American electronics retail firm GameStop continues to expand its operations. The company unveiled a proprietary blockchain wallet that will feature non-fungible token (NFT) functionality.
Thanks to GameStop Wallet, gamers will be able to buy, send, and store Ether, ERC-20 tokens, as well as NFTs through a self-custodial browser extension running on the Ethereum blockchain. GameStop is also working on a mobile application.
GameStop Wallet will run on Ethereum’s Loopring layer-2 scaling protocol. It is designed for decentralized exchanges and offers high throughput, low-cost trading, and payment capability.
Customers will be able to download and install the wallet extension through the Chrome Web Store. Much like MetaMask’s Chrome extension, Gamestop’s blockchain wallet will integrate with its upcoming NFT marketplace. GameStop plans to launch its NFT marketplace in the second quarter of its financial year.
The company announced a partnership with ImmutableX in February 2022, with the NFT scaling platform tapped to develop the electronics retail firm’s NFT marketplace.
GameStop and its plans
Besides, the announcement earlier this year claimed that the NFT marketplace would be 100% carbon-neutral, with no gas fees. GameStop and ImmutableX also committed to a $100 million grant program to be paid in IMX tokens. That way, companies want to attract prospective NFT content creators and developers.
The video game retailer’s NFT move has been a work in progress since May 2020, when GameStop made initial calls for software engineers specializing in Solidity, React, and Python to apply to join its team.
A beta-version of the Loopring-powered GameStop NFT marketplace was announced by the layer-2 scaling protocol in the first month of spring.
Noncustodial, multichain cryptocurrency wallets are proving to be a major focal point for companies looking to establish firm roots as Web3 continues to grow.
Coinbase integrated Web3 application functionality with a wallet as well as a browser for a select group of its mobile app clients in May 2022. This will incorporate trading on NFT marketplaces, token swaps on popular Ethereum-based decentralized exchanges like OpenSea, as well as Uniswap, and access to decentralized finance lending protocols.
Robinhood is creating a noncustodial crypto wallet
Robinhood is also working hard to expand its operations. It is creating a noncustodial crypto wallet that will be compatible with multiple blockchains.
Its wallet will be a standalone application with the ability to store NFTs and connect to NFT marketplaces.
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The app is an important step for Robinhood in providing crypto services. Prior to January 2022, trading crypto on its platform was a closed system with users unable to withdraw cryptocurrency.
In the first month of 2022, Robinhood opened up crypto withdrawals to 1,000 users, allowing them to send crypto off the platform. Moreover, that number was later expanded in April to the more than 2 million users on a waitlist.