Video game retailer GameStop is entering the world of crypto with the launch of its own cryptocurrency and non-fungible token (NFT) wallet, the company said in a press release on 23 May.
According to the announcement, the new GameStop Wallet will enable gamers to receive, store, and send ETH, ERC-20 tokens, and NFTs through a browser extension. The self-custodial wallet will run on Ethereum’s Loopring layer-2 scaling protocol, which will allow for cheaper and faster transactions than it is possible on the Ethereum mainnet.
The new wallet will be available as a browser extension through the Chrome Web Store, though the company has stated that it has been working on a mobile application, and that an iOS version was “dropping soon”. The wallet will also enable transactions of the GameStop NFT Marketplace, which is expected to launch sometime in the second quarter of the company’s financial year.
GameStop’s entrance into the NFT market was first announced in February 2022, when the company partnered with NFT scaling platform ImmutableX to build its custom NFT marketplace. The ImmutableX partnership also resulted in the creation of a $100 million IMX token fund, which would be used for grants given to NFT creators and technology developers. Almost two months later, the video game retailer launched a limited-functionality beta of its NFT marketplace on Ethereum’s Loopring layer-2 protocol, though the trading functionality was yet to be activated.