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GameStop Amps Up Crypto-Related Efforts With FTX Partnership

Major video game retailer GameStop is collaborating with crypto exchange FTX US to draw more customers into the world of crypto and to carry out joint online marketing campaigns.

The gaming retailer stated that the new collaboration will introduce the ecosystem of FTX to their customers, including FTX’s marketplaces for digital assets.

GameStop will also become FTX’s “preferred retail partner in the United States.”

Additionally, as part of the partnership deal, some GameStop retail stores will start selling FTX gift cards. There were 2,970 GameStop stores in the US as of August 31.

Matt Furlong, CEO of GameStop, stated during the Q2 earning calls that the goal of the new deal is to create something novel in the retail space.

“The deal we just announced with FTX is a by-product of our commerce and blockchain team, working hand-in-hand together to establish something unique in the retail world,” said Furlong.

In its statement, GameStop left out the details containing the partnership’s financial matters.

The news of the recent partnership coincides with the same day that GameStop published its Q2 2022 financial results.

Even though GameStop reported a quarter-over-quarter decline in net sales of about 4% to $1.14 billion, the firm’s shares nevertheless managed to increase by almost 12% in after-hours trading after the news.

GameStop has greatly stepped up its Web3 efforts this year after announcing an NFT and Web3 gaming division in January and launching its NFT marketplace on July 11 in collaboration with Ethereum (ETH) scaling solution Immutable X.

During the earnings call, Furlong cited that the opening of its marketplace “supports GameStop’s pursuit of long-term growth in the cryptocurrency, NFT and Web3 gaming verticals” which they anticipate will become more significant for both gamers and collectors.

Users can connect their own digital asset wallets, such as the recently released GameStop Wallet to exchange digital assets via the “non-custodial, Ethereum Layer 2-based” marketplace.

GameStop reported that the $223.2 million in sales related to its digital collectibles in the quarter represented a nearly 26% rise compared to the $177.2 million in sales in the previous year.

DappRader reported that, since the launch of the marketplace, a total of $21.26 million worth of transactions have taken place there. The marketplace’s activity has decreased noticeably since its launch; only $922,350 worth of activity occurred on the marketplace over the past seven days.

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