GameStop Enters Web3 With GameStopWallet
Yesterday, video game retailer GameStop announced the launch of their self-custodial Ethereum Wallet. This wallet marks the beginning of GameStop’s foray into the world of digital assets. They claim that GameStop Wallet is “Great for n00bs and power-users alike”.
GameStop’s wallet will allow users to store, send, receive, and use cryptocurrencies and NFTs all within their web browser. The wallet is available to download on the Google Chrome web store. GameStop Wallet will also give users access to GameStop’s NFT marketplace that is expected to launch in Q2 of this year.
The GameStop Wallet has Ethereum Layer 2 integration via Loopring, allowing you to transact on Loopring Layer 2 for higher transaction speeds and lower fees. Switching between L1 and L2 is seamless and both utilize the same wallet address.
Setting up the wallet is very simple, you are first presented with a 12-word recovery phrase for you to save and write down somewhere safe. If you lose this recovery phrase, you will be unable to access your wallet. After storing your recovery phrase (preferably someplace physical where it can be kept safe and secure) you are prompted to create a password. Upon storing your recovery phrase and creating your password, your wallet is ready to start transacting.
Functionally, GameStop Wallet is very similar to MetaMask and it will be interesting to see how GameStop plans to differentiate their product and draw users away from other wallet solutions.
GameStop’s entire business model is selling video games and digital goods and services, and the next evolution of video games lives on Web3. It was only a matter of time before they made this move, and I hope that this is a genuine effort from a big player trying to grow the blockchain gaming market.
GameStop NFT is GameStop’s next big move, an NFT marketplace where you will be able to buy and sell digital goods using a wallet of your choice (It’s GameStop’s hope that you will choose their wallet). The marketplace is not currently live, but now with the launch of GameStop Wallet and Q2 being right around the corner, I think it’s safe to say that we should expect some news soon.
