- The world’s largest video game retailer, GameStop, has launched a non-custodial Ethereum wallet.
- The wallet will let gamers and other users store, send, receive and use NFTs and other cryptocurrencies.
- It will also be compatible with GameStop’s upcoming NFT marketplace.
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GameStop Launches Crypto and NFT Wallet
GameStop has launched an Ethereum wallet.
The U.S.-based video game firm announced in a Monday press release that it had rolled out the beta version of a non-custodial wallet to allow “gamers and others to store, send, receive and use cryptocurrencies and non-fungible tokens” across decentralized applications on Ethereum.
The wallet comes in the form of a browser extension available for download on the retailer’s website. It lands ahead of GameStop’s NFT marketplace launch scheduled for the second quarter of this year. The marketplace will launch in partnership with Immutable X, an NFT-focused Layer 2 scaling solution for Ethereum that supports high-speed, low-cost blockchain transactions.
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GameStop became the world’s first “meme stock” in early 2021 due to a large, loosely-organized group of retail investors bidding up its stock price from around $18 to an all-time high of $325 to “short squeeze” Wall Street hedge funds. The events, which started on the /r/WallStreetBets subreddit, made headlines worldwide and cause chaos in the markets as the traders turned to AMC and other stocks. Using the fresh capital and revived popularity to turn around its business, GameStop has since taken steps to embrace NFTs, launching a dedicated division to develop an NFT marketplace for gamers.
GameStop is hoping that the new Ethereum wallet launch will help the company grow its customer base, and attract them to its own ecosystem of Web3 applications.