GameStop Has Launched Its Own Cryptocurrency Wallet

As it prepares for a push into the realm of digital assets, video game retailer GameStop revealed on Monday that it has established a crypto and non-fungible token (NFT) wallet.

Gamers and others will be able to store, transmit, receive, and use bitcoins and NFTs across decentralized apps using the self-custodial ethereum wallet, the company said in a press release. 

It will also enable transactions on GameStop’s NFT marketplace

GameStop’s NFT marketplace is set to start in the second quarter of the company’s fiscal year, commencing in July.

In January of this year, the company joined with Immutable X to expand the NFT marketplace, which rose to prominence during the pandemic as a noteworthy meme stock. According to the terms of the partnership, Digital Worlds aims to give NFT developers up to $100 million in IMX tokens and GameStop itself up to $150 million if it hits certain objectives.

Immutable X is a Layer 2 Ethereum network for NFTs based on StarkWare’s ZK-rollup technology, which promises better scalability and decreased gas fees.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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