Key points:
- GameStop releases online crypto and NFT wallet as the next play in its digital shift
- An NFT marketplace is set to follow in the second half of this year
- GME shares rose 2.5% in early trading before quickly reversing
Gamestop (NYSE: GME) earned a powerful reputation at arguably the first ever ‘meme-stock’, starting a craze that would defy the power of hedge funds, placing the momentum within the masses of retail traders. GME shares skyrocketed to a peak of $325 in early January 2021, before crashing down shortly after, but not before claiming various hedge funds as its victims.
Today, GameStop announced it has officially launched its digital asset wallet, allowing gamers to store, send and receive cryptocurrencies and non fungible tokens. It’s the latest move in the company’s decision to pivot towards relevance and reinvent its label past its ‘meme’ heritage.
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The digital wallet to be available for use across decentralized apps, which run via a blockchain and hence aren’t controlled by a central authority, without players having to divert from their web browsers. The GameStop wallet is a ‘self-custodial Ethereum wallet’, meaning only the user controls the keys to their assets, rather than a third party. Available on Google Chrome’s web store, the wallet will facilitate transactions on GameStop’s NFT marketplace, which is expected to follow later this year.
GME shares gained around 2.5% in early Monday trading, but reversed quickly afterwards and are now trading at a loss of 0.5%, down around 36% year to date. A shift towards digital avenues is a surefire way of staying in line with the curve, but the company’s NFT marketplace has a lot to prove. Investors should pay close attention to the company’s forthcoming plans, especially further details regarding the marketplace and updates regarding the popularity of its new digital wallet.