GameStop, an American video game, electronic consumer, and gaming merchandise retailer, has successfully launched a new self-custodial wallet for crypto and non-fungible token gamers and others.
In a May 23 press release, the electronic retail company confirmed the successful launching of the new self-custodial crypto wallet for a non-fungible token on Ethereum mainnet. According to GameStop, the new wallet will be used for storing, sending, and receiving crypto and nonfungible token assets.
In a related development, GameStop has confirmed ready plans to launch a new NFT marketplace in Q2 2022. The electronic retail company hinted at its plan to roll out an NFT platform during its Q4 2021 earning call in March 2022. At the time, the company referred to its plan as its “new growth opportunity.”GameStop noted in its 10-K disclosure filling: Bottom of Form
“As we scale and expand our core offerings, we will simultaneously invest in additional growth, including blockchain, digital assets (including non-fungible tokens (“NFTs”)), web 3.0 technology and new destination formats for our stores.”
GameStop Taps Immutable X To Launch New Asset Wallet
The gaming merchandise retailer “GameStop” started gaining massive traction in 2021 as notable meme stock. At the time, the company gained mainstream adoption, amassing profits before focusing its efforts on the NFT world.
Earlier this year, the retail company integrated Immutable X to develop a new self- custodial wallet for crypto and non-fungible token (NFT) gamers. The joint venture allocated a $100 million fund in IMX tokens to support creators.
Under the new deal, Immutable X agreed to offer GameStop nearly $150 million in IMX tokens when the NFT project reaches certain stages. These phases include the marketplace launch and the sale volume limit.
The two firms agreed that Immutable X must reach $3 billion in sales volume within a certain period. While commenting about the partnership at the time, Stephanie Wissink, a renowned analyst at Jefferies, noted:
“The combination of skilled hires plus a partnership with a layer-2 scaling solution, designed specifically for token-driven video games, is a start to giving the investment community more clarity into what GameStop hopes to become.”
According to GameStop, the highly anticipated NFT marketplace will be accessible to creators across gaming studios, Metaverse gaming developers, and Web 3. Earlier this year, rumors circulated that GameStop may integrate Microsoft to create an NFT platform.
Since last year, the electronic retail company stock (GME) has recorded poor performance, shedding over 54% in the past twelve months and 35.22% in its year-to-date. GME has also plunged 18.58% in the past three months and nearly 25% over the past month.
Moreover, GME has declined 4.23% in the last five days. At the time of publishing, GME shares are trading at $95.50, representing a 0.66% loss from its previous close of $96.13.
Nonetheless, GameStop hopes that the highly anticipated non-fungible token marketplace and the new self-custodial wallet will trigger some profit for the company.
