Video game retailer and WallStreetBets favorite GameStop Corporation (NYSE:GME) announced an exclusive promotion with leading Web3 trading card game Gods Unchained Wednesday.
Here are the details and why it’s important for GameStop.
What Happened: GameStop announced a promotion that will give its PowerUp Rewards Pro Members an exclusive code that can be redeemed for an expansion pack for Gods Unchained.
Each pack contains a set of NFT trading cards that can be used to build decks and used in multiplayer battles. The cards can be traded or sold as well. New cards can be unlocked through gameplay.
The codes for the packs will be available beginning Sept. 27. PowerUp Pro members have one month to redeem the code.
Gods Unchained is a leading Web3 competitive trading card with over 500,000 community members. The trading card game is free-to-play and gives players ownership of their in-game items.
Gods Unchained is led by Chris Clay, the former game director of “Magic: The Gathering.”
“Competition and strategic gameplay sit at the center of Gods Unchained. Not only will players tap into their skills to build their ultimate deck, the ability for true ownership of cards gives you the choice to acquire exactly what you need for your dream deck of the marketplace,” Clay said.
Clay said the promotion is the perfect time for GameStop PowerUp Pros to join Gods Unchained, with more announcements coming soon.
Related Link: Why GameStop Shares Are Soaring After Q2 Earnings
Why It’s Important: GameStop PowerUp Pro is the premium rewards offering from GameStop, with an annual membership cost of $14.99 per year. The new reward could be a good marketing tool and way to get members to upgrade to the Pro tier.
GameStop launched its NFT marketplace earlier this year with the promise of gaming-focused NFTs in the future. Gods Unchained is among the games highlighted recently by the company.
Wednesday’s announcement could bring Gods Unchained to the forefront of GameStop’s plan to gain market share in the NFT gaming space.
GameStop is partnered with Immutable X (CRYPTO: IMX), a blockchain that is used by Gods Unchained and other NFT games.
Other games highlighted by GameStop recently for NFT gaming include Illuvium, Guild of Guardians, PlanetQuest and EmberSword.
“Some of the biggest Web3 games in the world are being built on Immutable X, with more being announced soon. Immutable X is a leading layer 2 Ethereum scaling solution coming soon to the GameStop NFT marketplace,” GameStop’s website reads.
The GameStop NFT marketplace surpassed $3.5 million in sales volume in its first two days, passing the sales volume of the Coinbase NFT marketplace from Coinbase Global Inc (NASDAQ:COIN). GameStop launched its marketplace in July, compared to a May public launch from Coinbase.
Data from Dappradar shows GameStop has sales volume of $5.1 million for its NFT marketplace over the last 30 days.
With a strong presence in the video game industry and a built in fan base and rewards member database of people interested in games, the launch of more gaming focused NFTs could be a key catalyst for GameStop as it expands in the Web3 space.
GME Price Action: GameStop shares are down 0.84% to $27.62 late Wednesday morning versus a 52-week trading range of $19.40 to $63.92.
Courtesy photo.
