GameStop, a company that came into fame as one of the meme stocks, has announced the launch of a non-custodial wallet. According to the announcement, the GameStop wallet is in Beta and supports the Ethereum network. This wallet relies on Looping Layer 2 technology to facilitate transactions. GameStop also plans to launch an NFT marketplace, which will become available to the public in Q2 2022. Its Q2 is set to end on June 31, 2022.
Details of the GameStop Wallet
With this wallet, users will retain full custody over their crypto assets. The wallet will let users store, send, swap, and receive crypto and NFTs. This wallet will also work seamlessly with the company’s upcoming NFT marketplace when it launches. A non-custodial wallet will give users a unique 64-digit key that they can use to access their wallets. With a custodial wallet, a third party holds assets, since they hold the keys on behalf of the users.
How the Wallet Works
According to the wallet’s webpage, it can be downloaded as a Google Chrome extension or an extension on Brave Browser. This wallet will also be available to iPhone users. It works similarly to the MetaMask wallet, and users can move their MetaMask wallet into the GameStop wallet. While it is a hot wallet, which is only offered as a digital wallet via browser and mobile, it is compatible with cold wallets.
Transactions via the wallet are facilitated by Looping, which is a Layer 2 exchange protocol designed for the Ethereum protocol. Layer 2 technology is designed to solve several issues facing the Ethereum mainnet. One of the main issues is congestion with high volumes of transactions, which leads to high transaction fees. However, users need to activate the Layer2 protocol before they can use it. When they set up their wallet, it will run on the Layer 1 networks.
To activate the Layer 2 protocol, users need to deposit ETH into the Layer 2 balance, and click ‘activate.’ They will have a small fee deducted, after which they can use the Layer 2 protocol. Using the Later2 protocol will help users experience faster speeds and lower gas fees.
Noteworthy Details
In the wallet’s privacy agreement, GameStop states that it could use the data generated by users, as well as track their location. Anonymity is a major reason why people are going into Web3, so it could be off-putting for some users. According to GameStop’s privacypolicy, the company will automatically gather data such as the IP Address, and geolocation.
One way to get around some of the issues is to use a VPN, which can provide better anonymity to users by masking their IP addresses. Users can also use the incognito mode on Chrome, which will reduce how much data they are sharing. When using the Brave browser, all the user tracking data is removed.
NFTs are coming up in a big way, and they are finding their way into the gaming world. By incorporating them onto the GameStop platform, it could be a useful long-term strategy for the company, whose main business is gaming.
