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After seeing its stock price surge, GameStop plans to deliver on its crypto promises and is moving into Web3
GameStop isn’t stopping. While you might think of the retail outlet as the best place to buy a PlayStation 5 or Xbox Series X, the company became engulfed in memestock mania last year, driven on by Reddit users.
But GameStop seems to have taken its revival to heart and has actually begun to release some interesting products that could turn around the ailing high street game and electronics retailer.
GameStop has announced(opens in new tab) a forthcoming crypto wallet(opens in new tab), letting users store their coins and NFTs in one place. The news comes after GameStop announced an NFT marketplace(opens in new tab), which is also coming soon.
“The GameStop Wallet is a self-custodial Ethereum wallet,” the company says, meaning that users access the wallet using a unique private key, similar to bitcoin hardware wallets.
“The wallet extension, which can be downloaded from the Chrome Web Store(opens in new tab), will also enable transactions on GameStop’s NFT marketplace, which is expected to launch in the second quarter of the Company’s fiscal year.”
Making the wallet available as a Chrome extension is an interesting move for GameStop and helps avoid issues with getting apps into the App Store and Play Store. The exact launch date was not given.
Unless you’ve been living on a remote island, you’ve likely seen a few things about the crypto mania that enveloped the online world during the pandemic.
The price of bitcoin and ether has surged, Web3 is now a buzz word, and billions of dollars have poured into crypto startups of all stripes.
For GameStop, a company past its prime, getting in on the buzz makes a lot of sense.
The issue will come from any technical deficiencies within the wallet, which could cause users to lose substantial sums of money.
Crypto is absolutely full of scams, hackers, and other actors seeking to alleviate people of their NFTs and funds, meaning that security needs to be at the top of the priority list, and users should take precautions when buying and selling.