GameStop

GameStop Launches Self-custodial Wallet After Beta NFT Marketplace On Layer 2 Protocol Loopring

  • It’s an Ethereum wallet similar to MetaMask
  • The wallet supports NFTs on GameStop’s beta marketplace powered by Loopring
  • User can also store their preferred cryptocurrencies
  • The wallet is available as a browser extension on the Chrome Web Store
  • GameStop previously partnered with Immutable X
  • The pair announced a $100 million fund in IMX tokens for NFT-focused studios

American video game retail powerhouse GameStop announced the launch of its self-custodial Ethereum wallet as part of its deep dive into the Web3 digital economy.

According to a press statement issued on Monday (May 23, 2022), the wallet supports cryptocurrencies and non-fungible token (NFT) operability across multiple platforms and decentralized apps (Dapps) including GameStop’s beta marketplace.

The retailer said the wallet will allow gamers and users to interact with the broader Web3  ecosystem without ever having to exit their web browsers. Notably, the wallet comes as a browser extension like MetaMask and can be downloaded from Chrome’s web store.

Features available through the wallet are similar to other decentralized wallets. Users can send, receive, store, as well as approve transactions for digital currencies and NFTs.

GameStop Launches Self-custodial Wallet After Beta NFT Marketplace On Layer 2 Protocol Loopring 16
GameStop Wallet (Source: wallet.gamestop.com)

GameStop’s Beta NFT Marketplace With Loopring

The video game retailer announced a marketplace for digital collectibles powered by blockchain technology earlier in March 2022. As EWN reported, the platform was in partnership with the Ethereum layer 2 scaling protocol Loopring. 

Loopring deploys zero-knowledge (zk) rollup technology to deliver faster throughput and transaction processing while also offering low gas fees. Layer 2 protocols like Loopring are supposedly becoming increasingly popular on Ethereum as a working solution to combat network congestion and high transaction costs.

The retail giant previously announced plans to build its marketplace with another layer 2 scaling solution – Immutable X. At the time, the pair also unveiled a massive $100 million fund earmarked for studios building NFT-powered gaming experiences with plans to launch on GameStop’s platform.

Milestones meant to trigger the release of more funds were also included in the deal. Immutable X planned to dish out another $150 million in IMX tokens for achievements in sales and trading volume at the time.