GameStop Reveals Crypto and NFT Wallet

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KEY POINTS

  • GameStop's new digital wallet has the potential to cause the company's stock to rise, but it could draw the ire of gamers.
  • Gaming fans have been notoriously stacked against non-fungible tokens for fear it will make their hobby more expensive.


Will GameStop's new digital wallet draw hate from gamers, interest from investors, or both? 

GameStop, one of the world's largest video game retailers, has launched the beta for its new cryptocurrency and non-fungible token wallet. This new move by the company has the potential to cause a surge for the price of Gamestop shares, drawing investors with a whole new reason to give GameStop a chance. With fans of gaming, GameStop's primary audience, this change could bring some backlash for the company.

GameStop's biggest customers

In the past, gaming fans have stood opposed to initiatives by their favorite games to incorporate NFTs and similar concepts into their ecosystems, most likely for fear of this integration adding another price tag they must pay their way through to enjoy their favorite pastime. Gamers have been burned in the past by many large game companies locking important content behind paywalls, forcing them to shell out more cash or forfeit their enjoyment. With the concept of NFTs fast approaching the gaming space, fans of this hobby are growing concerned that more and more content will be locked behind increasingly pricey barriers that can only be passed with possession of certain tokens. 

GameStop's new wallet

The new Ethereum wallet that GameStop has produced has been released as an extension for the Google Chrome and Brave web browsers, and allows users to store, send, and receive ETH, NFTs, and ERC-20 tokens. The wallet is non-custodial, and is compatible with hardware wallets, giving users the opportunity to gain the benefits of cold storage for their coins and NFTs. The release of this new wallet is in preparation for the subsequent launch of GameStop's upcoming NFT marketplace during the second quarter of the year. The success of this endeavor could serve to push GameStop's stock to new heights. If GameStop is able to prove to gaming fans that NFTs could be a meaningful addition to their hobbies without simply being another price tag to deal with, NFTs could also see more widespread adoption in spaces such as gaming. If fans remain unconvinced, however, there may be no convincing this fandom to change their opinions on blockchain adoption within the mainstream video game industry, giving customers yet another major complaint to levy against GameStop.

The bottom line

GameStop's new crypto and NFT wallet is an interesting investment for the video game retailer, potentially increasing the value of GameStop's stock should it succeed. With many gamers expressing resistance to the idea of NFT integration in gaming, the main audience for GameStop's business are likely to show the same kind of hesitance in adopting this new wallet into their lives. If GameStop's plans to connect this wallet to a new, successful NFT marketplace come to fruition, however, GameStop's value could rise, while the gaming industry could see the beginning of widespread NFT integration.

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