GameStop Partners With The Telos Foundation To Expand Web3 Gaming
- The Telos Foundation has partnered with GameStop to promote Web3-based gaming.
- The agreement allows the Telos blockchain to have access to game distribution through GameStop Playr, the company’s upcoming Web3 game launcher.
- GameStop created a gaming-focused NFT marketplace and a cryptocurrency wallet last year.
With a collaboration with the Telos Foundation, GameStop is enhancing its NFT gaming approach. The partnership between GameStop and Telos seeks to bring gaming on the Telos blockchain using GameStop’s Web3 game launcher, known as GameStop Playr.
The agreement, according to the press release, may help drive up to 100 million gamers to web3 over the next two years.
According to AJ Dinger, director of business development at the Telos Foundation, the cooperation will assist in onboarding new players to the Web3 gaming environment by using Telos’ powerful network.
“We believe this collaboration will be a meaningful driver of new users into the Web3 space. 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,” said Dinger.
The alliance intends to link the traditional gaming community with the Web3 audience while also inspiring traditional game studios, publishers, and distributors to experiment with Web3 technologies.
For well over a year, GameStop has been working on extending to web3 in order to capitalize on the “meme stock” frenzy and resuscitate its company. The efforts seem to have paid off, as the company reported its first quarterly profit in two years in March 2023.
GameStop is one of the biggest legacy gaming companies that has opted to accept blockchain technology and use it to advance its company. Last year, the store even opened its own NFT marketplace, which received almost $5 million in its first week. It announced cooperation with layer 1 blockchain Immutable X in February 2022 to create a non-fungible token (NFT) marketplace for exchanging in-game assets.
The marketplace, which has been in public beta since July, will be open to the public in October 2022. In May 2022, the shop will also unveil its self-custodial crypto and NFT wallet.
Other gaming organizations are now turning to blockchain technology to help them grow their businesses. Square Enix is undoubtedly the industry’s most venerable brand, having consistently reiterated its commitment to a web3 future.
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