Gamestop Digital Wallet Setup and Review!
Gamestop recently released their own self custodial Ethereum digital wallet! Best of all it's a digital asset wallet, so you don't have to worry about centralization issues!
What Gamestop Digital Wallet offers?
- NFT's - Non Fungible Tokens and NFT marketplace.
- Tokens - Digital Assets and Speculative assets.
- Self Custodial - Full control of your Crypto assets.
- Wallet Extension - Connects to browser for transactions.
- Layer 2 Support - Provides users with low cost and fast transactions.
Where to start?
Go on the Chrome web store and download Gamestop's new wallet here.
Accept the prompts for terms and conditions.
Next, carefully copy your secret recovery phrase on paper and keep it in a safe place.
DO NOT STORE YOUR SECRET PHRASE ON YOUR COMPUTER
Finally, pick a password and you're ready to use your Gamestop wallet!
How to fund your wallet?
⬇️ Sign up on any the top Cryptocurrency exchanges below ⬇️
My favorite Crypto Exchanges:
- FTX - Get a 5% discount on purchases!
- Voyager - Get $25 for free in Bitcoin!
- Coinbase - Get $10 in Bitcoin!
Next, connect your Bank account with your Cryptocurrency Exchange and purchase Ethereum to start using decentralized apps!
How to receive Cryptocurrencies and NFTs?
When you open your self custodial Ethereum wallet, copy your address at the top of the wallet extension.
By clicking the address you will automatically copy it to your clipboard, so you can paste it easily.
Next, go to your Crypto exchange and withdraw your Ethereum to the address linked to your wallet and wait for the transaction to complete.
Please note: Due to network congestion on the Ethereum layer, you may have wait longer periods of time for your transaction to confirm.
What is a Layer 2?
Layer 2's are a type of protocol built on the main layer of the blockchain, for example, Ethereum. These Layer 2's provide users with the ability to reduce gas fees, Ethereum security, trade Ethereum based assets, and fairly priced transactions across decentralized apps.
Some examples of Layer 2's are:
These are just a few options for Layer 2's. Although, it's worth mentioning their hasn't been a clear winner. However, currently Arbitrum has seen the most amount of users bridge to their blockchain and use applications. Gamestop will eventually add support for these Layer 2's due to their fantastic transaction speeds and cost savings.
Gamestop changing its business model?
When Gamestop Corp today announced their release of a self custodial Ethereum wallet they changed their focus to become a company with global reach. Not only are they able to build a revenue stream for this fiscal year, but also in the long-term.
Gone are the days of its core business as a brick and mortar game store, but now building a future in the metaverse. By creating a wallet that enable transactions for nonfungible tokens in a simple and secure way, they are directly helping onboard users into the cryptocurrencies and NFTs.
It's exciting to see old companies revolutionize the way of conducting business and pivoting into more exciting opportunities. The question is which company will follow in Gamestop's foot next?
What about the Gamers?
Don't worry, the metaverse is coming and it will be amazing. Currently, it seems that some gaming communities dislike NFT's, but everyone benefits. Think how amazing it would be to sell some digital armor in a game on an NFT marketplace and use the funds to buy another game or NFT. You as the player are rewarded for your time playing and possibly earn a real income!
As Gamestop launches a wallet they may end up launching their own NFT marketplace and earn fees off each NFT sale, similar to OpenSea. This will then allow the company to hire more people and improve its fiscal year results. However, we need gamers to become more open to the idea, otherwise the developers won't build NFT's into their games.
Final Thoughts
Gamestop is creating a dynamic for its business and allowing users to never leave their web browsers. By being able to complete all transactions from their wallet they're directly contributing to the companies future success.
As Gamestop corp earns fees on each trade, we should see early results in the second quarter of 2022. Gamestop can utilize Ethereum based assets to increase earnings that are not being utilized currently. I'm eager to see the premarket trading in the second quarter, when the WSB folks are focused on the earnings report.
If you are a gamer or new to crypto, I encourage you to try the Gamestop wallet. It may end up with you loving crypto as much as I do. You will also be apart of a new group of individuals looking to the future of Gaming, Finance, and Art.
See you in the Metaverse! - M
