Following the announcement of a cooperation with the massive cryptocurrency exchange FTX US, which will concentrate on “new e-commerce and online marketing activities,” GameStop shares increased by more than 11% in after-market trade on Wednesday.
The statement coincided with GameStop’s release of its quarterly net sales figures, which showed a decrease from both the previous quarter and the same time last year. Nevertheless, some investors seem upbeat about the company’s new connections in the crypto world.
With the help of experienced CEO Matt Furlong and board chair and founder of Chewy.com Ryan Cohen, the brick-and-mortar business hopes to turn things around by embracing Web 3.0 and digital buying.
In the second quarter of the previous year, “sales attributed to collectibles” increased from US$177.2 million to US$223.2 million after GameStop opened a beta NFT marketplace.
GameStop, frequently referred to as a meme stock—a firm that sprang to prominence because to social media and internet memes—has seen its share price fluctuate dramatically since 2021, but it is currently down approximately 36% year over year as the business struggles to turn a profit.
In July, the business reported the termination of Chief Financial Officer Mike Recupero and announced the layoffs of personnel across all departments.
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