GameStop launches non-custodial Ethereum wallet to store cryptocurrency and NFTs (2024)

GameStop launches non-custodial Ethereum wallet to store cryptocurrency and NFTs (1)

GameStop announced Monday that its non-custodial, browser-based cryptocurrency wallet is now available. The GameStop Wallet is currently in Beta and works with the Ethereum (ETH) network and uses Loopring Layer 2 technology to facilitate transactions.

The company also announced that its NFT marketplace will be launching sometime during the second quarter of this year. GameStop's second quarter is set to end on June 31, 2022.

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With the GameStop Wallet, users will be able to have full control over their digital assets. Using the wallet, they can store, send, swap, and receive NFTs and cryptocurrency. The GameStop Wallet will also work seamlessly with GameStop's upcoming NFT marketplace when it releases.

A non-custodial wallet means users are given their own unique, 64-digit key to access the wallet. Custodial wallets are wallets in which a third party holds the key for the wallet's owner.

Also: Robinhood's non-custodial, no-fee crypto wallet will store all your digital assets

The GameStop Wallet can be downloaded as an extension with Google Chrome or the Brave browser. According to the wallet's website, the wallet will also be available to use with iPhones. The wallet will operate similarly to MetaMask, and users can migrate their MetaMask wallet to their GameStop wallet.

And despite being a hot wallet – a digital-only offering through a browser or on mobile – it is compatible with cold wallets, or physical hardware that must be plugged into a computer and accessed with a PIN. Cold wallets are more secure than hot wallets.

Transactions used by the GameStop Wallet are facilitated by Loopring, a Layer 2 exchange protocol for the Ethereum network. Layer 2 technology attempts to solve a number of problems plaguing the Ethereum Mainnet, or Layer 1. Layer 1 is often congested with a high volume of transactions which results in egregiously high transaction fees, or gas fees, on the ETH network.

However, users will need to activate Layer 2 before they can use it. When users initially set up their wallet, it will run on the Ethereum Mainnet, or Layer 1.

According to the GameStop Wallet's FAQ page, to activate Layer 2 users will need to deposit ETH into their Layer 2 balance, click "activate", and pay a small fee. By utilizing the Layer 2 exchange protocol, wallet users should experience faster transaction times with lower gas fees.

It's worth noting that in the wallet's privacy agreement, the company says it may use user data as well as track their location. Anonymity is a big draw for many investors in the Web3 space, so this could be a point of contention with potential clients.

The privacy policy states that it will automatically collect data including the user's IP address and geolocation. The policy also says the wallet will monitor "how you interact with others using our Services, pages or screens you viewed, how long you spent on a page or screen, browsing history, navigation paths between pages or screens, information about your activity on a page or screen, access times, online status, last seen status, and duration of access, and whether you have opened our marketing emails or clicked links within them."

But, by utilizing a virtual private network (VPN), users can get some anonymity back by masking their IP address. However, using incognito mode with Chrome – which doesn't save browser history, site data, or cookies – will cut down on how much of your data is shared. The Brave browser will do all of that automatically and even block pesky pop-up ads.

NFT and crypto integration into video games is already a polarizing topic among gamers, with many viewing it as an unnecessary and intrusive way of monetizing their hobby by video game publishers.

That said, some see it as a way to have a more meaningful experience by providing true ownership of digital assets through blockchain technology. The technology could provide real-world value for assets many gamers spend countless hours obtaining.

Game developers, including Ubisoft and Square Enix, have faced considerable backlash for supporting NFTs, with the former forced to shut down its planned NFT integration into Ghost Recon Breakpoint due to player backlash. But many GME holders hope the company's move into the cryptocurrency space will fuel the stock's trip to the moon.

GME was up 3% Monday in premarket trading to $96.58, but just a few hours later, has fallen slightly to $95.33 per share.

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GameStop launches non-custodial Ethereum wallet to store cryptocurrency and NFTs (2024)


Is GameStop Wallet going away? ›

Video game retailer GameStop will end support of its digital asset wallets Nov. 1. In a message posted on its website, GameStop said: “Due to the regulatory uncertainty of the crypto space, GameStop has decided to remove its iOS and Chrome Extension wallets from the market on November 1, 2023.”

What crypto does GameStop Wallet use? ›

The GameStop Wallet is a self-custodial Ethereum wallet, which gives you full control of your assets. Power to the players! Your browser does not support the video tag. Create a new GameStop Wallet.

Does GameStop still do NFTs? ›

GameStop has decided to wind down our NFT marketplace due to the continuing regulatory uncertainty of the crypto space. Effective as of February 2, 2024, customers will no longer be able to buy, sell or create NFTs. Your NFTs are on the blockchain and will remain accessible and saleable through other platforms.”

How to sell Ethereum from GameStop Wallet? ›

Connect your Ethereum wallet, and go to your Profile by clicking the 'blockie icon' in the top right of the page. In your Owned or Created tab, select the NFT you want to sell, click Actions, then Manage, and List for Sale. Input the price (in ETH) that you want to sell your NFT for, and submit.

Is GameStop in danger of going out of business? ›

Since the infamous trading frenzy in January 2021, which led to wild swings in its stock price and whispers of “GameStop going out of business,” the company has embarked on a transformative journey to not only survive but thrive in an ever-evolving industry.

What can I do with my GameStop Wallet? ›

GameStop Wallet

Use GameStop's Wallet to manage, send and receive cryptocurrencies and NFTs. Connect to the GameStop NFT marketplace right from your web browser. Only Chrome version 92 and above is supported.

Why is GameStop Wallet shutting down? ›

GameStop is shutting down its NFT marketplace after 18 months due to regulatory uncertainty in the crypto space. Customers can sell their NFTs on other platforms. GameStop had launched the marketplace in partnership with ImmutableX in 2022, but sold a significant portion of IMX tokens and later laid off employees.

What wallet does ethereum use? ›

The top 6 Ethereum wallets combine security, convenience and access to DeFi apps. These wallets include MetaMask, Trust Wallet, Exodus, Trezor, Ledger and SafePal.

Does GameStop Wallet support Bitcoin? ›

Video game retailer GameStop says it will end support of its crypto wallet offering on Nov. 1, citing “regulatory uncertainty of the crypto space.”

How do I link my GameStop wallet to GameStop NFT? ›

How to connect to GameStop NFT using WalletConnect on Desktop
  1. On your desktop browser, head to
  2. In the upper right hand corner, click Connect.
  3. Then, select the WalletConnect option. ...
  4. If you have a mobile wallet, you can scan a QR code to initiate the connection.
Jul 11, 2022

How to send NFTs from GameStop Wallet? ›

To transfer NFTs to another wallet, select the NFTs button. Then, select which layer you want to send from, using the layer dropdown. Next, select the NFT in your wallet you want to send. Next, select the Transfer button.

Is GameStop shutting down NFT marketplace? ›

Effective as of February 2, 2024, customers will no longer be able to buy, sell or create NFTs,” GameStop said in the update. “Your NFTs are on the blockchain and will remain accessible and saleable through other platforms.”

How do I convert my Ethereum wallet to cash? ›

Step 1: Sell your Ethereum on a cryptocurrency exchange platform that allows fiat withdrawals to bank accounts. Step 2: Request a withdrawal of the fiat money (e.g., USD, EUR) to your linked bank account after completing the sale. Step 3: Wait for the funds to be processed and transferred to your bank account.

Can I cash out Ethereum? ›

Absolutely! The most common way to cash out Ethereum is by using a crypto exchange. A cryptocurrency exchange is exactly that – you can exchange one currency for another. Cashing out Ethereum is when you exchange your cryptocurrency for fiat currency (usually Dollars or Euros).

Does GameStop accept Ethereum? ›

Your GameStop Wallet can send and receive tokens on the following blockchains, layers, and/or networks: Ethereum Blockchain's Main Network. Also known as Ethereum Layer 1, or Ethereum Mainnet. Loopring Layer 2.

Why is GameStop declining? ›

O) , opens new tab also delivered lackluster earnings last month as the gaming industry faces pressure from high borrowing costs, sticky inflation and a slowdown in demand from pandemic peaks. GameStop's recent cost-reduction measures also included an exit from its operations in Ireland, Switzerland and Austria.

What has happened to GameStop? ›

GameStop, an American chain of brick-and-mortar video game stores, had struggled in the years leading up to the short squeeze due to competition from digital distribution services, as well as the economic effects of the COVID-19 pandemic, which reduced the number of people who shopped in-person.

Why is GameStop struggling? ›

“If consumers' preference for downloading video game content in lieu of physical software continues to increase, our business and financial performance may be adversely impacted.” Sales of the video game consoles themselves have also taken a hit in recent months.

What happened to GameStop investors? ›

The normie GameStop investors who recognized the opportunity for a short squeeze were right — the stock was over-shorted, they saw their chance, and they seized it. The episode took out Melvin Capital — even after getting extra money injected, the hedge fund eventually went under.


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