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Gamestop ventures fully into the Crypto Kiddie Pool

It was recently announced that GameStop has officially delved into the web3 vipers, as it launched a new app. However, it is difficult to predict whether the firm’s prospective population of game developers and gamers will propel it on its belated, headlong foray into the Crypto scene.

The company made this announcement via a press release that its new app wallets will allow gamers and game developers to save, receive, and send cryptocurrencies and non-fungible tokens across diverse apps. This will be allowed to take place through their web browsers. The firm noted that this wallet, otherwise known as the “beta” wallet, uses a “self-custodial” Ethereum wallet. This will enable users to gain access to their assets via a 12-word key across their different accounts.

Another important feature of the new wallet is that it permits ETH, ERC720, and NFTs. This app will enable users to make trades on GameStop’s planned NFT marketplace that is coming up in July.

GameStop confirmed this in a tweet that “an iOS version of the app would be available soon.” GameStop also noted that this app intends to bring value to users; the tweet reads, “What the internet did for communication, blockchains do for value.”

Wrong timing for Gamestop

The truth is that GameStop has moved very hard on the crypto journey, yet this new app appears more like a “hedged bet” than an “all-in on crypto.” It appears that GameStop may be late to the party as other crypto trading platforms like FTX have expanded their scope to accommodate stock trading.

In response to this announcement, there are fears in different quarters that GameStop’s entrance into the crypto sphere may just be the wrong time. For instance, in the last week, the cryptocurrency crashed to its lowest point since July 2021. There are also fears that the NFT-related games have also been hit. The plummeting prices on NFT-based platforms like Axie Infinity and Pay-to-Play also raise a lot of concerns among many developers.

But this is not to say that GameStop does not have a chance to become big in the market. Though the projections for such a venture are not favourable, it is still expected that GameStop should thrive in the market. The confidence of the firm is worthy of note, and the world is waiting to see what happens.