American electronics retail firm GameStop has taken a step into the world of cryptocurrencies, unveiling a proprietary blockchain wallet that will feature nonfungible token functionality.
The GameStop Wallet will allow gamers to acquire, send and store Ether (ETH), ERC-20 tokens and NFTs through a self-custodial browser extension running on the Ethereum blockchain. A mobile application is also in the works.
It’s official! The GameStop Wallet is here.
— GameStopNFT (@GameStopNFT) May 23, 2022
The wallet will run on Ethereum’s Loopring layer-2 scaling protocol designed for decentralized exchanges, which boasts of high throughput, low-cost trading and payment capability.
Users will be able to download and install the wallet extension through the Chrome Web Store. Much like MetaMask’s Chrome extension, GameStop Wallet will integrate with its upcoming NFT marketplace, which is scheduled for launch in the second quarter of the firm’s financial year.
GameStop announced a partnership with ImmutableX in February 2022, with the Ethereum NFT scaling platform tapped to develop the renowned brick-and-mortar video game retailer’s custom NFT marketplace.
The announcement earlier this year claimed that the marketplace would be 100% carbon-neutral, with no gas fees. The two companies also committed to a $100 million grant program, to be paid in IMX tokens, in order to attract prospective NFT content creators and developers.
GameStop’s NFT move has been a work in progress since May 2020, when the firm made initial calls for software engineers specializing in Solidity, React and Python to apply to join its team. A beta version of the Loopring-powered GameStop NFT marketplace was announced by the layer-2 scaling protocol in March 2022.
Noncustodial, multichain cryptocurrency wallets are proving to be a major focal point for firms looking to establish firm roots as Web3 continues to grow. Major United States cryptocurrency exchange Coinbase integrated Web3 application functionality with a wallet and browser for a select group of its mobile app clients in May 2022. This will incorporate trading on NFT marketplaces, token swaps on popular Ethereum-based decentralized exchanges like Uniswap and OpenSea, and access to decentralized finance lending protocols.
Coinbase isn’t the only exchange looking to improve its offerings, as commission-free trading platform Robinhood has promoted an upcoming noncustodial cryptocurrency wallet with multipleblockchain accessibility. The wallet will also allow storage and access to NFT marketplaces.