On Wednesday, September 7, 2022, GameStop Corp. (NYSE: GME), a gaming merchandise seller, announced a partnership with FTX, a popular crypto marketplace. It also reported a smaller loss than the estimated one during its quarterly earnings that were released on the same date. The GME stock surged after the news of GameStop partnership with FTX and the better earnings.
GameStop partnership with FTX Statement
The press release by the company stated:
“The partnership is intended to introduce more GameStop customers to FTX’s community and its marketplaces for digital assets. In addition to collaborating with FTX on new e-commerce and online marketing initiatives, GameStop will begin carrying FTX gift cards in select stores. During the term of the partnership, GameStop will be FTX’s preferred retail partner in the United States. The financial terms of the partnership are not being disclosed.”
After the news of the GameStop-FTX partnership broke, the GME stock was in the green and traded at $26.33 (up by 9.53%) at the time of writing in the pre-market trading session on Thursday, September 8, 2022.
GameStop NFT & Its Achievements
As reported by Crypto Venture News earlier on July 11, 2021, GameStop Corp. announced that it had launched its non-fungible token marketplace to allow gamers, collectors, creators, and other community members to buy, sell, or trade NFTs. The GameStop NFT marketplace is a non-custodial, Ethereum Layer 2-based marketplace that lets the involved parties truly own their digital investments, which are secured and represented on the blockchain.
The opening week sales of the NFT marketplace accounted for investments of over 5,000 ETH amounting to about $7.2 billion since its launch. The figure is more than double of Coinbase’s all-time NFT sales volume. The crypto sector behemoth fell short in front of a relatively new entrant which is surely notable and surprising. This might have been one of the key reasons for GameStop partnership with FTX as the crypto participant would not trust a new entrant without significant potential.