Wednesday, October 5, 2022

GameStop Floats Self-custodial Crypto wallet

The world’s largest video game retailer, GameStop Corp, in a press statement today confirmed the launch of its digital wallet for easy navigation within the expansive web3 environment.

The self-custodial Ethereum-based wallet will help gamers and others in holding, sending, and receiving cryptocurrencies as well as non-fungible tokens (NFTs) across several decentralized apps without needing to exit their web browser.

The GameStop digital wallet is available for download on the chrome website as a browser extension.

The digital wallet powered by loopring’s Zero-knowledge roll-up technology will process transactions faster at a reduced transaction cost (gas fee).

The company further mentioned in the release that the wallet will be used for transactions in its upcoming NFT marketplace. The stipulated kickoff is at the end of July.

The firm also reiterated that users can only access the wallet with a secret passphrase setup known only to them.

Although the self-custodial wallet reduces the chances of being hacked. Users can lose access to their wallet and its contents should they lose the passphrase. As such, it advises that users should guard their passphrase carefully.

The company’s stock rose over 2% after the announcement today.

GameStop NFT Marketplace

As part of efforts to broaden its video game enterprise, GameStop in January partnered with ImmutableX, an Ethereum-focused layer 2 scaling solution for its marketplace for game lovers and crypto enthusiasts alike.

The duo of GameStop and ImmutableX also earmarked dedicated funds for creators and developers on the platform.

The video game retailer confirmed a dedicated $100 million fund for artists to create on the marketplace. Meanwhile, ImmutableX reserved $150 million worth of IMX tokens to creators and developers upon attaining a set goal.

Headquartered in Grapevine, Texas, GameStop is a leading video game merchandise retailer. Founded by Daniel DeMatteo and Richard Fontaine, it operates more than 4800 stores worldwide.

The launch of self custodial wallet and its full NFT marketplace has helped the retailer’s steady movement with its target audience. Similarly, the launch has also improved its financial reports while having a positive chance at life again.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

Related Articles

Stay Connected

0FansLike
0FollowersFollow
2,043FollowersFollow

Latest Articles

%d bloggers like this: