May 24, 2022
By Sharan Kaur Phillora
GameStop is going all in on crypto. The video game retailer launched its own self-custodial ethereum digital wallet, it said Monday. The wallet will be accessible through a Google Chrome extension and can be used to buy and sell NFTs on GameStop’s upcoming NFT marketplace, which is expected to launch by the end of July.
Here’s what we know:
GameStop launched a new wallet, à la MetaMask, allowing users to store digital assets and NFTs. This wallet only supports Ethereum and Ethereum-based tokens. In other words, you can’t dump your Bitcoin into this wallet. It can only store ETH and other tokens that run on the Ethereum blockchain, including Shiba Inu.
Months before indicating crypto ambitions this time last year, GameStop became a finance and pop culture sensation in January 2021 when retail traders — particularly on Reddit — bid up its share price from below $18 to an intraday peak of $483 on January 28.
GameStop partnered with blockchain startup Immutable X to create its upcoming NFT marketplace. To help boost the venture, the companies are also planning to launch a $100 million fund that will award grants to artists who make NFTs for GameStop’s marketplace.
Instead of dollars, the fund will pay artists in Immutable’s own cryptocurrency, IMX, which has declined significantly in value over the course of the year.
Last year, GameStop hit the headlines when its stock rose to massive heights as Reddit users banded together to buy shares of the struggling game retailer. The frenzy may be long over, but the fallout continues: One hedge fund said last week it’s closing its doors after it was unable to recover from 2021’s GameStop short squeeze.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.