GameStop’s NFTs have yet to yield positive results for the company

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GameStop does not relax its efforts in the Web3 universe, even after the disappointing figures regarding the adoption of non-fungible tokens (NFT). The video game and consumer electronics retailer has announced a partnership with the crypto exchange FTX.USthe American subsidiary of FTX.

Bloomberg reports that GameStop and FTX.US intend to collaborate on new e-commerce and online marketing initiatives. Although financial terms of the deal are not disclosed, GameStop will also begin offering FTX gift cards in a selection of its stores, the report said.

According to Bloomberg, the partnership had several consequences for GameStop: the share price in particular which increased by 11% following the announcement. GameStop has also seen its income decrease after last posting a quarterly profit at the end of 2021.

The deal bolsters GameStop’s foray into the cryptocurrency market as it seeks strategies to improve its struggling revenue numbers. More importantly, it builds on GameStop’s June launch of an NFT wallet for storing, receiving, and sending digital collectibles, and the July launch of a of NFT market.

The partnership with FTX.US also unites GameStop with robinhoodthe retail stock trading app that takes pride of place in GameStop’s success in 2021. FTX.US Founder and CEO Sam Bankman-Fried (SBF) took a $7. 6% in Robinhood earlier this year.

Although SBF denied rumors that it was in talks to buy Robinhood in an interview with Reuters, FTX.US has continued to expand its stock trading services and plans to offer options trading as well, as it seeks to diversify its source of income by moving away from digital asset trading fees alone.

GameStop’s NFTs have yet to yield positive results for the company

the switch from GameStop to NFTs, although still in its infancy, has yet to impact the company’s revenue. In its latest quarterly report, the company’s net sales fell 4% while net losses doubled to $108.7 million quarter over quarter, according to Bloomberg.

Data from GameStop’s NFT Marketplace shows that sales of its gaming NFTs have been hard to come by. After July’s initial craze, which generated NFT sales worth around $1.98 million in its first day of operation, the enthusiasm seems to have died down.

According to data NFT data aggregator DappRadar, GameStop NFT saw an approximately 65% ​​drop in sales volume. The marketplace generated $5.47 million in NFT sales over the past 30 days, from approximately 7,800 traders.

Note that the market place has already experienced its first legal battle after the developer of a game complained that items related to his game were being sold on the marketplace without his consent.

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GameStop’s NFTs have yet to yield positive results for the company


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