GameStop has announced the launch of its new self-custodial Ethereum wallet that leverages Loopring Layer 2 technology for dApps as well as storing crypto and NFTs.
In its beta version, the wallet from the games retailer is available as an extension for browsers and iPhones.
GameStop and the launch of its new Ethereum Layer 2 wallet
Yesterday, in a series of tweets, GameStop announced the launch of its new self-custodial Ethereum Layer 2 wallet.
Securely store, send & use ETH, NFTs & ERC20 tokens with GameStop’s self custodial Ethereum Wallet.
— GameStop (@GameStop) May 23, 2022
“It’s official! The GameStop Wallet is here. Download: https://wallet.gamestop.com Follow: @GameStopNFT.
Securely store, send & use ETH, NFTs & ERC20 tokens with GameStop’s self custodial Ethereum Wallet”.
The main focus of the new Ethereum-based wallet is to store, send and receive ETH, NFTs and ERC20 tokens as well as interacting with dApps, using Loopring’s Layer 2 ZK-rollup technology.
In this way, it will be possible to transact on Ethereum Layer 2 and achieve cheaper and faster transactions than on Ethereum Layer 1 Mainnet. Indeed, the website shows that the average fee for transactions on Loopring is $0.75, while on Ethereum L1 it is $65.
GameStop Wallet on Ethereum, similar to MetaMask
As with all decentralized, self-custodial wallets, GameStop explains in its tweets that no one can know the secret 12-word recovery phrase entered by the user when creating the wallet, and that if it is lost, there is no way to access the wallet.
Not only that, GameStop’s new wallet on Ethereum is available in its beta version as a browser extension, just like MetaMask.
This means that it is a web browser add-on that adds a cryptocurrency wallet to the menu bar.
In this way, one can store and exchange cryptocurrencies and NFTs directly in decentralized applications such as GameStop’s upcoming NFT Marketplace, without ever having to leave the web browser window.
The NFT Marketplace with Immutable X
It was in February 2022 that GameStop revealed that it had signed a partnership with Immutable X, with the aim of creating a new NFT marketplace. To realize this goal, the two companies would create a $100 million fund.
The large American video game chain had already unveiled its use of the Ethereum blockchain, while Immutable X had stated that it would be able to reduce the consumption of fees by bundling many NFT sales into a single Ethereum transaction and also purchase carbon offsets.
The launch of GameStop’s NFT marketplace is expected to be ready by the end of 2022.