GameStop’s crypto and NFT wallet is officially here
On Monday, GameStop announced the global launch of the beta version of its crypto wallet.
This digital wallet announcement comes while the crypto and stock markets are crashing, so it’s definitely not the best of times, though game stop seems serious about releasing its digital wallet.
The GameStop wallet runs on the Ethereum Layer 2 mainnet and not Layer 1. In simple terms, this means cheaper and faster transactions between users. All users can store their ERC 20 cryptocurrency and NFTs in their GameStop wallet, available as a Google extension or even in 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 took to Twitter to warn crypto holders against depositing significant sums into their new GameStop wallet.
This is a beta launch. Please use this responsibly and do not add more money than you are comfortable with.
— GameStopNFT (@GameStopNFT) May 23, 2022
While a tweet like this is scary, it’s the best move GameStop has made because there are exponentially more hackers today than there were in the last year and the year before. Hackers have gotten really good at their jobs and have stolen millions if not billions of dollars from liquidity pools, MetaMask wallets, NFT projects that are becoming robust, or their locked savings that are depleted. 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 with 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 being hacked. This wallet can also be used in Web3 play-to-earn games, with all prizes going directly to the GameStop wallet. Since early 2022, the crypto and NFT space has seen significant adoption, with Spotify, Instagram, and Twitter developing methods to integrate blockchain into their systems.
It is official! The GameStop wallet is here.
Download: https://t.co/dK2dmRmwRI
🧵👇
— GameStopNFT (@GameStopNFT) May 23, 2022
Image source: Crypto Saurus
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