American electronics retail company GameStop has taken a step into the world of cryptocurrencies, introducing its own blockchain-based wallet that will support non-fungible tokens.
The GameStop Wallet It will allow gamers to acquire, send and store Ether (ETH), ERC-20 tokens and NFTs through a self-custodial web extension running on the Ethereum blockchain. A mobile app is also in the works.
It’s official! The GameStop Wallet is here.
— GameStopNFT (@GameStopNFT) May 23, 2022
The wallet will be powered by Ethereum’s Loopring layer 2 scaling protocol, designed for decentralized exchanges, featuring high throughput and low-cost trading and payment capabilities.
Users will be able to download and install the wallet extension through the Chrome Web Store. Like the MetaMask Chrome extension, GameStop Wallet will be integrated into its upcoming NFT marketplace, which is scheduled to launch in the second quarter of the company’s fiscal year.
GameStop announced a partnership with ImmutableX in February 2022, in order to integrate Ethereum’s NFT scaling into its future digital collectibles marketplace.
The announcement made earlier this year claimed that the market would be 100% carbon neutral with no transaction fees. The two companies also committed to a $100 million grant program, to be paid in IMX tokens, in order to attract potential NFT content creators and developers.
GameStop’s NFT initiative has been in development since May 2021, when the firm made initial calls for software engineers specializing in Solidity, React, and Python to apply to join its team. A beta version of GameStop’s NFT marketplace powered by Loopring was announced for Layer 2 Scaling Protocol in March 2022.
Non-custodial cryptocurrency and multi-chain wallets are proving to be a hotspot for businesses looking to establish firm roots as Web 3.0 continues to grow. The largest cryptocurrency exchange in the United States, Coinbase, integrated Web 3.0 application functionality with a wallet and browser for a select group of customers of its mobile application in May 2022. This will incorporate trading on NFT markets, token swaps on several of the most popular Ethereum-based decentralized exchanges such as Uniswap and OpenSea, and access to DeFi lending protocols.
Coinbase isn’t the only exchange looking to improve its offerings, Commission-free trading platform Robinhood has promoted an upcoming non-custodial cryptocurrency wallet with accessibility to multiple blockchain networks. The wallet will also allow storage and access to NFT markets.
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