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GameStop As The Retailer Partner of Crypto Exchange FTX.US

  • GameStop is now the “preferred” retail partner of FTX.US. 
  • The gaming company’s Q2 2022 net sales drop to $1.136B.

On Wednesday, GameStop, the giant game retailer, announced its partnership with the major crypto exchange FTX.US to launch “new e-commerce and online marketing initiatives” unitedly. Along with disclosing its Q2 2022 Earnings report on Wednesday, the Texas-based game firm confirmed this partnership with FTX.US in a press release

According to the official statement, GameStop aims to connect its customers to the crypto community and digital assets marketplaces through its crypto partner FTX.  As FTX’s retail partner, GameStop will host the FTX gift cards on selected retail outlets out of the 2970 GameStop stores in the US

Initiating A Blockchain-Led e-Commerce

Among these latest disclosures, the ‘Q2 2022 Earnings Conference Call’ with GameStop CEO Matt Furlong on Wednesday, around 5 P.M. EDT, was note-worthy. Furlong delivered a clear picture of GameStop’s pursuit of aiding digital asset adoption in the retail sector. 

He clearly stated: 

“The deal we just announced with FTX is a byproduct of our commerce and blockchain teams working together to establish something unique in the retail world.”

Significantly, GameStop brought up two launches to accelerate crypto and digital assets to go mainstream. Firstly, in May 2022, it launched a “self-custodial” Ethereum Wallet called GameStop Wallet allowing its customers to store cryptos and NFTs. Secondly, in July 2022, GameStop launched its own NFT Marketplace in association with blockchain protocols – Immutable X and Loopring.

Moreover, Furlong said that the NFT marketplace was to integrate GameStop onto diverse verticals related to the cryptocurrency, NFT, and Web3 sectors. 

Despite launching these projects, the game firm has not seen favorable growth in Q2 2022. According to the report, GameStop’s net sales for the last quarter dropped from $1.378 billion in Q1 2022 to $1.136 billion. 

Furlong added up that the team would continue to bring up projects to transform GameStop from being a “brick-and-mortar retailer” to a “technology-led organization.” 

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