GameStop Collaborated With FTX, Introducing Crypto to Customers

Farah Diana Patcha . September 08, 2022

Photo: candorium.com

Techspace - A well-known gaming retail in the U.S, GameStop, is now teamed up with FTX US, an US crypto exchange firm in order to attract more customers to the crypto world using online marketing moves. The news was publicly announced on Wednesday (09/07) on GameStop’s official website. 

Cited from GameStop press release, this collaboration will bring GameStop customers into FTX, introducing them to the FTX ecosystem, such as digital assets marketplace and many more. Besides, this partnership will build an image of FTX being the GameStop preferred retail partner within the US. Regarding this partnership, the FTX gift cards will be available on some GameStop retail stores. There are currently 2,970 GameStop stores across the US.

Read also: NFT Market Dive; GameStop Still Going Strong in First Month

“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,” GameStop CEO, Matt Furlong commented on his company collaboration with FTX, stating their goal.  

Before the news of this partnership came out, GameStop shares had decreased 4% with a total of $1.14 billion net sales. After the partnership news was published, the shares value increased nearly to 12%, reaching at the price of $26.84 per share. 

Previously, GameStop had opened its own NFT marketplace in July, partnered with the Ethereum scaling solution, Immutable X. Earlier this year, the games retailer also discovered its new NFT and Web 3.0 game focused division within the company. Furlong said that the marketplace was released in order to support GameStop's future plans, spreading its wings to the future world of cryptocurrency, NFT, and Web 3.0 gaming vertical. Those moves help GameStop to approach the great opportunity between gamers and collectors in the Web 3.0 ecosystem.

As for the GameStop NFT marketplace, it is a non-custodial, Ethereum Layer 2-based blockchain. People can purchase digital collections from this marketplace, while connecting their GameStop wallet into their account. 

Read also: Top 8 the Most Expensive NFTs Ever!

The marketplace was launched despite the crypto market downfall, getting all of the attention in the first month. Based on GameStop data, the sales of digital collectibles in the first quarter reached $223.2 million, 26% higher than the last year’s sales income that was only $177.2 million. 

GameStop marketplace also made a hit on the first day of release, gaining $21.26 million traded since its launch until today. However, the trading volume on the platform showing a drop within the last seven days, with only $904.63 by the time of this writing


(FDP)

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