Cryptoknowmics
2022-02-09 08:00:19

GameStop Stock Rises 13% on Rumors of Microsoft NFT Game Partnership

The stock price of GameStop (GME), a famous video game retailer, jumped over 13% in one day amid online speculations of a deal with Microsoft to work on NFT gaming. According to TradingView data, GME is currently trading at $115.60 as of market close on February 8 and has also remained around that level in after-hours trading. GME began February near $100 and has been surging this month as a result of GameStop’s partnership with Immutable X. Immutable X is an NFT-focused Layer-2 Ethereum scaling solution to construct its future NFT marketplace. GameStop is also launching a $100 million grant program for NFT content creators and tech innovators in IMX tokens as part of the agreement. According to recent reports circulating on Reddit and Twitter, GameStop and Microsoft may collaborate to provide NFT integrations into existing games as well as develop new NFT-focused games. While the specific nature of the three parties’ relationship is unknown, a Feb. 6 post on the r/Superstonk Reddit community detailed noteworthy speculation of what the cooperation could involve. A Reddit user named Bamfcoco1 claimed that Hearthstone’s dropping users from about 23.5 million to 3.5 million was due to the high expenses of card collection and a lack of actual ownership over the user’s assets. Both of these problems could be addressed with NFT integrations: “With the ability to freely mint and trade NFTs on Immutable X’s platform, it’s a no brainer...

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer