GameStop has officially partnered with crypto exchange FTX US. It’s no secret that the renowned gaming store has had a difficult few years.
In reality, GameStop fired many people in July, including the CTO of the business at the time. However, as GameStop tries to reorganize its business processes, it seems that the store is doubling down on its NFT goals after the FTX alliance.
When the firm teamed up with Immutable to develop an NFT marketplace earlier this year, it had already started implementing its NFT approach.
Despite having had mixed results, GameStop offered its cryptocurrency and NFT wallet in May and, a few months later, formally launched its NFT marketplace.
Users may now access their cash and peruse the company’s collection of virtual currencies and assets by opening just one application via the wallet.
In announcing its collaboration with FTX, the store said the goal of the arrangement is to get more GameStop consumers into the FTX ecosystem.
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According to the release, GameStop will work with FTX on “new e-commerce and online marketing activities,” and the company will begin stocking FTX gift cards in a few of its shops.
Despite the fact that the business has not yet disclosed any precise financial information, GameStop has been identified as FTX’s primary retail partner in the US.
The statement was made soon after Gamestop released its second-quarter financial results, in which it recorded net sales of $1.136 billion, a 4% decrease from the same period the previous year.
Additionally, it lost $108.7 million during the quarter, 43% more than it lost during the same time last year. Despite this, GameStop shares increased in after-hours trade, most likely because of the news of the FTX alliance.
Time will tell whether the arrangement with the cryptocurrency exchange will cause GameStop stocks to behave similarly to last year’s stock performance.
Overall, the gaming industry’s response to the switch to NFTs has been conflicted, with a sizeable portion being completely opposed.
For instance, Ubisoft had significant fan criticism after switching to NFTs at the beginning of this year. As a result, businesses like Mojang Studios and Square Enix are shunning the NFT industry.
In addition, the fact that an NFT based on a 9/11 victim was sold on the platform made even GameStop’s NFT marketplace difficult for the corporation to handle.
Regardless, it is unclear how GameStop’s NFT move would affect the retailer’s subsequent attempt to compete in the internet market.
