GameStop Has Introduced The Beta Cryptocurrency Wallet And The Forthcoming NFT Platform

May

25

By Awi Khan // in Gaming

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GameStop has unveiled an Ethereum-based self-custodial wallet that will connect with a future NFT marketplace.

GameStop, an American electronics retailer, has joined the cryptocurrency world by launching a proprietary blockchain wallet with the nonfungible token feature.

Through a self-custodial browser plugin based on the Ethereum blockchain, players will be allowed to obtain, send, and store Ether (ETH), ERC-20 tokens, and NFTs. A smartphone version is also being created.

The wallet will be driven by Ethereum’s Loopring layer-2 scaling protocol, which is developed for decentralized exchanges and provides high throughput, low-cost trading, and payment functionalities.

The wallet plugin will be downloadable and installed through the Chrome Web Store. GameStop Wallet will interact with its future NFT marketplace, which is set to open in the second quarter of the corporation’s financial year, identical to MetaMask’s Chrome extension.

In February 2022, GameStop revealed a deal with ImmutableX, with the Ethereum NFT scaling platform being selected to develop the famed brick-and-mortar video game retailer’s specialized NFT marketplace.

According to an agreement issued earlier this year, the marketplace would be carbon-neutral, with no gas costs. In order to entice potential NFT content creators and developers, the two firms have decided on a $100 million grant program, which will be awarded in IMX tokens.

The NFT shift at GameStop has been in the process since May 2020, when the corporation first posted for software engineers with Solidity, React, and Python expertise to participate in its team. The layer-2 scaling protocol revealed a beta version of the Loopring-powered GameStop NFT marketplace in March 2022.

As Web3 continues to thrive, noncustodial, multichain cryptocurrency wallets are showing to be a significant focal point for organizations desiring to build firm roots. A major cryptocurrency exchange in the United States In May 2022, Coinbase incorporated Web3 application features with a wallet and browser for a small selection of its mobile app users. Trading on NFT marketplaces, token swaps on major Ethereum-based decentralized exchanges such as Uniswap and OpenSea, and access to decentralized finance lending protocols will all be part of this.

The commission-free trading site Robinhood has pushed a future noncustodial bitcoin wallet with multiple blockchain connectivity, so Coinbase isn’t the only exchange seeking to expand its products. The wallet will also enable NFT marketplace storage and access.

Can You Buy GameStop NFT?

The NFT website for GameStop is already active. While you can link your wallet to the website, there is presently no NFT trading feature. With the release of its new wallet, the GameStop NFT marketplace is expected to begin in Q2 2022. Members will be able to acquire NFTs on the platform after that.

The entrance of a gaming behemoth like GameStop into the NFT field portends incredible things for the industry. GameStop is ready to strengthen its presence in the ecosystem with its own dedicated NFT marketplace and Ethereum wallet.

 

About the author, Awi Khan

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