GameStop strengthens its crypto presence by partnering with FTX
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GameStop is partnering with cryptocurrency exchange FTX US to develop its presence in the crypto industry. The collaboration will introduce GameStop customers and its NFT marketplace to FTX’s community. The American video game retailer will also offer FTX gift cards in selected physical stores.
The two companies didn’t disclose financial details of the partnership, but according to the press release, GameStop will be FTX’s number one retail partner in the U.S.
GameStop launched its NFT marketplace in July when NFTs and the whole crypto market were already trading low. The platform offers NFTs from selected creators but plans to add gaming features and game NFTs by integrating Immutable X—a Layer 2 blockchain focused on gaming. Before publicly launching the NFT platform, GameStop released a MetaMask-like cryptocurrency and NFT wallet.
The beta marketplace is developed on Loopring, the Layer 2 solution, which is secured by the Ethereum mainnet and provides low fees and high transaction speed.
Last month, sources reported that GameStop’s NFT marketplace witnessed a decreasing number of traders and low trading volume. Reuters also referred to data by Refinitiv IBES, which said that “GameStop lost 35 cents per share in the second quarter, compared with estimates of a loss of 38 cents.” During the quarter, GameStop also laid off the Chief Financial Officer, Michael Recupero.
It seems that even after unsuccessful occurrences, GameStop is still developing a strong Web3 presence. On Tuesday, blockchain data provider DappRadar announced that it was integrating the GameStop NFT marketplace on its website. DappRadar’s Marketplace Ratings will reflect the trading activity of GameStop NFT collections.
Even though FTX is a cryptocurrency exchange, it has also been active in the NFT space and has its own NFT marketplace, FTX NFTs. Besides the partnership with GameStop, FTX also launched an NFT collection with Mercedes-AMG PETRONAS F1 Team.
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