Gaming retailer GameStop partnered with United States crypto exchange FTX US in an attempt to bring a strategy shift in its NFT efforts. The partnership also aims to set its foothold in crypto space. GameStop and FTX US will work together to bring more customers to crypto and online marketing initiatives.
GameStop noted that the new partnership will introduce its customers into the FTX ecosystem including its marketplaces for digital assets. With this, it intends to become FTX’s preferred retail partner in the United States.
Apart from the collaboration with FTX US on the e-commerce and online marketing initiatives. GameStop will begin carrying FTX gift cards in select stores. The financial aspects of the partnership are not yet revealed. However, as soon as the news broke out, GameStop shares which were down 35% this year, rose about 13% in extended trading.
The latest announcement came shortly after the gaming retailer reported a decline in sales and a wider loss in the quarter. The company has not seen a quarterly profit since the end of 2021. In July, GameStop launched its NFT marketplace while digital artworks were witnessing a sharp decline amid the crypto industry crash.
On the other hand, GameStop is also improving its retail strategy with a focus on collectibles and toys at its stores. The recent efforts seem to be paying off with sales reaching $223.2 million in the quarter, up from $177.2 million in the same quarter last year.
