GameStop debuts crypto and NFT wallet

GameStop (GME) is releasing a “beta version” of its crypto and NFT wallet to transition from a brick-and-mortar retailer to an e-commerce and crypto corporation.

The video game retailer’s digital wallet, now available for download through Google Chrome’s app store, is non-custodial; similar to the crypto wallet unveiled last week by trading software Robinhood.

The company’s first crypto product debuted on Monday, as investor interest in the crypto, meme, and tech stocks have plummeted in the last six months.

Non-fungible tokens (NFTs) and other crypto-assets can be purchased, sold, and held using the GameStop wallet. They will also be solely responsible for safeguarding their crypto assets using a password and recovery phrase.

Unlike custodial crypto wallets typically kept by cryptocurrency exchanges, non-custodial wallets do not allow investors to recover their password or recovery phrase from the organization that provides the wallet. Investors lose their crypto assets if they forget both passwords, but they are less exposed to exchange-related breaches. GameStop’s digital wallet arrives ahead of its previously announced NFT marketplace, which will launch by the end of July. The stock’s apparent upward trajectory about the company’s dismal earnings puzzled Wall Street analysts; however, its first surge reflected a so-called short squeeze.

Based on various assumptions, including that GameStop had a recovery plan, swarms of retail traders bought GME shares; they called options in a concerted effort that drove short sellers to buy back their positions at a more significant cost stock’s price to rise even further.

Since then, the stock has fluctuated between more than $200 per share but has slowly declined in value since November.

GameStop (GME) shares have lost more than 37% year to date, from $152.8 to $95. On Monday, the stock closed 0.49 per cent higher at $96.13.

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