GameStop tokenized stock FTX (GME) coin has been on the rise since GameStop announced its partnership with Immutable X.
The uptrend however gained more momentum today after the token price jumped by 13% today.
At the time of writing, it was GME coin trading at $115.95 according to CoinMarketCap.
GameStop and Immutable X partnership
In a nutshell, GameStop is a famous video game retailer,
Immutable X, on the other hand, is an NFTs layer-2 Ethereum solution.
Immutable X and GameStop partnered amid speculation that GameStop was working on an NFT marketplace. At the same time, GameStop also launched a $100 million NFT fund.
What is behind today’s price hike?
Today's price hike is mainly attributed to speculations that GameStop is planning to partner with Microsoft to work on NFT gaming.
As part of the agreement, GameStop will launch a $100 million program for Tech innovators in the IMX tokens and also for content creators.
According to reports circulating on Twitter and Reddit, Microsoft and GameStop might partner to provide NFT integrations into existing games as well as develop new and 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.
A Reddit user, Bamfcoco1, claimed that the dropping of users from 23.5 million to 3.5 million by Hearthstone was due to lack of actual ownership over the user's assets, and high expenses of card collection. These problems could however be addressed with NFT integrations:
“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.”