GameStop has partnered with the Telos Foundation to expand its presence in Web3 gaming and the NFT space. The partnership aims to leverage Telos’ blockchain technology and GameStop’s Web3 game launcher, GameStop Playr, to bring gaming experiences to the Telos blockchain.
According to the press release, this collaboration has the potential to attract a staggering 100 million gamers to the Web3 space within the next two years.
Telos Foundation director of business development AJ Dinger believes this cooperation will play a vital role in onboarding new players to the Web3 gaming environment. Using Telos’ robust network, GameStop can break down barriers that discourage Web2 players from embracing Web3.
“We believe this collaboration will be a significant driver of new users into the Web3 space,” said Dinger. “By combining GameStop Playr with Web3 games using Telos’ high-performance blockchain infrastructure, we can remove obstacles and encourage more players to embrace Web3.”
The alliance between GameStop and Telos not only aims to bridge the gap between the traditional gaming community and the Web3 audience but also intends to inspire traditional game studios, publishers, and distributors to explore the potential of Web3 technologies.
Following the announcement of the partnership, the value of Telos’ native token, TLOS, surged by 10 percent, reaching its monthly high of $0.2538.
Telos has collaborated with @GameStopNFT to introduce GameStop Playr, a new Web3 game launcher bringing mainstream gaming to Web3! 🎮
Power to the Web3 Players.
— The Telos Foundation (@HelloTelos) June 1, 2023
GameStop’s journey into Web3
As one of the prominent legacy gaming companies, GameStop’s venture into the world of Web3 has been ongoing for over a year. The company has embraced blockchain technology to propel its business forward.
Last year, GameStop launched its own NFT marketplace and introduced a dedicated crypto wallet. Upon its launch, GameStop’s NFT marketplace generated nearly $5 million in revenue during its inaugural week. The store took a significant step forward by announcing a collaboration with Layer 1 blockchain Immutable X in February 2022 for exchanging in-game assets.
Driven by the desire to capitalize on the “meme stock” frenzy and revitalize the company, this effort has proven successful. In March, GameStop announced its first quarterly profit in two years, earning $48.2 million in the fourth quarter of 2022.
To support the development of NFTs and Web3 gaming, GameStop also introduced a $100 million IMX grant program to encourage builders and creators to shape the future of this space.
Web3, blockchain adoptions extend beyond GameStop
The embrace of blockchain technology is not unique to GameStop, as other notable gaming organizations, including industry stalwart Square Enix, also acknowledge its transformative potential. These companies aim to drive business growth and reaffirm their commitment to a Web3 future with blockchain technology.
Square Enix’s commitment to blockchain technology has been evident since earlier this year. The company, under the guidance of former president Yosuke Matsuda, unveiled an ambitious vision for 2023 that included “aggressive investment” in these areas.
In its recent development, Square Enix unveiled plans to commemorate the 25th anniversary of the beloved game Final Fantasy VII with a special set of collectible trading cards. These cards, capturing the essence of the iconic game, will be available as physical collectibles and NFTs.
Last November, the company also announced Symbiogenesis, a one-of-a-kind collection with around 10,000 pieces of digital collectible art. These artworks are intricately tied to a captivating storyline, which players can unfold through a virtual, turn-based adventure.