GameStop is partnering with FTX US to bring more customers to crypto and work together on their online marketing initiatives. The game retailer said on September 7 that the new partnership will introduce GameStop customers to the FTX ecosystem, including marketplaces for digital assets, while also making the retailer FTX's "retail partner of choice in the United States." FTX gift cards will also be available at select GameStop retail stores as part of the partnership. As of August 31, there are 2,970 GameStop stores across the United States.
GameStop CEO Matt Furlong said on his Q2 earnings call that the new deal aims to create something "unique" in the retail space. The deal we announced with FTX is a byproduct of our commerce and blockchain team working hand in hand to create something unique in the retail world. GameStop did not disclose the financial terms of the partnership in its statement.
The news of the new partnership came the day GameStop announced its financial results for the quarter ended July 30, 2022. Shares of GameStop rose nearly 12% in after-hours trading to $26.84 per share after the news, despite GameStop reporting that its net sales for the quarter fell nearly 4% to $1.14 billion.
GameStop has significantly ramped up its Web3 efforts this year after opening its NFT and Web3 gaming division in January and launching the NFT marketplace on July 11 in partnership with Ethereum (ETH) scaling solution Immutable X. Furlong stated during the earnings call that the launch of the marketplace “supports GameStop’s pursuit of long-term growth in the cryptocurrency, NFT and Web3 gaming verticals,” which they expect will become increasingly important to gamers and collectors. The marketplace is a “non-custodial, Ethereum Layer 2 based marketplace” that allows users to connect their own digital asset wallets, such as the recently launched GameStop Wallet.