GameStop, a gaming retailer, has teamed up with <a href="https://www.cryptoknowmics.com/news/former-cftc-commissioner-jill-sommers-joins-ftx-us-derivatives-board/" target="_blank" rel="noopener">FTX.US</a> to increase customer interest in cryptocurrency and develop online marketing strategies.

The gaming retailer said on September 7 that the new <a href="https://news.gamestop.com/news-releases/news-release-details/gamestop-forms-partnership-ftx" target="_blank" rel="nofollow noopener">collaboration</a> would make GameStop's users more familiar with the FTX ecosystem, including its markets for digital assets. Additionally, GameStop would become FTX's preferred retail partner in the United States.

A few GameStop retail stores would now sell FTX gift cards as part of the agreement. As of August 31, there were 2,970 GameStop outlets in the United States. GameStop CEO Matt Furlong stated during the company's Q2 earnings call that the new agreement aims to create something different in the retail industry.
<blockquote><em>"The deal we just announced with FTX is a by-product of our commerce and blockchain team, working hand-in-hand together to establish something unique in the retail world."</em></blockquote>
<h2>GameStop Refused To Disclose Partnership Details</h2>
In their announcement, GameStop refused to disclose the partnership's financial details. On the same day that GameStop <a href="https://news.gamestop.com/news-releases/news-release-details/gamestop-reports-second-quarter-fiscal-year-2022-results" target="_blank" rel="nofollow noopener">reported</a> its financial results for the three months that ended July 30, 2022, news of the new alliance emerged.

Even though the American video game retailer reported a quarter-over-quarter fall in net sales of about 4% to $1.14 billion, the company's shares, however, managed to increase by almost 12% in after-hours trading to reach $26.84 per share.

After announcing an NFT and Web3 gaming division in January and launching its NFT marketplace on July 11 in collaboration with <a href="https://www.cryptoknowmics.com/news/f2pool-to-end-ethereum-mining-after-the-merge-takes-place/" target="_blank" rel="noopener">Ethereum</a> (ETH) scaling solution Immutable X, GameStop has substantially increased its Web3 activities this year.
<h2>Long-Term Development</h2>
On the earnings call, Furlong stated that the marketplace opening supports GameStop's drive for long-term development in the cryptocurrency, <a href="https://www.cryptoknowmics.com/news/sony-music-files-several-trademark-applications-for-nfts/" target="_blank" rel="noopener">NFT</a>, and Web3 gaming sectors, which they believe will become more significant for players and collectors.

GameStop reported that the $223.2 million in sales attributed to its digital collectibles in the quarter represented an almost 26% increase over the $177.2 million in sales in the same quarter the previous year.

DappRadar <a href="https://dappradar.com/other/marketplaces/gamestop-nft" target="_blank" rel="nofollow noopener">reports</a> that since the marketplace's debut, $21.26 million in transactions have taken place there. Since the marketplace's opening, activity has decreased significantly; just $922,350 worth of activity has taken place over the past seven days.

FTX Collaboration Boosts GameStop Despite Mixed Quarterly Results

GameStop, a gaming retailer, has teamed up with FTX.US to increase customer interest in cryptocurrency and develop online marketing strategies.

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FTX Collaboration Boosts GameStop Despite Mixed Quarterly Results

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