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. The gaming retailer said on September 7 that the new collaboration 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. “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.” GameStop Refused To Disclose Partnership Details In their announcement, GameStop refused to disclose the partnership’s financial details. On the same day that GameStop reported 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...