Here's How Much GameStop Will Make From ImmutableX Partnership

Gamestop Corp. GME partnered with non-fungible token project ImmutableX IMX/USD at the beginning of the year — now the firm has announced that it will make millions in crypto thanks to the deal.

What Happened: Gamestop will earn $150 million in IMX tokens upon the “achievement of certain milestones," according to a Friday report by Cointelegraph. This alone could make up for the firm's net loss of $147.5 million during the fourth quarter. 

Why It's Important: As Benzinga reported, CEO Matt Furlong said on the company’s fourth-quarter earnings call on Thursday that GamewStop is a different company than it was at the beginning of the fiscal year.

He said he's “starting to turn GameStop into a customer-obsessed technology company, one that has wider offerings, more competitive pricing, faster shipping, stronger customer service, and an easier shopping experience.”

Part of GameStop's transformational efforts are to fund a dedicated blockchain team and investing in creating an NFT marketplace, which the company expects to launch by the second quarter.

Furlong said that the company sees significant long-term potential in the NFT market and the organization will also "make targeted bets in blockchain gaming and cryptocurrency."

GME Price Action: GameStop shares are up 1.08% at $88.65 Friday morning.