Why is it important: GameStop was the latest to fully embrace cryptocurrencies and non-fungible tokens (NFTs). On Monday, the video game retailer announced a digital wallet that allows gamers to send, receive, store and use virtual currencies and NFTs in decentralized applications – all within their web browser. The wallet will also allow users to buy and sell NFTs on the new GameStop NFT marketplace, which is expected to launch in the second quarter of the company’s fiscal year or by the end of July.
Self-custody wallets differ from what you’ll find with services like PayPal or Robinhood in that you are the sole owner of the private digital key needed to access the wallet. That’s good for security, but it also means you’re responsible for keeping up with it. If you lose your key, there is no middleman to help you recover it.
In February, GameStop announced partnership with Immutable X to use its platform for its future NFT market. The agreement also established a $100 million fund that will provide grants to NFT content and technology creators. Funds will be issued through the Immutable X IMX token, a cryptocurrency that is valued at $1.02 apiece at the time of this writing.
Image credit: Jonathan Weiss
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