GameStop on Monday, May 23, announced it has launched a beta version of its own Ethereum wallet for its upcoming NFT marketplace. The wallet will allow users to store, send, and receive crypto as well as NFTs. The NFT space has been awaiting GameStop’s NFT marketplace since it first announced it almost a year ago. Now that we have more updates, let’s take a look at what is the GameStop NFT marketplace and its own wallet.
What is GameStop NFT Wallet?
In a nutshell, the GameStop wallet will allow users to securely store, send, and use ETH, NFTs, and other ERC-20 tokens. The Ethereum wallet is self custodial, meaning, users can access their tokens using a private key that only they know.
This 12-word secret recovery phrase will be automatically generated when you create a new wallet. Needless to say, this enhances the wallet’s security, reducing the potential for hacks. However, if a user loses their key, they will lose access to their assets as well, as even GameStop cannot recover it.
Here’s another highlight of the wallet as GameStop explained in a tweet: “The GameStop Wallet has direct Ethereum Layer 2 integration”. This means, “you can transact on Ethereum Layer 2 and get cheaper and faster transactions than with Ethereum Layer 1 Mainnet.”
Finally, GameStop also reminded users that this is a beta launch. In addition, it warned users to use the wallet “responsibly” and not to add more funds than they are comfortable with.
What is GameStop NFT Marketplace?
Essentially, the GameStop NFT marketplace will serve as a platform for users to buy and sell NFTs of in-game digital assets. It will be powered by both layer-2 solution Immutable X and Loopring’s layer-2 scaling solution.
GameStop first hinted at its own NFT marketplace back in May 2021. At the time, the video game retail behemoth was hiring engineers, designers, gamers, marketers, and community leaders. Later, it called for applications from content creators.
GameStop’s plans to enter the NFT space received mixed reactions from its fans. While investors who are focused on holding their stock are in favour of the GameStop NFT move, gamer’s are not too keen. In fact, strong backlash from gaming communities have previously resulted in developers of S.T.A.L.K.E.R. 2 and Worms backing out of their NFT plans.
Can You Buy GameStop NFT?
GameStop’s NFT website is already live. While you can connect your wallet to the website, NFT trading functionality is not yet available. That said, with its new wallet launch, it is likely that the GameStop NFT marketplace will go live sometime in Q2 2022. Post that, users will be able to buy NFTs on the platform.
A gaming giant like GameStop entering the NFT space spells big things for the NFT space. With its own dedicated NFT marketplace and Ethereum wallet, GameStop is all set to cement itself in the industry.
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