable X has the Ethereum network backing it. That's worth a lot.
Thanks for reading! Much love.
Found you. 😀 Welcome to Blurt!
Yo! Thanks! excited to be here