GameStop has launched a beta version of a self-developed Ethereum wallet that allows users to store, send and receive cryptocurrencies and unforgeable tokens (NFTs) through their system. The wallet is currently available as an extension for Google Chrome and Brave, but GameStop’s wallet website shows that it will also be available as an iPhone app in the future.
GameStop became a meme stock in the market last year, and the company’s fan base is largely divided into two camps: gamers and investors. Those dedicated to “hyping” the stock may support GameStop’s entry into Web3 territory, but many gamers don’t like cramming the concept into their pastime, just as they used to hate GameStop’s pre-order policy or its insults to used games and systems Sex is as cheap as, if not more. Players were shocked to hear that Ubisoft was integrating NFTs into Ghost Recon, and this backlash from the gaming community led the developers of games like S.H.I.E.L.D. 2 and Worms to abandon their NFTs entirely project.
GameStop’s wallets are non-custodial, meaning users can access their assets through private keys known only to themselves. This setup is compatible with hardware wallets and reduces the risk of being hacked or obtained, but it means that if the owner loses their keys, they also lose access to their content.
GameStop uses Loopring to perform blockchain transactions, a second-layer solution built on top of the Ethereum blockchain, with the benefit of reducing the cost of “gas” that sometimes occurs when processing transactions on Ethereum exorbitant fees. Earlier this month, the fee to process a transaction on Ethereum soared into the thousands of dollars during the minting process of the Boring Ape Yacht Club’s metaverse project, due to the sheer volume of transactions processed at one time.
Along with the launch of the new wallet, GameStop also confirmed that its upcoming NFT marketplace will go live sometime in the second quarter of this year. Once launched, users will be able to use their wallets in conjunction with the marketplace. GameStop first announced the NFT marketplace in February, along with an announcement of a $100 million fund, supposedly to convince game developers to actually use it. The company is launching in partnership with Immutable X, another Layer 2 protocol designed to reduce gas fees associated with Ethereum transactions.