Blockchain
Leading game retailer GameStop (NYSE: GME) is partnering with The Telos Foundation, the organization behind the layer 1 blockchain Telos, to expand its Web3 gaming offerings.
The deal links Web3 games that leverage Telos’ decentralized blockchain infrastructure with GameStop’s upcoming Web3 game launch pad Playr, opening up new opportunities for mainstream gaming distribution.
AJ Dinger, head of business development at the Telos Foundation, said in a press release that the partnership will help bring new users onboard into 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 that leverage Telos’ powerful blockchain infrastructure, we can break down many of the barriers that currently deter Web2 players from embracing Web3.”
Telos native token TLOS rose 10% on the news before falling back.
GameStop has been steadily moving away from its physical strategy to focus on a digital expansion with 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, which has been operating as a public beta since July, officially launched to the public in October 2022. The retailer also released its own crypto and NFT wallet in May 2022.