2 - 4 minute read
Leading game retailer GameStop is expanding its Web3 gaming offerings through a partnership with The Telos Foundation, the organization behind the layer 1 blockchain Telos. The deal will link Web3 games utilizing Telos’ decentralized blockchain infrastructure to GameStop’s upcoming Web3 game launchpad Playr, providing new opportunities for mainstream gaming distribution.
GameStop has been steadily moving away from its brick and mortar strategy to focus on a digital expansion that includes Web3 gaming. In February 2022, it announced a partnership with layer 1 blockchain Immutable X to build a non-fungible token (NFT) marketplace for trading in-game assets. The marketplace has been operating as a public beta since July and officially launched to the public in October 2022. The retailer also released its self-custodial crypto and NFT wallet in May 2022.
AJ Dinger, head of business development at the Telos Foundation, said in a press release that the collaboration will help onboard new users to the Web3 gaming ecosystem using Telos’ robust network. “We believe this collaboration will be a meaningful driver of new users into the Web3 space,” said Dinger. “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.”
Telos’ native token TLOS jumped 10% on the news before receding. This partnership is a significant step for both GameStop and Telos in expanding their presence in the Web3 gaming market.
The gaming industry has been rapidly evolving, with the rise of blockchain technology and NFTs creating new opportunities for players, developers, and investors. As the industry continues to shift towards the digital space, companies like GameStop are adapting their strategies to stay ahead of the curve.
For traders, this partnership presents a potential opportunity to invest in Telos’ TLOS token and GameStop stock. However, as with any investment, traders should also consider the risks involved and thoroughly research the companies and their plans for the future.
The Bottom Line
GameStop’s collaboration with Telos will expand its Web3 gaming offerings and potentially create investment opportunities for traders. However, traders should also consider the risks involved and thoroughly research the companies and their plans for the future.