In a move to solidify its stance in the crypto sector, GameStop has entered into a strategic alliance with FTX.
In partnership with FTX US, GameStop aims to establish a significant presence in the crypto space. Customers of GameStop will not only gain access to FTX’s community but also benefit from FTX gift cards available at select physical locations.
While the financial specifics of the partnership remained under wraps, GameStop is set to become FTX's primary retail partner in the United States. according to the press release GameStop initiated its NFT marketplace in July amid a downturn in the NFT and broader crypto markets. This platform currently features NFTs from a curated selection of creators and has plans to enhance it with gaming capabilities through a collaboration with Immutable X—a blockchain designed specifically for gaming. Prior to unveiling the marketplace to the public, GameStop launched a wallet for cryptocurrency and NFTs akin to MetaMask.
GameStop launched The beta version of the marketplace utilizes Loopring, a Layer 2 solution that operates on the Ethereum mainnet, ensuring both low transaction fees and rapid transaction speeds. Reports indicated a downturn in activity on GameStop's NFT marketplace, showing dwindling numbers of traders and low overall trading volumes. According to Reuters and data from Refinitiv IBES, GameStop experienced a loss of 35 cents per share in the second quarter, slightly better than the anticipated loss of 38 cents. Additionally, during this time, the company dismissed their Chief Financial Officer, Michael Recupero. .
Despite facing challenges, GameStop is persisting in establishing a robust presence in Web3. Recently, DappRadar, a provider of blockchain data, announced the integration of GameStop's NFT marketplace into their own platform, where their Marketplace Ratings will now track the trading activities of GameStop’s NFT collections.
Last month, sources reported FTX, aside from being a notable cryptocurrency exchange, has also made strides in the NFT arena with its own marketplace and various partnerships, including with GameStop. said GameStop unveils its NFT marketplace while pledging a significant grant of $100 million to support game developers.
The company has also made headlines by launching a new NFT and cryptocurrency wallet. announced In collaboration with FTX, Mercedes-AMG introduces a new NFT collection.
Please keep in mind that the information presented here is not intended as legal, tax, investment, or financial advice. Always invest responsibly and consider seeking independent financial guidance if you're uncertain. For further details, we recommend reviewing the terms and conditions, as well as the help resources provided by the issuer or advertiser. MetaversePost strives for accuracy and impartiality in its reporting, though market conditions can shift rapidly. FTX NFTs Agne covers the evolving trends of the metaverse, AI, and Web3 for Metaverse Post. With a keen passion for storytelling, she seeks out intriguing narratives and often engages with experts in these sectors. Agne earned a degree in literature and has an extensive history of writing across diverse topics, including travel, art, and culture. She has also volunteered as an editor with an animal rights organization, advocating for awareness of animal welfare. Feel free to reach out to her. launched an NFT collection with Mercedes-AMG PETRONAS F1 Team.
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