updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131The partnership between GameStop and Telos Foundation will attract new users by leveling Web3 barriers preventing widespread adoption.
Popular video game and merchandise retailer GameStop Corporation (NYSE: GME) plans to provide more Web3 games in collaboration with the Telos Foundation. The blockchain company powering the Telos blockchain will support GameStop’s plan by providing blockchain infrastructure via Telos.
The partnership between both companies will see Telos link Web3 games on its blockchain via GameStop’s Web3 gaming launchpad Playr.
According to an official press release, the plan is to attract new users with accessible gaming in the Web3 world. The two companies also hope to solve performance problems plaguing the gaming industry. According to Telos Foundation Head of Business Development AJ Dinger:
“We are thrilled to enter into this transformative collaboration with GameStop. 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.”
Although GameStop launched and remained a brick-and-mortar service for a long time, the company is working on diversification. For instance, GameStop announced a partnership with FTX.US in September last year. Both companies had set out to collaborate on e-commerce endeavors and online marketing plans. This partnership was announced shortly before FTX crashed and filed for bankruptcy.
In July, GameStop launched a non-fungible token (NFT) marketplace. The non-custodial Ethereum-based marketplace was for creators, gamers, and other interested people to trade NFTs representing virtual assets. By November, GameStop announced that the marketplace would support the ImmutableX blockchain platform. Via the partnership, Web3 games and assets on ImmutableX will be available for trading on GameStop’s marketplace. These include digital trading cards and land plots from games like Illuvium and Goda Unchained.
In March, GameStop published figures for Q1, which revealed that the company realized its first quarterly profit in 2 years. News of the feat pumped GME by more than 48% in after-hours trading, repairing the 43% loss the company sustained over the previous year. The company posted $48.2 million in profit for the quarter, equal to 16 cents per share. It also posted net sales of $2.226 billion, close to the $2.254 billion realized in Q4 of 2022. Interestingly, GameStop did not post guidance for 2023, continuing its trend of sidestepping financial predictions since COVID started.
To ensure profit, GameStop joined several other companies that reduced their staff strength over the past year. Last July, the company fired its Chief Financial Officer Michael Recupero, replacing him with Diana Saadeh-Jajeh, the Chief Accounting Officer. By December, GameStop began laying off employees according to an Axios report. Although GameStop did not publicly announce it, a senior reporter at gaming website and blog Kotaku said that CEO Matt Furlong confirmed the move in an internal email. According to Gach, Furlong said the layoffs were to align the company with profitability targets.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
After suffering major selling pressure at the start of 2022, Telos (TLOS) has rallied massively. The token has now hit an all-time high and while this is good news, there are several reasons that suggest more growth is coming. We will look at them in a bit but here are some highlights first.
Telos (TLOS) has surged by nearly 230% from the lowest price recorded this year.
At press time, the token was selling for $1.19, up nearly 17% in 24-hour intraday trading.
This growth has largely been triggered by new partnerships and developments at Telos (TLOS).
Data Source: Tradingview
In most cases, when crypto-assets hit all-time highs, they are followed by some pullback. But Telos (TLOS) appears to be running wild and looking at the underlying fundamentals, the long-term outlook is also very positive.
The reason for this is based on how the Telos (TLOS) ecosystem has been expanding and bringing in new partners. The integration of DappRadar was a big thing but we are also seeing the ecosystem bringing in new strategic DeFi and NFT partners. Also, the integration with Anchor Wallet could be decisive as well in the future.
The partnerships that Telos (TLOS) is building are designed to expand its ecosystem and create visibility in the crypto market. These are all going to be crucial in the long-term growth of this token.
But more importantly, Telos (TLOS) has a market cap of around $320 million. This means that the coin has immense growth potential, and as long as they continue doing what they have done so far, it’s conceivable that the market cap could easily jump by a minimum of 10 times in the coming years.