GameStop Partners With FTX US to Bring Gaming and Crypto Communities Together

GameStop Partners With FTX US to Bring Gaming and Crypto Communities Together

GameStop aims to introduce its customers to crypto through a partnership with FTX US. 

GameStop, an American video game, consumer electronics, and gaming merchandise retailer, has partnered with crypto exchange FTX US to bring gaming and crypto communities together. 

According to the blog post shared by GameStop on September 7th, the goal of this collaboration is to introduce loyal GameStop customers to FTX’s digital asset marketplaces. 

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Moreover, some GameStop retail stores will sell FTX gift cards. As of September, GameStop has around 2,970 retail stores across the United States. The specific addresses or the number of stores where gift cards will be available are not revealed. 

Back in July, the video game retailer launched its NFT marketplace, giving a chance for players, collectors, and creators to sell, buy, and trade NFTs of virtual goods. Upon the launch, GameStop chief executive officer Matt Furlong noted:

The launch of our NFT marketplace supports GameStop's long-term growth in the cryptocurrency, NFT, and Web3 gaming verticals, all of which we expect to be increasingly relevant for the collectors and gamers of the future.

Therefore, the collaboration with crypto exchange FTX is not surprising. According to the announcement, GameStop will keep the financial terms of the partnership undisclosed. 

On the same day, GameStop shared its 2nd quarter report. Based on the report, the company’s net sales have dropped by 4% compared to last year's Q2 data. However, the company has seen significant growth in sales attributable to collectibles. Compared to 2021 Q2 data, sales grew by 21%. 

In other news, the GameStop NFT marketplace has been a significant hit, collecting around $45K in transaction fees on its opening day. At the beginning of September, the GameStop NFT marketplace contained 588 collections, with around 83K non-fungible tokens. At the end of July, the NFT marketplace had 250 collections with 54K different NFTs.  

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree


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