GameStop collaborates with FTX to strategize its NFT efforts

GameStop collaborates with FTX to strategize its NFT efforts

GameStop Games Retailer partners With US cryptocurrency exchange FTX US trying to bring about a shift in strategy in NFT efforts. The partnership also aims to establish a foothold in the crypto space. GameStop and FTX US will work together to attract more customers to crypto and online marketing initiatives.

GameStop indicated that the new partnership will bring its clients into the FTX ecosystem, including its digital asset markets. With this, it intends to become FTX’s preferred retail partner in the United States.

Apart from collaborating with FTX US on e-commerce and online marketing initiatives. GameStop will begin carrying FTX gift cards at select stores. The financial aspects of the partnership were not disclosed. However, once the news broke, GameStop shares, which have fallen 35% this year, are up about 13% in extended trading.

The latest announcement came shortly after the toy company reported declining sales and a broader loss for the quarter. The company has not seen a quarterly profit since the end of 2021. In July, GameStop Market NFT launched While digital artwork was in sharp decline amid the collapse of the crypto industry.

On the other hand, GameStop is also improving its retail strategy focusing on collectibles and toys in its stores. The latest effort appears to be paying off with sales coming in at $223.2 million in the quarter, up from $177.2 million in the same quarter last year.

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