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Gamestop Introduces Web3 Wallet Based on ZK-Rollup Technology

This week, the Texas-based gaming software and retail chain for consumer goods, Gamestop, made the official announcement that the firm is integrating a self-custodial Web3 Ethereum wallet. 

A beta version of the wallet, which stores crypto assets and non-fungible tokens, is now available via Gamestop’s website. It allows users save crypto assets and non-fungible tokens in their wallets. 

The wallet also incorporates the layer two (L2) ZK-rollup technology developed by Loopring. This technology enables “fast transactions” that are also priced fairly.

Why Gamestop, why?

By using Gamestop’s own Ethereum wallet, the firm has high aspirations of providing players with more power over the gaming experience they currently have.

A great number of individuals were previously aware that Gamestop intended to join the NFT sector and develop an online marketplace for NFT games before the announcement was made. In March 2022, the Ethereum L2 scaling project, Loopring, formed a partnership with Gamestop, and the retailer announced that it intends to deploy Loopring’s ZK-rollups.

Since then, Gamestop has announced the release of its Web3 Ethereum Wallet, which utilizes ZK-rollups to reduce the cost of transactions. In-game non-fungible tokens (NFTs) can now be stored in the wallet, in addition to Ethereum-based cryptocurrencies and other digital assets. Gamestop’s NFT marketplace, which the retailer believes will provide power to the players, is planned for release on the 1st of July.

Gamestop and Web3

Gamestop’s wallet, which is similar to Metamask, has a desktop version for the convenience of its customers. Instead of the Loopring technology, which was used for the organization’s wallet, the Immutable X technology will be used for the NFT market.

The market will be carbon-neutral, as was announced earlier this year, which means that no gasoline taxes will be collected from customers. On February 3, Gamestop and Immutable X came up with a plan to create a $100 million NFT fund as a joint venture.

The data of the user is tracked by the software, as stated in the privacy policy associated with the wallet. The data collected includes usernames on Twitter and Reddit, as well as display names, email addresses, contact profile information, and profile biographies. Additionally, public address data for Ethereum was retrieved. 

According to the website, the wallet app is available on Playstore while soon it will launch for iOS devices. 

The industry

It is becoming more vital for businesses who are attempting to establish themselves in the Web 3 ecosystem to use non-custodial crypto wallets that support multiple chains. 

Earlier this month, Coinbase offered Web 3 application capabilities to a select group of users of its mobile app. Robinhood has also been pushing a new non-custodial wallet that will support interoperability across several chains. At the same time, SKALE and Marc Cuban are about to launch the Web3 Netflix.

GameStop Corp. is focused on selling games, entertainment items, and technology via its e-commerce platforms and storefronts. The United States, Australia, Europe, and Canada are the four main regions of operation for the company. It has a wide selection of hardware and accessories, software, and collectibles to choose from. Sony PlayStation 5, Xbox One X, and Nintendo Switch are among the consoles and PCs available for purchase, both brand new and previously used, on this site. 

In February, GameStop announced a relationship with Immutable X to leverage their technology for their planned NFT marketplace. The agreement includes a set up of a $100 million fund to provide awards to innovators of NFT content and technology. The funds will be distributed using Immutable X’s IMX token, a cryptocurrency worth $1.02 at the time of writing.

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