On April 18, Atari announced the termination of its partnership with the ICICB Group and its subsidiaries with immediate effect. As a result, the Atari token fell drastically, causing a 30% loss in value in just nine hours. While investors soak in their losses, the Atari Company promises to care for its backers. However, an exact time frame on when compensation will arrive has yet to surface, causing anxious holders.
The Atari Token
Back in 2020, Atari teamed up with blockchain ecosystem ICICB to create a chain of Atari-Branded hotels around the world with a promise to accept the ATRI token as an official payment method.
However, throughout the years, with a raging epidemic, the deal fell through, causing a massive upset inside the community. So while the team works to find solid ground, Atari Branded hotels seem to be a distant dream. At least, they are for now.
Following the termination of the partnership, Atari remains energetic about future blockchain-related endeavors. It will continue to enter into strategic alliances and pursue viable ventures in the space. Furthermore, Atari plans to develop, distribute, and manage a new proprietary token.
This new token’s main focus will be gaming, utility, and community. As NFT brands continue to develop a healthy ecosystem for their communities, providing a stable currency to thousands of holders can be tricky.
At precisely 12:00 PM EST on April 18, Atari took a snapshot of current holders of the token. Going forward, Atari will hold a future exchange of the soon-to-be-launched token for the ATRI token holders at the time of the snapshot.
The ATRI token holders will have to present their ATRI tokens to participate in the exchange. Information channels are to become available when information regarding the token is announced. As holders wait for further details, Atari scrambles to pick up the pieces.