Tuesday, GameStop announced that their browser-based, non-custodial cryptocurrency wallet is now accessible.
The GameStop Wallet will provide customers complete control over their digital assets. They can store, send, swap, and receive NFTs and cryptocurrencies using the wallet.
The GameStop Wallet is currently in beta, operates with the Ethereum (ETH) network, and facilitates transactions via Loopring Layer 2 technology.
Additionally, the company said that its NFT marketplace will start in the second quarter of this year. The second quarter for GameStop will conclude on June 30, 2022.
When the company's planned NFT marketplace launches, the wallet will also work seamlessly with it.
A non-custodial wallet entails that users are provided with their own 64-digit, unique key to access the wallet. Custodial wallets are wallets in which the owner's key is held by a third party.
The GameStop Wallet is available as an extension for the Google Chrome and Brave web browsers. According to the wallet's website, iPhones will also be compatible with the wallet. Users can move their existing MetaMask wallets to the GameStop wallet.
The GameStop Wallet uses Loopring, a Layer 2 exchange protocol for the Ethereum network, to conduct transactions. Layer 2 technology aims to address a variety of issues plaguing Ethereum Mainnet, or Layer 1.
To activate Layer 2, according to the GameStop Wallet's FAQ page, users must put ETH into their Layer 2 balance, click "activate," and pay a nominal charge.
Wallet customers that utilize the Layer 2 exchange protocol should notice faster transaction times and lower gas expenses.
By concealing their IP address with a virtual private network (VPN), users can regain some anonymity. Using Chrome's incognito mode, which does not preserve browser history, site data, or cookies, will reduce the amount of data that is shared.
NFT and cryptocurrency integration in video games is already a divisive issue among gamers, with many perceiving it as an unwanted and intrusive means for video game creators to monetize their hobby.
Game developers, such as Square Enix and Ubisoft have received significant flak for supporting NFTs, with Ubisoft being forced to cancel its planned NFT incorporation into Ghost Recon Breakpoint owing to player backlash.
Meanwhile, GameStop has been tight-lipped about other aspects of its forthcoming NFT marketplace, but has stated that it has hired "dozens" of workers for the endeavor.
Tuesday's premarket trading for GME was up 3 percent to $96.58 a share, but just a few hours later, the stock has dropped slightly to $95.33 per share.
