GameStop is teaming up with US crypto exchange FTX US to introduce more customers to cryptocurrency and collaborate on digital marketing initiatives.

The gaming retailer stated in a Sept. 7 statement that the new alliance would introduce its customers to the FTX ecosystem, along with its marketplaces for digital investments, while also making GameStop FTX's preferred retail partner in the United States.

Certain retail sites will sell FTX gift cards as part of the agreement. As of August 31, there were 2,970 locations in the United States.

During the company's second-quarter earnings call, CEO Matt Furlong stated that the new partnership aims to create something "unique" in the retail space.

“The agreement we just announced with FTX results from our commerce and blockchain teams working together to create something unique in the retail market.”

In its statement, it did not reveal the financial details of the partnership. The announcement of the new partnership coincided with the release of GameStop's financial results for the quarter ending July 30, 2022.

Despite reporting a nearly 4% decrease in net sales to $1.14 billion in the quarter, GameStop shares rose nearly 12% in after-hours trading, reaching $26.84 per share.

After announcing an NFT and Web3 gaming division in January, the platform has significantly increased its Web3 efforts this year, including the July 11 launch of its NFT marketplace in collaboration with Ethereum (ETH) scaling solution Immutable X.

During the earnings call, Furlong stated that the marketplace's launch "supports GameStop's pursuit of long-term development in the cryptocurrency, NFT, and Web3 gaming verticals," which they anticipate will become extremely relevant for gamers and collectors.

It describes itself as a "non-custodial, Ethereum Layer 2-based marketplace," allowing users to link their own digital asset wallets, such as the newly introduced GameStop Wallet.

The platform reported that sales contributing to digital collectibles totaled $223.2 million in the third quarter, a nearly 26% increase over the prior year's sales of $177.2 million.

Since its inception, the marketplace has recorded a total volume of $21.26 million traded on it, according to DappRadar. Since its debut, activity has decreased substantially, with only $922,350 worth of account activity in the last seven days.

Sep 8, 2022
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