By Alicia Maher
Popular video game retailer GameStop has unveiled its latest product on the market. The company is preparing the ground to move into the digital asset space as it launches a crypto wallet.
On Monday, the company announced that crypto and NFT wallets were the latest to be unveiled. According to GameStop, gamers would be able to store, send and receive crypto tokens and NFT.
Moreover, according to the company’s press release, users could use the wallet across decentralized exchanges. Users can do many things with the wallet due to its broad features.
GameStop Released the Launch Date
GameStop disclosed that the wallet would be fully available in the Q2 of the company’s fiscal year in July. The wallet extension is a downloadable browser extension on the Chrome plugin. More importantly, users can also access the digital wallet on the GameStop NFT platform.
The emergence of the crypto wallet has helped make transactions seamless and effortless for users. Many crypto exchanges have developed user-friendly wallets to meet the demands of users.
Following its success in the video game industry, GameStop is now the latest entrant into the digital asset space. The company aims to position its wallet as a strong competitor to others in the industry.
GameStop has continued to push for further relevance in the market as it strives to take its audience along. This has helped the video game retailer move into new markets with the support of its consumers.
GameStop’s Rise to Prominence
The brand of the video game retailer became famous amid the pandemic as an attractive meme stock.
Immutable X’s parent company has provided a grant of $150 million to GameStop, subject to meeting some milestones. The terms of the deal include some performance thresholds that GameStop will meet.
Immutable X is also on the Ethereum Layer 2 protocol for NFTs, developed with the ZK-roll up technology. The technology helps reduce gas fees and improve scalability.
Despite the positive performance, GameStop has lost significant value from its January 2021 peak. Last year, the firm drew the attention of many when its fans on Reddit created a pump exercise.
The financial world was shocked by the large-scale attacks on hedge funds, which led to massive losses.
Since then, GameStop has earned the world’s attention and continues to grow amid the unstable crypto space. A November 2021 statement from GameStop’s board member, Larry Cheng, disclosed the company’s vision.
According to Cheng, GameStop aims to integrate crypto and NFT into its future dealings. Additionally, payment with the two meme tokens, Dogecoin and Shiba Inu, has since been integrated.
The present launch of the self-custody wallet and NFT marketplace signifies the company’s drive for progress.
The video game retailer has been able to shrug off poor market performance. GameStop is daring to move further, and the future seems bright for the gaming company.