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

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

Bloomberg reports that GameStop and FTX.US plan to collaborate on new e-commerce and online marketing initiatives. While the financial terms of the deal will not be disclosed, GameStop will also begin offering FTX Gift Cards in a selection of its stores, the report said.

According to Bloomberg, the partnership had multiple consequences for GameStop, most notably its share price, which rose 11% after the announcement. GameStop also saw its sales decline after it last posted a quarterly profit in late 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 an NFT marketplace.

The partnership with FTX.US also unites GameStop with Robin Hoodthe retail stock trading app that features prominently in GameStop’s 2021 success. FTX.US founder and CEO Sam Bankman-Fried (SBF) won a $7.6% in Robinhood earlier this year.

While 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 wants to increase its revenue stream. diversify by moving away from only the trading costs for digital assets.

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

GameStop’s shift to NFTs, while still in its infancy, has not yet impacted the company’s revenues. In its latest quarterly report, the company’s net sales fell 4%, while net losses doubled quarter over quarter to $108.7 million, according to Bloomberg.

Data from GameStop’s NFT Marketplace shows that sales of its gaming NFTs were hard to come by. After the initial craze in July, which brought in NFT sales worth about $1.98 million on the first day of operation, enthusiasm appears to have subsided.

According to data from NFT data aggregator DappRadar, GameStop NFT saw a revenue decline of about 65%. The market generated $5.47 million in NFT sales from approximately 7,800 traders in the past 30 days.

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

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