On Monday, video game retailer GameStop launched the beta version of its "digital asset wallet" for its upcoming NFT marketplace. If you are interested in trying the beta wallet, you can download it from the Chrome Web Store.
Users can store, send, receive, and use cryptocurrencies and NFTs across various decentralized applications without leaving their chrome tab. According to their website, GameStop will also release mobile versions of the wallet in the future.
Also, the GameStop wallet is non-custodial. Thus, users will have complete control over their crypto assets. Meaning, that no third party can access any user's wallet, and only people with the private key can access it.
The wallet runs on Ethereum's Loopring layer-2 scaling protocol, designed for decentralized exchanges. The protocol boasts of high throughput and low-cost trading along with payment capability.
GameStop has been working on NFTs since May 2020, when it started hiring software engineers in Solidity, React, and Python. Also, a beta version of GameStop's NFT marketplace was announced in March 2022 by the layer two scaling protocol Loopring.
Earlier this month, Ethereum gas fees spiked to thousands of dollars during Yuga Lab's Otherside NFT minting. To lower the exorbitant gas fees incurred when processing Ethereum transactions, the GameStop marketplace is using Loopring to execute trades.
Moreover, GameStop's announcement earlier this year claimed that the marketplace would be 100% carbon-neutral with zero gas fees. It is partnering with Immutable X, another Layer 2 solution, to develop the video game retailer's custom NFT marketplace. Also, the two companies have created a $100 million grant program to attract other prospective NFT content creators and developers.
Non-custodial multichain cryptocurrency wallets are becoming a major focal point for firms to expand into Web3. Recently, a major cryptocurrency exchange Coinbase integrated Web3 functionality for select mobile app clients in May 2022. Thus, incorporating NFT trading and token swapping on popular Ethereum-based decentralized exchanges like Uniswap and OpenSea.
In fact, Coinbase isn't the only one looking to improve its offering. Last month, online brokerage platform Robinhood promoted an upcoming non-custodial multichain crypto wallet. Furthermore, the wallet will also allow users to store NFTs and access NFT marketplaces.
The GameStop NFT marketplace is live, and users can connect their wallets to the website. However, the NFT trading functionality is not yet available. Reportedly, the GameStop NFT marketplace will go live sometime in the second quarter of this year with its new wallet.
Meanwhile, GameStop also reminded its users that this is a Beta launch. In fact, it also warned users against adding more funds to their GameStop wallets than what they are comfortable with.
A traditional gaming giant like GameStop entering the NFT space speaks a lot about the future of Web3. With its dedicated NFT marketplace and crypto wallet, GameStop is set to make a solid entry into the industry.