Saturday, September 23, 2023

Immutable X NFT $150M Net Possibility


The Immutable X NFT marketplace transaction is expected to net the company $150 million in IMX tokens if certain milestones are met.

GameStop (GME), a well-known video game retailer, is anticipating the launch of its long-awaited NFT marketplace and Web3 gaming division. This comes after a net loss of $147.5 million in the fourth quarter of 2021.

Gamestop’s NFT Website

In mid-2021, GameStop discreetly constructed a barebones NFT website. After launching an NFT and Web3 gaming subsidiary in January, it has greatly increased its efforts this year. This was followed by a substantial agreement with Ethereum (ETH) scaling solution Immutable X to develop an NFT marketplace the following month.

GameStop disclosed in its Q4 earnings that it plans to launch its NFT marketplace by the end of Q2 2022.

The firm also stated that the Immutable X deal will net the company $150 million in IMX tokens. It will, however, be contingent on the attainment of certain milestones.

It also stated that it had employed dozens of more people with experience in various fields. Blockchain gaming, e-commerce and technology, product refurbishment, and operations are examples of this.

Gamestop’s Losses

GameStop’s net loss was $147.5 million, up 83 percent from the previous year. However, its loss of $1.94 per share is far higher than Wall Street’s forecast of $0.84 per share.

The release of GameStop’s Q4 financials looks to have had a big impact on GME’s pricing. At the time of writing, the price has plummeted 7.31 percent to $81.29. Despite significant achievements in its Web3 activities, GME has been on a strong decreasing trend this year. Since the beginning of January, the price has plummeted by more than 40%.

 A Slight Increase on Sales

Digging a little deeper into the statistics, GameStop made $2.254 billion in sales last quarter. It made a modest rise from the previous year’s $2.122 billion.  The $1.87 billion cost of sales was a big stumbling block for the newest figure. Selling, general, and administrative expenses, on the other hand, reached $538.9 million.

The company was able to raise around $1.67 billion in funding. Except for a $44.6 million low-interest loan, it was enough to pay off all of the Company’s long-term debt. Unsecured term loans related with the French government’s response to COVID-19 were likewise exempted.

Despite a pessimistic trend in the NFT industry over the last few months, GameStop’s partner Immutable X has continued to grow. On March 8, the company announced a $200 million Series C investment round at a $2 billion value. Within 24 hours, the price of IMX had risen by about 50% to around $1.78.

The price has since retraced to roughly $1.54.

Ivan Cruz
Ivan Cruz
Ivan Cruz is a writer for Cryptoconstellation. He has his Masters in Applied Research in Economics & Business. Ivan has been trading crypto for the past 7 years himself and feels it is his duty to bring you all the latest news.

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