GameStop launches Web3 Ethereum wallet

On Monday, GameStop announced it has launched its own non-custodial Ethereum wallet to allow users to send and receive cryptocurrency and NFTs through their web browsers. 

The GameStop wallet is currently in beta mode and is available in the firm’s web portal, Google Chrome and Brave. 'This is a beta launch. Please use responsibly, and do not add more funds than you are comfortable with,' GameStop wrote in a Tweet.The wallet will also be available in the form of an iPhone app in the future. 

The non-custodial wallet, meaning users can access their digital assets with a private key only known to them. This gives users full control over their digital assets but also comes with the risk of potentially losing the assets if they were to forget their keys or have their keys stolen from them.

It also leverages on Loopring’s layer 2 (L2) ZK-rollup technology to execute transactions. Loopring is an L2 solution built on top of the Ethereum Blockchain that lowers gas fees, the sometimes excessive fees incurred when making transactions on Ethereum. For example, Bored Ape Yacht Club’s recent Metaverse project ‘Otherdeed’ mint saw gas fees soar to unaffordable rates due to the high transaction volume on Ethereum during the mint. 

The announcement of the wallet also comes with plans to launch the company’s NFT marketplace in July. Users will be able to use their wallets in conjunction with the marketplace.

GameStop and Immutable X Marketplace (IMX) also launched a US$ 100 million joint grant for studios, developers, publishers and content creators focused on NFT-gaming projects in the Metaverse and Web3 ecosystem. 

GameStop said its projects aim to give 'power to the players' with its new turn towards Web3. This would only work if gamers embrace digital assets across trading, gaming and collecting in the current ‘game sellers and customer base’ divide. 

Photo: Getty Images, GameStop