Gamestop has launched a beta version of the self-developed Ethereum wallet, which allows users to store, send and receive cryptocurrencies and non forgeable tokens (NFT) through their systems. The wallet is currently available as an extension of Google browser and brake, but Gamestop's wallet website shows that it will also be available as an iPhone app in the future.
Gamestop became a high-profile meme stock last year, and the company's fan base is largely divided into two groups: gamers and investors. Those committed to "hyping" stocks may support Gamestop's entry into Web3, but many players don't like to put this concept into their pastime, just as they hated Gamestop's pre purchase policy or its insulting low prices for second-hand games and systems in the past, or even more. Players were shocked when they heard that Ubisoft integrated NFT into operation ghost, and this strong reaction from the game community led to the developers of games such as Divine Shield 2 and worm completely abandoning their NFT projects.
Gamestop's wallet is unmanaged, which means users can access their assets through a private key that only they know. This setting is compatible with the hardware wallet and reduces the risk of being attacked or acquired by hackers, but it means that if owners lose their keys, they also lose access to their content.
Gamestop uses loopring to execute blockchain transactions. This is a second layer solution based on Ethereum blockchain. The advantage is that it can reduce the cost of "gas", that is, it sometimes incurs high costs when processing transactions on Ethereum. Earlier this month, due to the huge volume of transactions processed at one time, the cost of processing a transaction on Ethereum soared to thousands of dollars during the coinage of the metaverse project of the boring ape yacht club.
With the launch of the new wallet, Gamestop also confirmed that its upcoming NFT market will go online sometime in the second quarter of this year. Once launched, users will be able to combine their wallets with the market. Gamestop first announced the NFT market in February and also announced a $100 million fund, which should be to convince game developers to really use it. The company is working with immunotable x to launch another layer 2 agreement aimed at reducing gas costs associated with Ethereum transactions.