Quick take:
- GameStop users can store, send, receive and use cryptocurrencies and NFTs without having to leave the web browser.
- It will also enable transactions on GameStop’s NFT marketplace.
- The wallet will be available as an iPhone app in future.
GameStop today announced the launch of its cryptocurrency and NFT wallet that will allow users to store, send, receive and use cryptocurrencies and NFTs across decentralised apps without having to leave the web browser.
The GameStop wallet is a self-custodial wallet, meaning that users can only access their digital assets via a 12-word secret recovery phrase known only to them. If users lose their secret phrase, GameStop will not be able to access their wallet for them.
The wallet is available as a Google Chrome browser extension, which can be downloaded from the Chrome web store, but its website indicates that it will be available as an iPhone app in the future.
GameStop urged users not to add more funds than they’re comfortable with as the wallet is only in beta launch. The wallet will enable transactions on GameStop’s NFT marketplace, which is expected to launch in Q2 this year.
The wallet uses Ethereum Layer-2 solution, LoopRing, to execute transactions as it’s meant to lower gas fees. On Mar 23, GameStop announced a partnership with LoopRing to provide cheap, fast and secure access to the NFT marketplace, which went live in beta that day.
On Mar 28, GameStop filed two trademark applications to offer NFT-related services shortly after debuting its NFT marketplace.
GameStop’s plans for its NFT marketplace was first announced in January. The following month, the company teamed up with Australian blockchain startup Immutable X to develop the NFT marketplace.
Both companies also launched a $100 million grant programme in a bid to entice game developers to create NFTs for the marketplace. The fund will be distributed in Immutable X’s native token, IMX.
Immutable X will join LoopRing as a Layer-2 solution for GameStop’s NFT marketplace to reduce gas fees. The Layer-2 network also purchases carbon credits to offset blockchain carbon emissions.
GameStop shares – which have become meme stocks – were up 2.67% at $98.21 in premarket trading on the New York Stock Exchange. It has a market cap of $7.38 billion, down from just under $9 billion in February.
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