GameStop Launches Cryptocurrency Wallet and NFT marketplace

Video game and entertainment retailer GameStop announced this Monday (23) the launch of a digital asset wallet to store, send and receive non-fungible tokens (NFTs) and cryptoassets.

The move comes two months after the company announced its own NFTs marketplace slated to launch in the second half of this year.

Securely store, send & use ETH, NFTs & ERC20 tokens with GameStop’s self custodial ETH Wallet.

— GameStop (@GameStop) May 23, 2022

“It’s official! The GameStop wallet has arrived. Download: https://wallet.gamestop.com and follow: @GameStopNFT. Securely store, send and use ETH, NFTs and ERC20 tokens with GameStop’s self-custody ETH wallet.”

GameStop’s NFT Marketplace

GameStop’s NFTs marketplace is the result of a partnership with Immutable X.

It is a layer two scalability solution for NFTs on ETH, the platform allows NFTs to be exchanged instantly and processes 9,000 trades per second.

According to GameStop, Immutable X has committed to supporting its NFT marketplace. To that end, it will provide the company with up to $150 million in IMX tokens after achieving “certain milestones”.

In addition to supporting the market launch, part of these resources will be used to provide financial support to content creators and platform developers.

IMX is the protocol’s native ERC-20 standard utility token. Its three main use cases are: fee payment, staking and network governance.

At the time of writing, IMX is trading at $1.01.

GameStop crypto wallet

As reported by the company, a beta version of the upcoming ETH wallet is now available for download from its website.

In addition, a extension from the web browser to the wallet can be downloaded from the Chrome Web Store, the company said.

In practice, the wallet will allow players to send and receive game assets without having to leave their web browsers.

“GameStop Wallet is a self-custody ETH wallet. That is, you are always in full control of your portfolio and assets,” reads the portfolio description.

Also according to the description, the wallet “harnesses the power of Loopring’s zkRollup” – an ETH Layer 2 scaling protocol.

In this way, the company says it will offer fast transactions, with security, low gas fees and low congestion.

After the news, GameStop shares, traded on the New York Stock Exchange, rose about 3% in premarket trading. Right now, they’re costing around $98.