GameStop Launches Crypto and NFT Wallet

Video game retailer GameStop has launched a crypto and non-fungible token (NFT) wallet. Simultaneously, GameStop is preparing to foray into digital assets. This self-custodial Ethereum wallet will allow gamers and other users to send and receive cryptocurrencies and NFTs on decentralized apps (dApps), as well as store and use them. For this they will not need to exit their web browser.

Loopring key in this wallet ZK The technology used is the Ethereum layer-2 scaling protocol for low-cost and fast transactions. This wallet does not track information such as IP address and GPS of users. Its privacy policy states that it monitors users’ network, clicks, mouse position and keystroke logging. Users can access the wallet through a secret recovery phrase of 12 words. GameStop has advised users to write down this phrase as without it the wallet cannot be accessed. The firm says that this is a beta launch and users should not keep more funds in the wallet.

GameStop’s wallet is similar to Metamask’s wallet and provides users with a desktop version of the software. The firm’s NFT marketplace will use Immutable X technology. For this in February with Immutable X partnership was done. Simultaneously, an NFT grant of approximately $100 million was launched to attract NFT content creators and developers, which will be paid in IMX tokens. There is no gas fee to be paid for this marketplace. This market place can be launched in the second quarter of the company’s financial year starting July.

To consolidate position in Web 3, many firms are pushing for non-custodial, multichain cryptocurrency wallets. US-based crypto exchange Coinbase earlier this month integrated a Web 3 application with a wallet and browser for some of its mobile app clients. Trading app Robinhood also plans to promote non-custodial wallet with interoperability with multiple chains.
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