GameStop Kick-Starts Its Crypto Wallet on the Ethereum Blockchain

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Earlier this week, GameStop launched the beta version of its cryptocurrency wallet on the Ethereum blockchain.

The video games retailer joined forces with Immutable X to develop the new cryptocurrency marketplace, boasting cheap gas fees and using little blockchain energy.

How to Launch the Beta

To launch the beta, users must download the wallet from the Chrome Web Store, using either a Chrome or Brave browser extension.

Users can trade, buy and store cryptocurrencies across various decentralized applications following the download, providing Chrome or Brave tabs are running.

Key Features

GameStop’s wallet is non-custodial, so users have complete control of the digital goods they store on it. In addition, no third parties have access to the wallets, only those in possession of the account’s private key.

The wallet allows users to consolidate and store NFTs into one digital location. However, if extra cautious of security issues when trading and buying cryptocurrencies, users have the option to secure their wallets by offloading content into a third-party source.

Note: Users will lose access to the digital assets held on the platforms if losing the private key. 

Switching From Web2 to Web3

GameStop’s announcement follows other traditional businesses digging into the Web3 space. For example, more Web2 institutions, like Instagram and eBay, are buying into the NFT craze— either releasing collections of their own or integrating NFTs into their projects.

The creators of Assasin’s Creed, Ubisoft, and the publisher of Tomb Raider, Square Enix, are also creating cryptocurrency platforms.

Staying ahead of the game, GameStop is working towards creating a mobile version for its wallet, alongside an iPhone app.

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