At the start of the year, we learned that retailer GameStop was embracing the cryptocurrency and NFT markets. A new business division formed, and the company started looking for partnerships. Now we know the results of that business venture.
GameStop Wallet has just launched in its beta form. The landing site promises a service that will “store crypto and NFTs securely” and “utilize decentralized apps on Ethereum” while offering “full control of your assets.” This is done through “fast and fairly priced transactions on Loopring Layer 2.” If that all sounds like gobbledygook to you, you’re not alone. In short, GameStop Wallet uses Ethereum cryptocurrency, and Loopring Layer 2 is the blockchain it’s built on. Spending crypto on the app lets users buy and sell NFTs, some examples being the GameStop astronaut character and arcade machine you can see in the image at the top of this article.
As stated, Wallet is in beta at the moment. GameStop’s accompanying press release on Business Wire says the full version “is expected to launch in the second quarter of the company’s fiscal year.” It’s available as a Google Chrome browser extension and as an iOS app. Presumably, it will be available in additional browsers and on Android devices when it fully launches.
The launch of Wallet comes after a long list of sad stories surrounding the GameStop brand. Before the COVID-19 pandemic, employees were reportedly under a lot of pressure to deliver for the company. When the pandemic struck, stores stayed open, leading employees to question the decision. Throughout the following months, GameStop closed 320 stores — a move it claims had nothing to do with the pandemic. Not even former Nintendo of America president Reggie Fils-Aime joining the board helped, and he left after about a year. A net loss of over $100 million was reported in the months after his departure.
