Reporting its quarterly financial reports, video game retailer GameStop (GME) has announced that it has sold coins it bought as part of its partnership with an altcoin, generating almost $77 million in cash flow. Here are the details…
GameStop sells altcoins
According to its latest reports, Gamestop announced that IMX tokens it has received as part of its partnership with non-fungible token (NFT) scaling platform Immutable generated a cash flow increase of $76.9 million from the sale. In February, GameStop sold the IMX tokens given to it as part of its deal with Immutable, generating $76.9 million in revenue. Overall, the company reported negative cash flow for the quarter of $236.3 million. Instead of using the name of IMX in the report, the company only used the expressions “revenue from the sale of digital assets”.
GameStop also noted the ongoing steps to support the final launch of the digital asset wallet and its intention to open the NFT market in Q2. Talking about the earnings report, the management also plans to launch a new digital wallet. “We firmly believe that digital assets are the core of the future of gaming,” said CEO Matt Furlong.
IMX price dropped
The price of Immutable X (IMX) has dropped by as much as 10 percent in the past 24 hours, although it’s not known whether it was after the earnings report came out. The cryptocurrency, which is in the 134th place with a market value of $ 224 million, dropped to $ 0.90 while changing hands from $ 1.10 during the day. The current value of the coin is hovering around $0.9545. You can see the 24-hour chart of IMX below:
Immutable X for NFTs on Ethereum (ETH) as also reported by cryptokoin.com It is described as the first layer-2 scaling solution. According to Immutable X, Blockchain removes the limitations of Ethereum (ETH) such as low scalability, poor user experience, illiquidity, and a slow developer experience. Instead, users enjoy zero gas (transaction) fees for minting and trading NFTs without sacrificing security.
