GameStop doesn't stop. While you might think the retail store is the best place to buy a PlayStation 5 or Xbox Series X, the company got caught up in memestock mania last year, fueled by Reddit users.
But GameStop seems to have taken its revival very seriously, and has in fact started releasing some exciting products that could turn the tide for the gaming and electronics retailer.
GameStop has announced (opens in a new tab) an upcoming crypto wallet (opens in a new tab), which allows users to store their coins and NFTs in one place. The news comes after GameStop announced an NFT Marketplace (opens in a new tab), which will also be available soon.
GameStop Wallet
“The GameStop wallet is a self-custodial Ethereum wallet,” the company says, meaning users access the wallet using a unique private key, similar to hardware bitcoin wallets.
"The wallet extension, which can be downloaded from the Chrome Web Store (opens in a new tab), will also enable transactions on GameStop's NFT Marketplace, which is expected to launch in the second quarter of fiscal society."
Making the wallet available as a Chrome extension is an interesting move for GameStop and helps avoid issues accessing apps on the App Store and Play Store. The exact release date was not given.
cryptomania
Unless you've lived on a remote island, you've probably seen a few things about the crypto mania that has engulfed the online world during the pandemic.
The price of bitcoin and ether has skyrocketed, Web3 is now a buzzword, and billions of dollars have been poured into crypto startups of all kinds.
For GameStop, a company long past its prime, making a lot of sense makes a lot of sense.
The problem will arise from any technical failure of the wallet, which could cause users to lose significant sums.
Crypto is absolutely riddled with scams, hackers, and other actors looking to rid people of their NFTs and funds, which means security needs to be at the top of the priority list and users need to take precautions when shopping and to sell.