The GameStop Wallet is an Ethereum self-custodial wallet that provides full control of your assets, fast and fairly priced transactions and securely stores your crypto and NFTs.
What happens when a gaming retail giant decides to “go crypto”? That’s exactly what happened in May 2022 when GameStop announced its own Ethereum cryptocurrency wallet. That allows GameStop users to collect both NFTs and cryptocurrency thanks to non-custodial software said to be compatible with hardware wallets. The GameStop crypto wallet is, like Metamask and others, a browser extension for Google Chrome and the Brave browser.
The GameStop Wallet And…The Future Of Gaming?
A May 23, 2022, a GameStop press release issued on BusinessWire dropped news of the crypto wallet but also some tantalizing hints of the future of GameStop, which had already made crypto headlines when the company’s stock was the center of a controversy.
That incident was related to short sales of GameStop stock and a group of investors who turned the short-selling game upside down by betting against the short-sellers. In 2022, the press release hinted at a GameStop NFT marketplace which was, at press time for the news release, nothing more than part of a paragraph.
The NFT marketplace is controversial for a different reason than the stock issue; gamers seem to rebel against the notion of shoehorning NFTs into their favorite games such as Ghost Recon by Ubisoft or Worms.
Gamestop NFT Marketplace
Gamestop NFT is collaborating with Immutable X, a layer two blockchain to work on its cryptocurrency and marketplace development. The Gamestop NFT marketplace intends to return power to the creators, players, and collectors, allowing them to take charge and oversee the marketplace functionalities.
The Marketplace is built atop Loopring L2, which ensures that users receive the strongest digital property rights anchored by a secure, decentralized, and credibly neutral environment like Ethereum. Loopring zkRollup inherits Ethereum’s self-custodial security while abstracting away costly gas-fees, leaving no one priced out.
Users can get early access to beta.nft.gamestop.com, to set up their username and profile, make deposits, and be prepared for the full launch of the official marketplace coming soon.
Player Reactions To In-Game Gamestop NFTs
It may be one thing to join an NFT project and use NFTs as avatars to navigate virtual worlds. It’s quite another to take NFTs and insert them into a console game or online multi-user domain that wasn’t created to include NFTs.
There are reports of strong negative reactions from the gaming community on this front. Some of those reactions had game designers rethink their ideas to include NFT art drops or other extras into titles such as S.T.A.L.K.E.R. 2. Heart of Chernobyl.
GSC Game World announced the cancellation of NFTs in that title, though at least one source reported that the cancellation wasn’t originally done with much fearlessness; one post (that was taken down soon after it went live) seems to have mentioned that NFTs would be in the game after all, but that was fairly short-lived.
The current policy for GSC Game World is more decisive. No in-game NFTs. The reason? A “We care a lot” sentiment about the gaming community and the reaction to the earlier news.
Ubisoft announced limited edition NFTs would be used in a Ghost Recon title, claiming that the lower proof-of-stake operation using Tezos which is said to have a lower environmental impact. That doesn’t seem to have stopped the criticism for trying to force NFTs into that gaming environment.
How The GameStop Wallet Works
It’s clear that some game development will, going forward, include more NFTs. At least for some companies. GameStop may be, in the words of other industry writers, an in-real-life chain being squeezed hard by online competition, but its virtual wallet offering takes the company, at least potentially, to a new level.
If you are familiar with crypto wallets, none of what follows will seem new. But for many GameStop customers the entire process is quite new and likely a bit mysterious in some ways. As mentioned at the start of this article, the GameStop crypto wallet is non-custodial and requires a private key to use. Lose your key and you lose your crypto.
GameStop’s wallet executes transactions using an open-source Layer 2 solution called Loopring, which is meant to lower gas costs and keep transactions more affordable. The wallet, which operates as a Chrome extension, is intended to be fully compatible with the GameStop NFT marketplace the company hinted at in the press release.
How will this market be used? GameStop has set aside $100 million to incentivize game development companies to use the resource. Then there is a GameStop / Immutable X partnership which is meant to further cut gas fees for ETH transactions in the marketplace.
Is It Safe to Use The GameStop Wallet?
Like many other online experiences, caution is needed when you buy, sell, and trade NFTs or cryptocurrency. GameStop has created a series of protocols that govern security practices associated with its wallet. Essentially the company promises that, in the pursuit of better security it will NOT:
- Ask you for your “Secret Recovery Phrase”
- Ask for your private key
- Reach out to you directly for support outside the help center
- Ask you to send the company digital assets like NFTs or tokens
- Ask you to circumvent the official help center
- Ask you to Direct Message personal information
With a GameStop wallet, none of the items in the list above should happen in connection with the wallet or your account.
The company advises newcomers to crypto to always use a hardware wallet, and to always diversify your assets across multiple hardware wallets to avoid losing access to ALL your crypto and NFTs. It is also strongly advised not to use shared hardware or hardware that has not been screened for malware.
One scam to watch out for in association with hardware wallets; hackers and scammers selling used or compromised wallets as if they were brand new and never used. This typically involves a seller who has extracted the secret phrase from the device. Anyone with that phrase has access to your crypto and NFTs.
Another warning–this one directly from GameStop–involves counterfeit wallets created to look like established, trusted brands. These wallets may contain back doors and other ways to access your private information. These potentially compromised wallets may be more plentiful as software wallets, but the bottom line is buyer beware!
GameStop Wallet for Your Browser & iPhone
- Store crypto & NFTs securely
- Utilize decentralized apps on Ethereum
- Fast & fairly priced transactions on Loopring Layer 2
- Self-custodial for full control of your assets
Download the Gamestop Wallet and try it out!
Visit the GameStop Blockchain support for assistance with setting up and creating a wallet.
Joe Wallace has covered real estate and financial topics, including crypto and NFTs since 1995. His work has appeared on Veteran.com, The Pentagon Channel, ABC and many print and online publications. Joe is a 13-year veteran of the United States Air Force and a former reporter for Air Force Television News.