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GameStop Pushes Start On New Ethereum NFT Wallet

Keshav Verma
by Keshav Verma
3 years ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Gaming retailer GameStop has revealed a new Ethereum crypto and NFT wallet that users can download a beta of starting today.

GameStop Launches Beta Version Of A New Wallet For Storing Ethereum Tokens And NFTs

As announced by the company in a tweet, the retailer’s wallet is now online and users can download it from their website.

With the Gamestop wallet, users will be able to store, send, and use ETH, ERC20 tokens, and non-fungible tokens (NFTs).

The wallet comes with direct ETH layer 2 integration, “which means you can transact on Ethereum Layer 2 and get cheaper and faster transactions than with Ethereum Layer 1 Mainnet.”

The wallet is self custodial, meaning the firm will not have access to the users’ private keys, and it is on the users to keep their recovery phase safe with them.

“Your 12-word Secret Recovery Phrase is the keychain to all accounts within your wallet,” explains the video game retailer. “It’s generated automatically when you create a new wallet, but it’s YOUR responsibility to WRITE IT DOWN, and keep it safe – that means not entering it on websites or sending it to ANYONE.”

Related Reading | It Was Not A Bitcoin Event. Then, Why Were The Central Bankers In El Salvador?

GameStop has noted that the app is still in beta, and so advises its users to use it responsibly and not to add more funds than they are comfortable with.

Earlier in the year, the organization also revealed a new NFT marketplace. This wallet release comes ahead of the company’s plan to launch the marketplace by the end of this July.

NFT Trading Volume And ETH Price

The weekly non-fungible token trading volume observed a sharp rise earlier in the month, reaching as high as almost $1.5 billion.

Related Reading | MicroStrategy Stock Rallies 10% As CEO Saylor Predicts Bitcoin Will “Go Into The Millions”

However, since then the metric’s value has plunged down, and is now sitting at just about $176 million. Here is a chart that shows this trend:

NFT Trading Volume

Looks like the seven-day average NFT market volume has plummeted recently | Source: NonFungible

At the time of writing, Ethereum’s price floats around $2k, up 2% in the last seven days. Over the past month, the crypto has lost 30% in value.

The below chart shows the trend in the price of the coin over the last five days.

Ethereum Price Chart

It seems like the price of the crypto has shot up over the past couple of days | Source: ETHUSD on TradingView

Ethereum has been consolidating sideways in the last two weeks, as has been the rest of the crypto market. Nonetheless, the crypto has shown some rise over the past two days, settling above the $2k mark.

Featured image from Unsplash.com, charts from TradingView.com, NonFungible.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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