GameStop’s Poor NFT Token Offering Still Partners with FTX to Advance Cryptocurrency Development

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GameStop will not be slowing its entry into the Web 3.0 space, even with the low penetration of non-fungible tokens (NFT). The gaming and consumer electronics retailer has announced a partnership with the cryptocurrency exchange of its U.S. subsidiary, FTX.US.

According to Bloomberg, Game Stop and FTX.US intend to collaborate on new e-commerce and online marketing initiatives. Financial terms were not disclosed, but GameStop will also begin selling FTX gift cards at select stores, the report said.

According to Bloomberg, the partnership has several implications for GameStop, whose stock has risen 11% since the announcement. GameStop’s revenues have been declining since its last quarterly profit at the end of 2021.

The agreement supports GameStop’s entry into the cryptocurrency market as it seeks strategies to improve its stagnant revenue numbers. Most importantly, it builds on the NFT wallet GameStop launched in June for storing, receiving, and transmitting digital collectibles and the NFT marketplace it launched in July.

The partnership with FTX.US also brings together GameStop and Robinhood, a retail stock trading app that is named GameStop’s 2021 success. Sam Bankman Fried (SBF), founder and CEO of FTX.US, acquired Robinhood for a 7.6% stake.

SBF denied rumors in an interview with Reuters that it was in talks to acquire Robinhood, but FTX US plans to continue to expand its stock trading services and offer options trading as well, aiming to diversify its revenue stream beyond just digital asset trading fees.

GameStop’s pivot to NFT is still in its early stages and has yet to impact the company’s revenue. According to Bloomberg, in its last quarterly report, sales fell 4% and the net loss doubled to $108.7 million.

Data from GameStop’s NFT Marketplace shows that the company’s game NFT sales have been sluggish. While there was some initial buzz about NFT sales worth about $1.98 million in the first business day in July, the heat seems to have died down.

According to NFT data aggregator DappRadar, GameStop’s NFT sales are down about 65%. Over the past 30 days, the marketplace saw $5.47 million in NFT sales from about 7,800 traders.

Meanwhile, the Marketplace has entered its first legal battle, with one game developer claiming that items related to his game are being sold on the Marketplace without his permission.

》Chinese Version

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