Gamestop has officially thrown its hat in the ring for both crypto and NFTs. The company officially announced that it is launching its own digital asset wallet that users can download via the Chrome Web Store, signaling a new shift in its strategy despite the current bear market in terms of crypto assets.
The company’s crpyto wallet can both receive and send NFTs and cryptocurrency like Ethereum, and is non-custodial, meaing users can access their assets via a private key known only to them. There are pros and cons to this: a non-custodial wallet setup means that there’s a reduced risk of a person’s assets being seized or hacked, but the downside is that if a customer loses their key, they lose access to the contents of their wallets.
The main attraction to GameStop’s Wallet is the reduced “gas fees” that users pay to process transactions on the blockchain. The company says tt’s using Loopring to execute transactions on Ethereum layer 2, which the company says means cheaper gas prices than layer 1.
However, users will need to activate Layer 2 before they can use it. When users initially set up their wallet, it will run on the Ethereum Mainnet, or Layer 1.
Gamestop also confirmed its NFT timeline, saying its NFT marketplace will become available in the second quarter of this year. Upon launch, users will be able to use their wallets in conjunction with the Gamestop crypto marketplace.