On Monday, video game and electronics retailer GameStop (NYSE:GME) announced the launch of a new wallet that allows gamers to store, send, and receive cryptocurrencies and non-fungible tokens (NFTs) on different dApps.
GameStop Launches Non-Custodial Wallet
GameStop announced the launch of its all-new, browser-based wallet in preparation for the release of its online NFT marketplace.
The new non-custodial wallet from GameStop will allows gamers to access, spend, and trade cryptocurrencies and other digital assets without leaving their games.
The new Web 3.0 Ethereum wallet, which leverages Loopring’s ZK-rollup technology for cheaper transactions, can host and transact ETH, NFTs and ERC20 tokens.
GameStop Leverages Loopring Tech for New Wallet
According to GameStop, its Web 3.0 wallet will eventually launch as a mobile app that can be downloaded on smartphones.
The announcement had a positive impact on the value of GameStop (GME) shares, which jumped nearly 3% in pre-market trading on Monday. At the time of writing, GME trades at $96.13, up from its prior $93.6 pricepoint.
On the Flipside
- Gamestop plans to launch the company’s NFT marketplace in July with the overall vision of giving “power to the players.”
Why You Should Care
GameStop’s foray into Web 3.0 may be an attempt to revitalize its brand after reporting relatively poor earnings for Q1 of 2022.