Rumors Elon Musk’s X nears payment system launch, battles advertisers in court

admin — Wed, 07 Aug 2024 10:07:58 +0000

Social media platform X (formerly Twitter) may be approaching its payment system goals, according to independent app researcher Nima Owji.

On Aug. 5, Owji revealed that X was developing a “Payments” button for its navigation bar. The button, located just below the bookmarks tab, may allow users to access balances, make transfers, and conduct other transactions. X growth influencer Alex Finn echoed the sentiment, declaring that “X Payments is arriving imminently. This is going to change X forever.”

This development indicates that X’s payment system could launch soon, which aligns with Elon Musk‘s vision. Since acquiring the platform in 2022, Musk has aimed to transform X into an “everything app,” with payment services as a core feature.

Earlier this year, X announced plans to introduce a peer-to-peer (P2P) payment system by mid-2024. The company has made significant progress toward this goal by rapidly obtaining money transmitter licenses across various US states. Last month, X received a license in North Dakota, bringing the total to 33 states.

Despite Musk’s strong pro-crypto stance, there are no indications that the platform will support digital currency payments. Notably, the billionaire has also consistently maintained that none of his companies would launch their crypto token.

Sues advertisers

In a parallel development, X has filed a federal antitrust lawsuit against an advertising industry coalition and its members, including CVS Health, Mars, Orsted, and Unilever.

The lawsuit claims the group used its influence to unfairly discriminate against the social media platform, leading to an ad boycott.

X CEO Linda Yaccarino stated that the alleged illegal actions of these organizations cost X billions of dollars. She commented:

“People are hurt when the marketplace of ideas is undermined and some viewpoints are not funded over others as part of an illegal boycott. This behavior is a stain on a great industry, and cannot be allowed to continue.”

This legal action follows a significant drop in X’s ad revenue since Musk’s 2022 acquisition. Brands have become wary of advertising on the platforms due to several rapid changes made to the social media platform and reported increased divisive content.

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Will the ApeCoin metaverse move to Immutable X?

admin — Thu, 02 Jun 2022 09:54:14 +0000

The Immutable NFT startup has proposed to the ApeCoin DAO to build the Otherside metaverse on the Immutable X network, Ethereum’s layer2.

Immutable X and its proposal to build ApeCoin’s metaverse on its network

Some of the reasons why Yuga Labs should choose Immutable X as a scaling solution over other blockchains

On the ApeCoin DAO forum, the Immutable NFT startup has apparently released its proposal to build Otherside, the ApeCoin metaverse, on Immutable X, Ethereum’s Layer 2.

Here is the tweet from Robbie Ferguson, CEO of Immutable X, telling his followers about the proposal:

.@immutable has submitted its proposal to the @apecoin DAO.

BAYC was born on Ethereum, and it should live here.

L2 scaling can offer autonomy, security and scale while staying on the world’s best blockchain. https://t.co/hqfzPpP9jf #KeepApesOnEth

— Robbie Ferguson ⓧ – Hiring! (@0xferg) May 27, 2022

“@immutable has submitted its proposal to the @apecoin DAO. BAYC was born on Ethereum, and it should live here. L2 scaling can offer autonomy, security and scale while staying on the world’s best blockchain”.

In practice, Immutable’s proposal has no integration, mint and asset transfer costs, while a 2% fee is charged for primary and secondary sales.

Immutable X and GameStop on IMX Grant Program

In addition to its proposal to get Otherside on its network, Immutable X has also recently been mentioned by GameStop, the video game giant, in relation to its IMX Grant program.

We are excited to be bringing @Immutable X’s gaming collections to @Gamestop’s future NFT marketplace: https://t.co/UneJ42oBy6

We are calling on gaming studios and publishers to apply to the IMX Grant Program at: https://t.co/uMOkP6j10G

— GameStopNFT (@GameStopNFT) May 27, 2022

“We are excited to be bringing @Immutable X’s gaming collections to @Gamestop’s future NFT marketplace. We are calling on gaming studios and publishers to apply to the IMX Grant Program”.

Essentially, the $100 million IMX grant program targets builders and creators to power the future of NFT and Web3 games.

The goal is that Immutable X, a leading Level 2 Ethereum scaling solution, will bring world-class gaming resources to GameStop’s NFT marketplace, offering users 100% gas-free, zero-emission mint and commerce.

Raising $200m in Series C funding

By early March, Immutable had raised an impressive $200m in Series C funding, bringing its valuation to $2.5bn.

The plan for this funding is the startup’s global expansion, both for Immutable X and Immutable Gaming Studio.

The previous month, in February 2022, Immutable X had already signed a partnership agreement with GameStop, with the aim of creating the new NFT marketplace. To carry out this mission, the two had created a $100 million fund.

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