Skip to main content

GameStop’s New FTX Partnership Could Boost Web3 Onboarding

 

GameStop’s New FTX Partnership Could Boost Web3 Onboarding

  • FTX, a crypto exchange platform, announced a new partnership with GameStop, following the July launch of its own NFT marketplace.
  • According to GameStop's official statement, the partnership will introduce FTX's Web3 suite of services to GameStop's growing Web3-savvy customer base - and crucially, FTX also offers an NFT marketplace.
  • Additionally, this partnership will offer FTX gift cards at select GameStop locations.

Why it matters

Amid an industry-wide shift towards digital game marketplaces, GameStop's NFT marketplace has received middling to sometimes overwhelmingly negative feedback. It is well known by PC gamers that most laptops and pre-built desktop PCs have been built without disk drives for a long time. As part of its strategy to onboard its customers to the Web3, GameStop released its own non-custodial crypto wallet before launching its NFT marketplace.

What has been the result of GameStop's Web3 bet? Sales generated by GameStop's NFT marketplace exceeded $7 million within the first few days. As of this writing, the amount has exceeded $20 million. In the NFT marketplace, however, sales have recently slumped, including a recent 24-hour period when just $4,000 worth of sales were recorded in the marketplace, according to a Cointelegraph report.

What’s next

The mainstream gaming community has long been critical of Web3 technologies, particularly NFTs. Gamers, however, are generally considered to be the best ambassadors for blockchain.

As the debate over play-to-earn (P2E) versus play-and-earn rages on in the blockchain gaming industry, more established players may be tasked with the task of onboarding new users into Web3. It appears that most of GameStop's decision-makers still feel that way, despite the company's continued commitment to Web3 infrastructure.

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

What are Gas Fees and How Can We Fix Them?

Blockchain transactions were very affordable prior to 2020. With the rise of Web3 & NFTs, mandatory blockchain transaction charges -- also known by gas fees -- are now the greatest barrier to mainstream adoption. Network congestion is what determines the gas price for blockchains like Bitcoin or Ethereum. The network congestion is the reason why the gas fees are higher for more people. Web3's ethos of inclusivity and democracy means that this fundamental scaling problem largely challenges those core tenants. Although gas can seem quite simple in concept, it can be quite complicated under the hood. This explanation explains gas fees and how they work. It also explains what Ethereum and other Blockchains can do to make them cheaper. What's a gas charge?   Gas fees, as defined in our dictionary are payments made to complete transactions on a blockchain. These fees are paid to blockchain miners to cover the computing power required to verify transactions on blockchain. These ...
Post a Comment
Read more

Cryptocurrency and NFTs: What’s the Difference?

NFTs, Cryptocurrencies, Bitcoin,. Ethereum, Web3 . It can be confusing, opaque, or overtly bizarre for someone who has not interacted directly with the crypto world before. All of this is easily understood. The internet's advent and the technology it supports represents a sea-change. As people react to the internet's early days with excitement, fear, and skepticism today, blockchain - based technology is causing the same reaction. The NFTs and cryptocurrency are two of the biggest mysteries in technology. So we created this simple explanation to explain what each is, how they work together, and the differences between them. You must first understand the infrastructure both require to be possible. It is also known as the Blockchain. More NFT News: Latest NFT News What is the Blockchain? Blockchain technology is fundamentally a new way to share and manage data. It allows data to be stored and operated by a democratic network rather than a few giant companies (think Google and F...
Post a Comment
Read more

Street Art: The New Link Between Virtual and IRL NFT Experiences?

According to anecdotal evidence, NFTs function as only digital experiences.   True, NFT events have regularly contributed to connect both the virtual world and IRL However, trading NFTs and interaction in NFTs, interacting with the NFT community, and utilizing blockchain technology all happen behind an electronic screen. If we look at the huge potential of ticketing using NFTs within the context of concerts, it shouldn't be unreasonable to think the possibility of more applications that connect NFTs and experiences that take place in person soon.   And as developers and artists alike build toward integrating NFTs into real, everyday life (such is the goal of  SoulBound Tokens ) an initiative of live arts entertainment company Secret Walls has caught the interest of the entire NFT community . Art on the street live and...NFTs? Secret Walls has launched a limited-edition, free digital art series as well as a Rewards program in collaboration and Palm NFT ...
Post a Comment
Read more