GameStop is all about Web3: The company announced on Monday that it will launch a digital wallet for crypto and NFTs.
The GameStop wallet can be used across apps without users needing to leave their browsers, the company said in a statement. The self-custodial Ethereum wallet gives users access to the keys to their digital assets rather than trusting them with a third party, and is available for download as an extension on Google Chrome's web store as well as on web browser Brave. The wallet will also be available as an iPhone app down the line, according to the GameStop wallet website. The wallet uses Loopring for transactions, a Layer 2 solution that's meant to lower transaction fees.
The timing is certainly less than ideal, given that the crypto market is crashing, and GameStop cautioned users to be responsible (i.e., if you're buying the dip, don't bet your life savings).
"This is a beta launch. Please use responsibly, and do not add more funds than you are comfortable with," GameStop said in a tweet.
The move is another shift in GameStop's strategy to focus on digital sales rather than brick-and-mortar locations. The launch of the wallet follows the company's announcement earlier this year that it will launch its own NFT marketplace in partnership with Australian company Immutable X by the second fiscal quarter of this year, or around July. The company also launched a $100 million fund for NFT gaming with Immutable X, which promises zero transaction fees for minting and trading. The wallet will be compatible with the GameStop's marketplace.
GameStop has been stingy on other details about its upcoming NFT marketplace, but did previously say it has hired "dozens" of people for the project, "with experience in areas such as blockchain gaming, e-commerce and technology, product refurbishment and operations."