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GameStop Launches Crypto and NFT Wallet

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HIGHLIGHTS :

  • Loopring’s ZK technology has been used in this wallet
  • This wallet does not track information such as IP addresses and GPS of users.
  • The firm says this is a beta launch

Its privacy policy states that it monitors users’ network, clicks, mouse position and keystroke logging. Users can access the wallet with a 12-word secret recovery phrase

An NFT wallet is a cryptocurrency wallet that supports the blockchain protocol NFTs are built. It also needs to support the currency you’ll buy NFTs with, such as Ether (CRYPTO: ETH). Since the vast majority of NFTs use the Ethereum blockchain, most Ethereum wallets will work.

Loopring’s ZK technology has been used in this wallet

Video game retailer GameStop has launched a crypto and non-fungible token (NFT) wallet. Simultaneously, GameStop is preparing to foray into digital assets. This self-custodial Ethereum wallet will allow gamers and other users to send and receive cryptocurrencies and NFTs on decentralized apps (dApps), as well as store and use them. For this, they will not need to exit their web browser.

This wallet uses Loopring’s ZK technology, an Ethereum layer-2 scaling protocol for low-cost and fast transactions. This wallet does not track information such as IP addresses and GPS of users. Its privacy policy states that it monitors users’ network, clicks, mouse position, and keystroke logging. Users can access the wallet through a secret recovery phrase of 12 words. GameStop has advised users to write down this phrase as without it the wallet cannot be accessed. The firm says that this is a beta launch and users should not keep more funds in their wallets.

This wallet does not track information such as IP addresses and GPS of users.

GameStop’s wallet is similar to Metamask’s wallet and provides users with a desktop version of the software. The firm’s NFT marketplace will use Immutable X technology. For this, a partnership with Immutable X was done in February. Simultaneously, an NFT grant of approximately $100 million was launched to attract NFT content creators and developers, which will be paid in IMX tokens. There is no gas fee to be paid for this marketplace. This marketplace can be launched in the second quarter of the company’s financial year starting in July.

The firm says this is a beta launch

To consolidate their position in Web 3, many firms are pushing for non-custodial, multichain cryptocurrency wallets. US-based crypto exchange Coinbase earlier this month integrated a Web 3 application with a wallet and browser for some of its mobile app clients. Trading app Robinhood also plans to promote non-custodial wallets with interoperability with multiple chains.

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