GameStop Launches Crypto Wallet, NFT Marketplace Integration to Come Soon

The wallet extension will also enable transactions through GameStop's upcoming NFT marketplace.

GameStop Launches Crypto Wallet, NFT Marketplace Integration to Come Soon

Photo Credit: Reuters

GameStop has launched an Ethereum-powered self-custodial wallet

  • GameStop is one of the world's largest video game retailers
  • The wallet is non-custodial, and is compatible with hardware wallets
  • GameStop's NFT marketplace is set to launch in Q2 2022

Video game retailer GameStop announced on Monday that it has launched a crypto and non-fungible token (NFT) wallet, as it prepares for a push into the world of digital assets. The self-custodial Ethereum wallet will allow gamers and others to store, send, receive, and use cryptocurrencies and NFTs across decentralised apps (dApps) without having to leave their web browsers. Available via the Chrome web store, it will also enable transactions on GameStop's NFT marketplace, which is expected to launch in the second quarter of the company's fiscal year, which begins in July.

The wallet leverages Loopring's ZK-rollup technology, an Ethereum layer-2 scaling protocol for cheaper and faster transactions. Though the wallet is non-custodial, it does track certain user information, including IP address, GPS coordinates, and information near to the user's device, according to their privacy policy.

"It also monitors the user's network, clicks, mouse position and keystroke logging" reads the privacy policy.

Users can access the wallet via a 12-word secret recovery phrase. GameStop emphasises that customers should write the phrase down, warning they will be unable to access the wallet without it. "This is a beta launch," GameStop added. "Please use responsibly, and do not add more funds than you are comfortable with."

In terms of functionality, the Gamestop's wallet is similar to Metamask and provides the user with a desktop version of the software. While the company worked with Loopring on the wallet's technology, the NFT marketplace will use Immutable X technology. Gamestop partnered with Immutable X in February this year, and launched a $100 million (roughly Rs. 776 crore) NFT grant to be paid in IMX tokens, in order to attract prospective NFT content creators and developers. The announcement earlier this year also claimed that the marketplace would be 100 percent carbon-neutral, with no gas fees.

Non-custodial, multichain cryptocurrency wallets are proving to be a major focal point for firms looking to establish firm roots in the Web 3 world. Major US-based cryptocurrency exchange Coinbase integrated Web 3 application functionality with a wallet and browser for a select group of its mobile app clients earlier this month. Meanwhile, Robinhood has also promoted an upcoming non-custodial wallet with multi-chain interoperability.

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