GameStop partners with Telos Foundation for blockchain-based Web3 gaming support.
The popular video game and merchandise retailer GameStop Corporation (NYSE: GME) plans to collaborate with the Telos Foundation to provide more Web3 games. Telos, the blockchain company powering the Telos blockchain, will support GameStop’s plan by providing blockchain infrastructure through Telos.
The partnership between the two companies will see Telos link Web3 games on its blockchain via GameStop’s Web3 gaming launchpad Playr. The aim is to attract new users with accessible gaming in the Web3 world and to solve performance problems plaguing the gaming industry. According to Telos Foundation Head of Business Development AJ Dinger:
“We are thrilled to enter into this transformative collaboration with GameStop. We believe this collaboration will be a meaningful driver of new users into the Web3 space. By combining GameStop Playr with Web3 games utilizing Telos’ high-performance blockchain infrastructure, we can break down many of the barriers currently deterring Web2 players from embracing Web3.”
GameStop and Telos Partnership Underscores Diversification
Despite being a brick-and-mortar service for a long time, GameStop is working on diversification. For instance, it announced a partnership with FTX.US in September last year to collaborate on e-commerce endeavors and online marketing plans. In July, GameStop launched a non-fungible token (NFT) marketplace for creators, gamers, and other interested people to trade NFTs representing virtual assets. By November, the marketplace supported the ImmutableX blockchain platform, making Web3 games and assets on ImmutableX available for trading on GameStop’s marketplace. These include digital trading cards and land plots from games like Illuvium and Goda Unchained.
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GameStop Q1 Profit
In March, GameStop announced its first quarterly profit in two years. The company posted $48.2 million in profit for the quarter, equal to 16 cents per share, and net sales of $2.226 billion. Interestingly, GameStop did not post guidance for 2023, continuing its trend of sidestepping financial predictions since COVID started. To ensure profit, GameStop reduced its staff strength over the past year, including firing its Chief Financial Officer Michael Recupero in July and laying off employees in December.
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