The beta version of GameStop’s very own Ethereum wallet has been released. This wallet will enable users to store, send, and receive cryptocurrency as well as non-fungible tokens (NFTs) directly through their web browsers. The wallet is currently accessible as an extension for Google Chrome and Brave; however, the website for the wallet indicates that it will also be available in the future as an iPhone app.
Following the achievement of meme stock status by GameStop the previous year, the company’s supporter base has largely become divided between two categories: gamers and investors. Many gamers dislike having the concept wedged into their pastime just as much or more than they used to dislike GameStop’s preorder policies or its insulting lowball offers for used games and systems. Those who are dedicated to “hodling” the stock may be in favour of GameStop’s foray into Web3, but many gamers dislike having the concept wedged into their pastime. When players learned that Ubisoft would be integrating NFT into Ghost Recon, they reacted negatively. As a result of such strong reactions from the gaming community, the creators of games like STALKER 2 and Worms decided to completely scrap their NFT projects.
The wallet offered by GameStop is non-custodial, which means that users have access to their assets by using a private key that is only known to them. The setup is compatible with hardware wallets and reduces the risk of it being hacked or confiscated, but it also means that the owner loses access to the contents of the wallet if they lose their key to the wallet.
Transactions are carried out through the use of Loopring, which is a Layer 2 solution built on top of the Ethereum blockchain. This solution is designed to reduce the costs for “gas,” which are the sometimes exorbitant fees that are incurred when processing a transaction on Ethereum. Due to the large number of transactions that were processed all at once, the cost of processing a transaction on Ethereum skyrocketed into the thousands at the beginning of this month. This was caused by the mint that was held for the Bored Ape Yacht Club’s metaverse project.
GameStop has confirmed that its upcoming NFT marketplace will become available some time during the second quarter of this year. This news was announced in conjunction with the launch of the new wallet. Users will be able to make use of their wallets in conjunction with the marketplace once it has been launched. In February, GameStop made the initial announcement regarding the NFT marketplace. At the same time, the retailer also disclosed a $100 million fund that is intended to encourage game developers to utilise the platform. The company has entered into a partnership with another Layer 2 protocol called Immutable X for the launch of this protocol, which is designed to reduce the gas fees that are associated with Ethereum transactions.