As the American company looks to transform its core video game business, GameStop is entering a booming field.
Specializing in the distribution of video games and electronic equipment, GameStop now allows gamers to store, send, receive and use cryptocurrencies and non-fungible tokens through decentralized applications without leaving their browser with a GameStop wallet. The self-storage Ethereum wallet extension, which can be downloaded from the Chrome Web Store, will also offer the ability to transact on GameStop’s NFT Marketplace, scheduled to launch in the second quarter of the society’s fiscal year.
It’s official! The GameStop Wallet is here.
— GameStopNFT (@GameStopNFT) May 23, 2022
Last February, GameStop announced that it had signed a partnership with Immutable, the makers of the Immutable X layer 2 solution, hosted on the ETH blockchain. The partnership provides for the creation of a fund of up to $100 million in IMX tokens, which the parties intend to use to provide grants to creators of non-fungible content and token technology. Immutable X will also become a Tier 2 partner and platform for GameStop and the company’s future NFT market. In addition, the terms require Immutable X to provide up to $150 million worth of IMX tokens to GameStop upon reaching certain milestones.
What is the future of GameStop?
GameStop made headlines last year when young hyper-capitalist stockbrokers began to play with the stock price, named a “Reddit hero and former pet food mogul” as chairman, and attempted to turn the company into a copycat of e-commerce giant Amazon. . It worked for a while, but as other “meme stocks” drop, GameStop, whose share price has fallen 40% in a year, is still not in the best shape to satisfy its shareholders. While things briefly improved in April, from $78 a share last month to over $185 in a single day, it wasn’t enough to stem the company’s slow decline from highs. It is difficult to predict any success in the next few months with the new NFT and crypto-focused business.