GameStop crypto wallet

The GameStop crypto and NFT wallet is officially here

On Monday, GameStop announced the global rollout of the beta version of its crypto wallet.

This digital wallet announcement comes as the crypto and stock markets are collapsing, so it’s definitely not the best moment, but Gamestop appears to be serious about releasing its digital wallet.

The GameStop wallet runs on the Ethereum layer 2 mainnet rather than layer 1. In simple words, this means cheaper and faster transactions among users. All users may store their ERC 20 cryptocurrency and NFTs in their GameStop wallet, which is available as a Google extension or even on the Brave browser; the company has shared its ambitions to release a mobile app in the future. This GameStop wallet is still in Beta mode, and the company has warned crypto holders on Twitter not to deposit significant sums into their new GameStop wallet.

Even though a tweet like this is frightening, it is the best move GameStop has made because there are exponentially more hackers today than there were last year and the year before. Hackers have gotten really good at their jobs, stealing millions if not billions of dollars from liquidity pools, MetaMask wallets, NFT projects becoming rugged, or their locked savings being drained. The wallet created by GameStop is non-custodial, which means that the user who created it is the only one who can access their assets using a private key that only they know. Although GameStop cannot access the wallet if the private key is lost, the arrangement is compatible with hardware wallets, reducing the risk of a hack. This wallet may also be used in web3 play-to-earn games, with all prizes going straight into the GameStop wallet. Since the beginning of 2022, the crypto and NFT field has seen significant adoption, with Spotify, Instagram, and Twitter developing methods to integrate the blockchain into their systems.

Image Source: Crypto Saurus