• Wed. Jun 22nd, 2022

GameStop launches digital wallet for cryptocurrencies and NFTs

ByHazel R. Lang

May 23, 2022

GameStop bets on crypto. Video game retailer launched its own self-custodial Ethereum digital wallet, he said on Monday. The wallet will be accessible through a Google Chrome extension and can be used to buy and sell NFTs on GameStop. upcoming NFT marketwhich should be launched at the end of July.

NFT or non-fungible tokens, are digital assets such as images, videos or works of art whose ownership can be traced using blockchain technology. Many different companies, including the NFL and Twitter – have embraced the technology this year as some of the collectible assets have sold for hundreds of thousands and even millions of dollars.

self-guard wallets only give the user access to the private digital key needed to access the wallet. The key isn’t stored anywhere else, meaning users don’t have to rely on a middleman like Robin Hood or PayPal to buy and sell cryptocurrencies and NFTs.

GameStop has partnered with blockchain startup Immutable X to create its next NFT Marketplace. To help boost the business, the companies also plan to launch a $100 million fund that will provide grants to artists who create NFTs for GameStop’s marketplace.

Instead of dollars, the fund will pay artists in Immutable’s own cryptocurrency, IMX, which has has dropped in value considerably during the year.

Last year, GameStop made headlines when its stock soared as Reddit users rallied to buy shares of the struggling gaming retailer. The frenzy may be long gone, but the fallout continues: a the hedge fund announced last week that it was closing its doors after being unable to recover from the short GameStop squeeze of 2021.

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