Gamestop Launches Web3 Ethereum Wallet to enable cheaper transactions

The consumer electronics and gaming software retailer has unveiled its Web3 ethereum wallet to allow users process crypto and NFT transactions.

May 25, 2022
by Michael
Gamestop Launches Web3 Ethereum Wallet to enable cheaper transactions
News

Gamestop has announced the launch of its Web3 Ethereum wallet to provide users with a wallet to store crypto assets and NFTs. It employs Loopring’s layer two (L2) ZK-rollup technology to enable seamless and cheaper transactions.

The wallet will support the holding of crypto-assets while also enabling storage of in-game NFTs, and as a self-custodial wallet, users will always be in complete control of their assets.

The wallet summary released by the team reads thus:

“Harnessing the power of Loopring’s ZK-rollup [tech] — an Ethereum Layer 2 scaling protocol – Gamestop gives you low-cost and fast transactions, with Ethereum security, opportunity, and global reach.

This allows you to reduce gas fees and network congestion while always remaining in control of your funds.”

The Gamestop’s wallet will operate similarly to Metamask, with the desktop version of the Software, which can be an extension of the chrome browser. In addition, its privacy policy ensures the Software does not monitor users’ data. The only Data collected would be contact and profile information, display names, email address, profile biography, Ethereum public address details, and Twitter and Reddit usernames.

Meanwhile, this announcement comes ahead of the anticipated unveiling of an NFT Marketplace by Gamestop in July. On Feb 3, 2021, Gamestop entered a partnership with Immutable X and launched a $100 million NFT fund. Hence, the upcoming NFT marketplace will utilize Immutable X technology.

The Web3 wallet is currently in its beta form and can be downloaded via Gamestop’s web portal.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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