What You Should Know About GameStop's Collaboration With FTX

GameStop Corporation (NYSE:GME) has partnered with FTX, a cryptocurrency exchange, in an effort to draw more customers to the digital asset market.

What Happened: On Wednesday, GameStop and FTX announced their partnership in a press release. The transaction's terms were not made public.

The partnership intends to introduce more GameStop customers to FTX's digital asset community and marketplaces, according to a statement from GameStop.

Sam Bankman-Fried founded FTX, a digital currency exchange that supports trading in Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE), and a number of other cryptocurrencies.

Additionally, GameStop and FTX will collaborate on new e-commerce and internet marketing initiatives. At addition, GameStop will stock FTX gift cards in certain locations and become FTX's leading retail partner in the United States.

Launched in July, GameStop's L2 NFT marketplace has had a rapid increase in trading volume among decentralized non-fungible token exchanges. According to data published by CoinDesk, GameStop's NFT marketplace exceeded Coinbase Global Inc.'s (NASDAQ: COIN) all-time NFT trade volume in its first week of operation.

After-hours trading for GameStop shares climbed by 13% following the release of second-quarter results. Although the business's second-quarter revenue of $1.136 billion fell short of Wall Street's forecast of $1.27 billion, the company emphasized the $233.2 million in sales from its booming collectibles sector, which had climbed from $177.2 million in the same period of the prior year.