GameStop does not slacken its efforts in the Web3 universe, even after disappointing data on the adoption of non-fungible tokens (NFT). The video game and consumer electronics retailer has announced a partnership with the cryptocurrency exchange FTX.USthe American branch of FTX.
Bloomberg reports that GameStop and FTX.US intend to collaborate on new e-commerce and online marketing initiatives. While the financial terms of the deal are not disclosed, GameStop will also begin offering FTX Gift Cards in a selection of its stores, the report states.
According to Bloomberg, the partnership had several consequences for GameStop: the share price in particular rose 11% after the announcement. GameStop has also seen its revenue decline after last recording a quarterly profit at the end of 2021.
The deal strengthens GameStop’s foray into the cryptocurrency market as it seeks strategies to improve its struggling revenue numbers. More importantly, it builds on GameStop’s June launch of an NFT wallet to store, receive and send digital collectibles and the July launch of an NFT marketplace.
The partnership with FTX.US also unites GameStop Robin Hoodthe retail stock trading app that takes pride of place in GameStop’s success in 2021. FTX.US founder and CEO Sam Bankman-Fried (SBF) earned $ 7.6% in Robinhood early on of this year.
Although SBF denied rumors that it was in talks to buy Robinhood in an interview with Reuters, FTX.US has continued to expand its stock trading services and plans to offer options trading as well, as it seeks to diversify its source of income by moving away from digital asset trading fees alone.
GameStop’s NFTs have not yet produced positive results for the company
GameStop’s move to NFTs, while still in its infancy, has not yet impacted the company’s revenue. In its latest quarterly report, the company’s net sales fell 4% while net losses doubled to $ 108.7 million quarter-over-quarter, according to Bloomberg.
Data from GameStop’s NFT Marketplace shows that sales of its gaming NFTs have been hard to come by. After the initial July craze, which generated approximately $ 1.98 million worth of NFT sales in its first day of operation, the excitement seems to have waned.
According to the data of the NFT data aggregator DappRadar, GameStop NFT reported a drop of approximately 65% in sales volume. The market has generated $ 5.47 million in NFT sales in the past 30 days from approximately 7,800 traders.
Note that the market has already experienced its first legal battle after a game developer complained that items related to his game were sold on the market without his consent.
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