GameStop Jumps Into Crypto, NFTs With Digital Asset Wallet Launch


GameStop Corp. on Monday (May 23) unveiled a digital asset wallet that will let gamers and other store, send, receive and use cryptocurrencies and non-fungible tokens (NFTs) on several decentralized apps without leaving their web browsers, according to a company press release.

The GameStop Wallet is a self-custodial ethereum wallet. The wallet extension, which can be downloaded from the Chrome Web Store, will also allow users to make transactions on GameStop’s NFT marketplace, which is expected to launch in the second quarter of the company’s fiscal year.

Related: GameStop Names Former Belk Stores CEO Nir Patel As COO

Last week, GameStop named former Belk CEO Nir Patel as its new chief operating officer, effective May 31. Patel oversaw the growth of Belk’s retail department store chain to more than 300 stores in 16 states. Patel will replace Jenna Owens, former chief operating officer, who left the company in October, seven months after her appointment.

Also read: Boston Consulting Group Sues GameStop Alleging $30M in Unpaid Bills

In March, Boston Consulting Group sued in U.S. District Court in Delaware that GameStop Corp. to recover $30 million in unpaid debt related to its efforts to bring the video game retailer out of a 2019 sales slump. BCG alleged it spent tens of thousands of hours on the project and “overachieved” by creating more profit opportunities than were initially estimated.

Read next: GameStop Chairman Ryan Cohen’s Tweet Sends Stock Surging

Earlier in March, Chairman Ryan Cohen said he had purchased 100,000 shares of the company’s stock, paying between $96.81 and $108.82 for its shares. Cohen now owns 9.1 million GameStop shares or 11.9% of the company.

Cohen, who co-founded, joined GameStop’s board in January 2021 and became chairman in June.

See also: NFT Weekly: After Stablecoin Collapse, Morgan Stanley Warns NFTs Could Be Next

Morgan Stanley warned investors last week that NFTs could soon follow the collapse that saw so-called stablecoin TerraUSD lose $45 billion in value in the blink of an eye.

The bank found that the high prices of NFTs was attributable mainly to “speculation, with limited real user demand,” that has caused prices on top-selling collectibles including CryptoPunks and Bored Ape Yacht Club to fall. The same thing has been seen in the prices of NFTs providing ownership of virtual plots of land in metaverse projects, the report said.