The price of the Ethereum-powered Atari (ATRI) token has plunged more than 30% over the past 24 hours, according to data provided by CoinGecko. The token is down 98.4% from its record peak.
The huge drop came after Atari, one of the most iconic brands in the gaming firm, alienated itself from the cryptocurrency project by announcing the cancellation of all license agreements with ICICB Groupo, and its subsidiaries in a Monday blog post.
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ICICB Group formed a partnership with the legendary game developer to launch the Atari Chain subsidiary and jointly launch the ATRI token.
The cryptocurrency was supposed to become the token of reference for the entertainment industry. The company also launched the Atari decentralized exchange, permitting Users to swap ATRI, ETH, and FTM tokens
Last February, Atari announced a strategic partnership with Polygon, a popular Layer 2 solution built on top of Ethereum.
Owing to license termination, ICICB Group is no more using Atari’s brands “in any manner”. The firm has warned that the website, whitepapers, and social media channels associated with the tokens are not licensed and unsanctioned.
Despite severing ties which ICICB Group, Atari stated that it remains keen on crypto and blockchain, which is why it has decided to distribute a new proprietary token for existing ATRI holders.
Atari, which was all over the game video in the 70s and early 80s, has tried to recharge its brand with crypto, non-fungible tokens, and other ventures in a trial to become a futuristic blockchain industry Last year, Atari unveiled a cryptocurrency casino centered on its games.