GameStop NFT Marketplace's upcoming launch is no secret to people following the company's story, but the embattled video game retailer's crypto wallet has remained a bit more of an enigma. Earlier today, the GameStop Wallet website was uncovered by some Internet sleuths, and it appears that crypto platform's launch is closer than it has ever been.
The GameStop Wallet Beta website is now back online after some earlier 403 errors, and our friends at GMEdd.com took some very informative screenshots before the site disappeared. One image provides a breakdown of what GameStop Crypto Wallet users can expect from the app and website.
The GameStop Crypto Wallet for Your Browser & iPhone
- Store crypto and NFTs securely
- Utilize decentralized apps on Ethereum
- Fast and fairly priced transactions on Loopring Layer 2
- Self-custodial for full control of your assets
The site also boasts some of the advantages of the Loopring L2 Ethereum Layer the platform will utilize, pointing out an expected average transaction fee of 75 cents as opposed to an Ethereum L1 average transaction fee of $65.75. Even if you don't care about NFTs or cryptocurrency, it is hard to not see the advantage of what GameStop has built with their partners at Immutable X and Loopring. The GameStop Wallet website also claims that users will be able to trade NFTs and crypto on multiple decentralized apps (dApps).
GameStop and Immutable X have partnered on a $100 million IMX Grant Program to help early adopters fund their projects ahead of the NFT Marketplace launch. Many users are already messing around in the beta for the marketplace, and it appears that GameStop plans on launching their GME crypto wallet and NFT Marketplace at the same time.
God Bless Gmerica 🏴☠️— Ryan Cohen (@ryancohen) February 16, 2022
GameStop has been executing a turnaround and restructuring of their business for nearly a year, and this push into the cryptocurrency space is something that the leadership feels very strongly about. GameStop CEO Matt Furlong recently stated in a letter to shareholders that the company's "leadership will not compromise when it comes to being maniacally focused on the long-term," and this crypto bet is one of their first attempts to pivot away from their dependence on traditional retail sales.
Ryan Cohen has put his money where his mouth is, adding to his GameStop (GME) stake earlier this year. The GameStop chairman has also made a lot of comments about the Federal Reserve's monetary policy decisions. Cohen seems to believe that crypto is a good hedge for inflation, but it remains to be seen just how much traction a GameStop Wallet will attain with so many competitors in the space and demand for NFTs much lower than it was just six months ago. That being said, many crypto enthusiasts believe in a decentralized financial future for the world and GameStop leadership has positioned the company to be a leader of that emerging market.
This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.
At the time of this article, Shacknews primary shareholder Asif A. Khan, his family members, or his company Virtue LLC had the following positions:
Long GameStop via GME shares (partially-hedged with out-of-the-money put options)
Long GameStop via GME call options
Asif Khan posted a new article, GameStop (GME) Crypto Wallet website discovered
Meanwhile, NFT trading volumes are have fallen to a fraction of what they once were.
The cat's out of the bag on this pyramid scheme!
“ it remains to be seen just how much traction a GameStop Wallet will attain with so many competitors in the space and demand for NFTs much lower than it was just six months ago”
Mmmhmm. Just +1'ing that sentiment.
I do think that GameStop fans are pretty rabid, and there is a good chance to see them take share from Robinhood on the crypto wallet side and OpenSea on the NFT side. It's all incremental revenue that simply didn't exist for GameStop a year ago, even if it isn't billions.
For example, I will transfer my holdings of Dogecoin to a GameStop Wallet if that is an option.