Source: GameStop
GameStop announced Monday that its browser-based, unattended crypto wallet is now available. The GameStop Wallet is currently in Beta and works with the Ethereum (ETH) network and uses Loopring Layer 2 technology to facilitate transactions.
The company has also announced that their NFT marketplace will launch sometime in Q2 of this year. GameStop’s Q2 will end on June 31, 2022.
With GameStop Wallet, users will be able to have full control over their digital assets. Using the wallet, they can store, send, swap and receive NFTs and cryptocurrencies. The GameStop Wallet will also work seamlessly with GameStop’s upcoming NFT marketplace when it goes live.
An unattended wallet means that users are given their own unique 64-digit key to access the wallet. A custodial wallet is a wallet in which a third party holds the key for the owner of the wallet.
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The GameStop Wallet can be downloaded as an extension with Google Chrome or the Brave browser. Based on wallet website, the wallet will also be available for use with iPhones. The wallet will function similarly to MetaMask and users will be able to migrate their MetaMask wallet to their GameStop wallet.
And despite being a hot wallet – a product that is only available digitally through a browser or on a mobile device – it is compatible with a cold wallet or physical hardware that must be plugged into a computer and accessed with a code. THE BATTERY. Cold wallets are more secure than hot wallets.
The transactions used by the GameStop Wallet are powered by Loopring, a Layer 2 exchange protocol for the Ethereum network. Layer 2 technology tries to solve some of the problems that are causing the Ethereum Mainnet, or Layer 1. Layer 1 is often congested with high transaction volumes resulting in very high transaction or gas fees on the ETH network.
However, users will need to activate Layer 2 before they can use it. When a user sets up an initial wallet, their wallet will run on the Ethereum Mainnet, or Layer 1.
Based on GameStop Wallet FAQ page, to activate Layer 2, users will need to deposit ETH into their Layer 2 balance, click “activate” and pay a small fee. By using Layer 2 exchange protocol, wallet users will get faster transaction times with lower gas fees.
It is worth noting that in the wallet privacy agreement, the company says it can use user data as well as track their location. Anonymity is a big draw for many investors in the Web3 space, so it can be a point of contention with potential clients.
Privacy Policy says it will automatically collect data including the user’s IP address and geolocation. The policy also says the wallet will track “how you interact with others using our Services, the pages or screens you view, the amount of time you spend on a page or screen, your browsing history, etc. web page, navigation links between pages or screens, information about your activity on a page or screen, visit time, online status, last viewed status and length of visit, and whether have you opened our marketing emails or clicked on links within them.”
However, by using a virtual private network (VPN), users can regain some anonymity by masking their IP address. However, using incognito mode with Chrome – which doesn’t save your browser history, website data or cookies – cuts down on the amount of your data shared. Brave Browser will do all that automatically and even block annoying pop-ups.
Integrating NFTs and cryptocurrencies into video games has been a polarizing topic among gamers, with many seeing it as an unnecessary and intrusive way of making money by game publishers. play game.
That said, some see it as a way to have a more meaningful experience by providing real ownership of digital assets through blockchain technology. This technology can provide real-world value to assets that many gamers spend countless hours acquiring.
Game developers, including Ubisoft and Square Enix, have faced significant backlash for supporting NFT, with forced to shut down its planned NFT integration in Ghost Recon Break Point due to player backlash. But many GME holders hope the company’s move into the crypto space will spur the stock’s trip to the moon.
GME rose 3% Monday in pre-market trading to $96.58, but just hours later, fell slightly to $95.33 per share.
