According to data provided by CoinGecko, the price of the Ethereum-backed Atari (ATRI) token has dropped more than 25% in the past 24 hours. The token is 98% off its ATH.
The big drop comes after Atari, one of the most iconic brands in the gaming industry, announced in a blog post Monday that it is moving away from the cryptocurrency project, announcing the termination of all license agreements with ICICB Group and its subsidiaries.
ICICB Group had formed a partnership with the legendary game developer to launch the Atari Chain subsidiary and jointly launch the ATRI token. The cryptocurrency was expected to be the benchmark for the entertainment industry. The company also launched the Atari decentralized exchange, which allows users to exchange ATRI, ETH, and FTM tokens.
Last February, Atari announced a strategic partnership with Polygon, a popular Layer 2 solution built on Ethereum. Due to the license termination, the ICICB Group can no longer “use” Atari’s trademarks in any way. The company warned that the website, whitepapers and social media channels associated with the tokens are unlicensed and unapproved.
Despite severing ties with the ICICB Group, Atari says it remains keen on crypto and blockchain and therefore decided to issue a new proprietary token for existing ATRI holders.
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