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GameStop Unveils Crypto Wallet

May 24, 2022 2:50 PM

Big news! GameStop launched an Ethereum-powered self custodial wallet that is set for integration with an upcoming NFT marketplace.

GameStop has just announced a new digital asset wallet for storing and trading virtual items. Gamers will be able to store, send and receive in-games items without having to leave their browser. GameStop, Inc., in its fourth-quarter earnings report in March, announced that it plans to launch an NFT marketplace by the third quarter of this year. It partnered with layer 2 system, Immutable X for its NFT marketplace, which will sit upon the Ethereum Shares of Game Stop, which trade on the NYSE. CoinDesk will help the project.

Coindesk is a media company that reports on cryptocurrency and digital assets. It is also an independent operating subsidiary of a group that owns many other companies involved in cryptocurrency. It's worth noting that, CoinDesk reporters are compensated with stock options, which vest over time, and some of them are prohibited from buying stock directly.

Holding their cards to their chest, GameStop has withheld other details about its upcoming NFT marketplace but did previously say it has hired "dozens" of people for the project, "with experience in areas such as blockchain gaming, e-commerce and technology, product refurbishment and operations.". 

The good news is the wallet is now live. GameStop can't seem to stop its metaverse investment. GameStop is all Web 3: Now the company has announced the launch of its digital wallet for crypto and game collectables. It's going to be really interesting to see if Gamestop is the first Web 2 business to successfully transition into Web 3.

This GameStop wallet will allow users to access their keys rather than relying on third parties. It's available for download as an app on Google Chrome's appstore as well as on the web browser Brave. The wallet will also be available as an iOS app down the line.

The wallet uses LoopRing for transactions, a layer two solution that lowers transaction costs. This is a beta launch. Users should use it responsibly and do not add more money than they are comfortable with. As mentioned above, the company partnered with Immutable X, an Australia-based blockchain startup, to create a decentralized app that allows gamers to play games using cryptocurrencies. This will all be tied up in the Gamestop NFT marketplace which is launching sometime during the next quarter.

As a result of all these announcements, GameStop stock price rose briefly after announcing the new wallet.