Video game retailer GameStop announced on Monday that it has launched a crypto and non-fungible token (NFT) wallet, as it prepares for a push into the world of digital assets. The self-custodial Ethereum wallet will allow gamers and others to store, send, receive, and use cryptocurrencies and NFTs across decentralised apps (dApps) without having to leave their web browsers. Available via the Chrome web store, it will also enable transactions on GameStop's NFT marketplace, which is expected to launch in the second quarter of the company's fiscal year, which begins in July. [1]

Figure 1. GameStop Launches Crypto Wallet, NFT Marketplace Integration

Figure 1 shows the wallet leverages Loopring'sZK-rollup technology, an Ethereum layer-2 scaling protocol for cheaper and faster transactions. Though the wallet is non-custodial, it does track certain user information, including IP address, GPS coordinates, and information near to the user's device, according to their privacy policy. [2]

"It also monitors the user's network, clicks, mouse position and keystroke logging" reads the privacy policy.Users can access the wallet via a 12-word secret recovery phrase. GameStop emphasises that customers should write the phrase down, warning they will be unable to access the wallet without it. "This is a beta launch," GameStop added. "Please use responsibly, and do not add more funds than you are comfortable with." [2]

In terms of functionality, GameStop’s wallet is similar to MetaMask and offers the user a desktop version of the software. While the company worked on the technology of the wallet with looping, the NFT marketplace will use the immutable X technology. Gamestop partnered with ImmutableX in February of this year, and to attract potential NFT content creators and developers, launched a $100 million (approximately Rs.776 crore) NFT grant to be paid in IMX tokens. The announcement earlier this year also claimed the market would be 100 percent carbon-neutral, with no gas charges. [3]

Non-custodial, multi-chain cryptocurrency wallets have proven to be a major focus for companies looking to take root in a Web 3 world. Earlier this month, major U.S.-based cryptocurrency exchange Coinbase integrated Web 3 app functionality with a wallet and browser for use by a select group of its mobile app customers. At the same time, Robinhood is also promoting an upcoming non-custodial wallet with multi-chain interoperability. [4]

References:

1. https://newslogic.in/technology/gamestop-launches-crypto-wallet-nft-marketplace-integration-to-come-soon/
2. https://gadgets360.com/cryptocurrency/news/gamestop-crypto-wallet-nft-marketplace-metamask-3004293#pfrom=home-popular
3. https://indianlekhak.com/tech-gadgets/gamestop-launches-crypto-wallet-nft-marketplace-integration-to-come-soon
4. https://www.technologyshout.com/gamestop-launches-crypto-wallet-nft-marketplace-integration-coming-soon/

Cite this article:

Thanusri swetha J (2022), GameStop Launches Crypto Wallet, NFT Marketplace Integration, Anatechmaz, pp. 299