GameStop launches standalone wallet for cryptocurrencies and NFTs

American video game retailer GameStop has announced the launch of its digital asset wallet. Following developments, GameStop (GME) shares rose more than 2% in premarket trading on Monday to $98.02. It is currently trading at $95.66.

GameStop Wallet

The new Ethereum self-storage wallet from GameStop will allow users to store, send, receive and use cryptocurrencies and non-fungible tokens (NFTs) in decentralized applications without leaving their web browsers, the company said. It is built on top of Loopring’s zkRollup to make transactions easier with minimal cost and time.

The official announcement also mentions that the wallet will allow transactions on the GameStop NFT marketplace, which is scheduled to launch in the second quarter of this year. The wallet will track the user’s IP address, GPS coordinates, and data near the user’s device.

While the privacy policy mentions in all caps that the company will not access or store users’ private keys associated with their wallets, and that they are solely responsible for their funds. The statement says,

“It also tracks the user’s network, clicks, mouse position, and keystroke logging.”

The move follows GameStop’s weak financial results after reporting a net loss of $147.5 in the fourth quarter of 2021, compared to more than $80 million in profit recorded in the same period the previous year.

NFT Marketplace

GameStop started looking for a crypto-savvy security analyst back in April 2021. The following month, the company posted recruitment campaigns for engineers, designers, gamers, marketers, and community leaders for its NFT project.

It wasn’t until January of this year, however, that the firm first officially announced its desire to venture into what it called “high-profile areas” in a bid to expand its core video game business.

The long-announced NFT project became clearer when GameStop chose Ethereum’s layer 2 scaling solution, Immutable X, as the technology for its future market. The two companies have even set up a $100 million token incentive fund focused on NFT games. The fund will also be used to financially support content creators and platform developers.

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