On Monday, US electronics retail firm GameStop launched a beta version of a new browser-based wallet that allows users to access, spend, and trade cryptocurrencies and other digital assets without leaving the game. The wallet will run on Ethereum’s Loopring layer-2 scaling protocol designed for decentralized exchanges that boast high throughput, low-cost transactions, and payment capability.
Users will be able to download and install the wallet extension through the Chrome Web Store. A mobile version is also in the works, users will easily download it to smartphones. Like MetaMask’s Chrome extension, GameStop Wallet will integrate with the upcoming NFT marketplace, which is scheduled to launch in late July.
Following the announcement, GameStop stock jumped nearly 3% in pre-market trading on Monday. After a relatively poor quarterly earnings report last March, GameStop looks to be trying to revive its brand.
GameStop first expressed interest in NFT back in May 2020 when the company made an initial call for software engineers specializing in Solidity, React, and Python to join its team. The beta version of the GameStop NFT marketplace powered by Loopring was announced by the layer 2 scaling protocol in March 2022.
However, as other major tech companies have launched their own digital wallets, the competition is fierce. GameStop has to compete with giants like Coinbase, a crypto exchange that launched in 2012 and supports a wide variety of currencies. Like GameStop, Coinbase’s wallet can be used as a browser extension and can also store and trade NFTs.
Besides Coinbase, GameStop’s wallet will also compete with MetaMask, a wallet released in 2016 by blockchain company ConsenSys that acts as a browser extension and gives users direct access to the NFT market. MetaMask currently has more than 30 million users worldwide, according to the company’s website.
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