GameStop has announced the launch of an official GameStop crypto wallet, alongside their new pledge to accept cryptocurrency as payment.
The new crypto wallet is expected to be used on their upcoming NFT marketplace, which is expected to launch in the next few months.
The GameStop crypto wallet is compatible with the Google Chrome browser, with an iOS app planned for the future. Its layout is similar to the popular crypto wallet Metamask, but has limited functionality due to the fact that it doesn’t support adding information for additional ERC-20 tokens.
However, it does support NFTs and Layer 2 transactions through Loopring, a Shanghai-based foundation that aims to “combine elements of centralized and decentralized cryptocurrency exchanges to create a protocol that will enjoy their unique advantages and eliminate inefficiencies.” News of their implementation in the Gamestop crypto wallet caused $LRC to soar in price from 5 cents to 6 cents.
Considering the fact that Loopring currently supports Metamask integration, there doesn’t seem to be much functional need of a Gamestop crypto wallet in order to handle their upcoming NFT marketplace. However, it makes sense for Gamestop from a business perspective, since owning the wallet users will need to install in order to buy and sell NFTs on their platform entitle them to profit off of activation fees.
Considering the dire state of crypto markets right now, this announcement from Gamestop seems very poorly timed. And when you consider the implications of creating an inferior version of a superior product in order to nickel-and-dime their users, it starts to make sense why Reggie decided to step down from the board.
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