Ethereum-based Atari Token ($ATRI) has plummeted by over 30% and is down over 98% from its peak price.
The sudden drop comes after news that Atari has cut links with the Atari token after terminating their partnership with ICICB Group. ICICB and Atari teamed up to launch Atari Chain as well as the token which was meant to be used at Atari branded hotels and casinos around the world. The Atari token was intended to act as a reference for other tokens within the entertainment industry.
Atari stated that the reason for the falling out was because “the licensing arrangement we had for the Joint Venture did not give us enough control over how the ATRI Token was managed, or enough say in charting its future.” Atari believes that blockchain will have a meaningful role in their business and they feel it requires them to “directly issue and manage any token that has our name on it.”
Atari has disclaimed any relation to the joint venture and that all whitepapers and social media channels should not be relied upon for guidance or information as they’re unlicensed.
Compensation For $ATRI Token
Atari insists it “remains enthusiastic about the potential for blockchain initiatives and continues to establish and pursue strategic ventures and partnerships in the space.”
In compensation for holders of the Atari token, “Atari does plan to issue a new branded token…issued directly by Atari…with a focus on gaming, community, and utility.”
Atari states that “the new token will play an important role within our blockchain ecosystem.”
All users who held the Atari token prior to April 18th, 2022 at 6:00PM CET will be able to exchange the exact amount of tokens you had. A snapshot of all holders has already been taken and it is expected by Atari to take 3-4 months for the new token to launch.
Atari mentions that the best place to keep up to date on any new announcements is through their social media channels.
Atari token is trading at $0.012474 USD, it is down 30.86% in the last 24 hours according to price data from CoinMarketCap.
