The stock of Gamestop (GME) recorded a notable surge after rumours started circulating on social platforms about a possible partnership between the video game store chain and Microsoft.
GameStop shares make slight gains
At the time of market close on February 8, GME shares were trading at $115.60 after a 12.96% gain in just one trading day. At the beginning of February, GME was trading at $100, and in recent weeks, it has been on a major uptrend.
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The uptrend was first ignited by a partnership between GameStop and Immutable X, a layer 2 Ethereum scaling solution focusing on non-fungible tokens (NFTs). The partnership was to support Immutable X in developing an NFT marketplace.
GameStop will set aside a $100 million grant program denominated in IMX tokens through this partnership. The grant will support NFT creators and tech developers on the upcoming NFT marketplace. This news fuelled GME’s rally at the beginning of this month.
Rumours of Microsoft partnership
The latest uptrend comes amidst Twitter and Reddit rumours that GameStop could partner with Microsoft. The partnership seeks to integrate NFTs into the existing games and create new games revolving around NFTs.
One Twitter user shared a photo that contained screenshots of tweets between executives from Microsoft and Immutable X. The tweets hinted at a major partnership with GameStop. The rumours were fuelled further by the director of Microsoft’s blockchain division, Yorke Rhodes III, who created a tweet tagging Microsoft, Xbox and GameStop.
These cryptic messages have hinted that Microsoft could be working behind the scenes to support the partnership with GameStop and Immutable X.
These rumours have also been witnessed on Reddit, where a user, bamfcoco1, commented on Microsoft’s $69 billion acquisition of Activision Blizzard. The user stated that Activision Blizzard’s Hearthstone game could adopt NFTs, made possible via Immutable X and GameStop.
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,” the user said.
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