GameStop Launches Its Own Crypto Wallet
GameStop has today launched its very own digital asset wallet, capable of storing both cryptocurrency and non-fungible tokens (NFTs).
The new wallet(Opens in a new window), named simply the GameStop Wallet(Opens in a new window), takes the form of a Chrome browser extension, which allows you to store and trade cryptocurrency directly from your web browser. Once installed, users simply need to click the "Create Wallet" option and follow the on-screen steps to create their wallet.
GameStop opted for a self-custodial Ethereum wallet, meaning assets can be accessed using a private key and the setup is compatible with hardware wallets. The wallet allows storage of cryptocurrencies as well as the ability to send and receive them. There's also a provision for storing NFTs as part of GameStop's planned NFT trading platform through a partnership with Immutable X. Expect that to launch before the end of the second quarter this year.
Low fees are promised through the use of Layer 2 technology. Layer 1 is the base layer of the blockchain, but can become congested and that results in high fees and slower access. Fees on this layer are typically over $65 per transaction. However, if you embrace Layer 2, then those fees drop to just $0.75 per transaction. By default, Layer 1 access is setup, but Layer 2 can be triggered by depositing Ethereum to Layer 2.
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