GameStop Launches Self-Storage Wallet for Cryptocurrencies and NFTs

US video game retailer GameStop has announced the launch of a digital asset wallet. Since development, GameStop (GME) shares have risen more than 2% to $98.02 before the market open on Monday. It is currently trading at $95.66.

gamestop wallet

GameStop’s new self-storing Ethereum wallet will allow users to store, send, receive and use cryptocurrencies and Non-Fungible Tokens (NFTs) in decentralized apps without leaving a web browser, the company said. Built on Loopring’s zkRollup, it facilitates cost- and time-efficient trading.

public official presentation It also mentioned that the wallet will enable trading on GameStop’s NFT marketplace, which is expected to launch in the second quarter of this year. The wallet monitors the user’s IP address, GPS coordinates and data around the user’s device.

However, the privacy policy states that the company does not access or store the user’s private key associated with the wallet and the user is solely responsible for the funds. The statement is

“It also monitors your network, clicks, mouse positions and keystroke history.”

The move follows GameStop’s weak financial results after reporting a net loss of $147.5 in Q4 2021. This contrasts with profits of over $80 million registered in the same period last year.

NFT Marketplace

GameStop’s search for a crypto-savvy security analyst dates back to April 2021. The following month, we announced a recruitment campaign for engineers, designers, gamers, marketers and community leaders on the NFT project.

However, it wasn’t until January of this year that the company first officially announced that it wanted to enter what it calls “the hype” to expand its core video game business.

The long-awaited NFT project became clearer when GameStop chose Immutable X, an Ethereum Layer 2 scaling solution, as its technology for the upcoming market. The two companies even set up a $100 million token incentive fund focused on NFT gaming. These funds will also be used to financially support content creators and developers on the platform.

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