GameStop rolls out web3 wallet for crypto, NFTs

Electronics retail institution GameStop Corp has launched a integer plus wallet that enables users to store, send, receive, and usage cryptocurrencies and non-fungible tokens (NFTs).

GameStop announced this quality earlier today, noting that the wallet volition run crossed decentralized applications (dApps), and users volition beryllium capable to usage it without leaving their browsers. The wallet is non-custodial, meaning users volition person implicit power implicit their integer assets.

According to the announcement, the wallet runs connected the Ethereum blockchain. Interested users tin download the wallet’s hold from the Chrome Web Store. The wallet volition besides alteration transactions connected GameStop’s NFT marketplace, which is slated to spell unrecorded successful Q2 of the company’s fiscal quarter.

Following this announcement, GameStop’s stock, GME, gained implicit 2% implicit the past 24 hours to commercialized arsenic precocious arsenic $97.28. At the clip of writing, GME is changing hands astatine $96.13 aft a flimsy downward correction.

GameStop’s fascination with web3 continues

This quality comes aft the fashionable subreddit r/wallstreetbets orchestrated a abbreviated compression connected GME, resulting successful a crisp spike successful the stock. While GME had thing to bash with the crypto abstraction astatine the time, experts pointed retired that the abbreviated compression illustrated the powerfulness of decentralization.

An illustration is SkyBridge co-founder Anthony Scaramucci, who said,

“The enactment successful GameStop is much impervious of conception that Bitcoin is going to work. How are you going to bushed that decentralized crowd? That to maine is much affirmation astir decentralized finance.”

Since then, GameStop has taken a keen involvement successful the crypto manufacture and the web3 ecosystem arsenic a whole. In March, the institution announced that it would motorboat its NFT marketplace successful concern with Loopring. Before this, GameStop revealed it had teamed up with Immutable X to rotation retired the NFT marketplace.

As GameStop continues inching person to launching its NFT marketplace, it is worthy noting that the assemblage is already teeming with starring organizations, including crypto exchanges Coinbase, FTX, and Binance. 

The company’s web3 wallet is besides acceptable to conscionable stiff competition, seeing arsenic established companies person already crowded the space, with the latest introduction being fiscal services institution Robinhood.