GameStop Pushes Start On New Ethereum NFT Wallet

Gaming retailer GameStop has revealed a new Ethereum crypto and NFT wallet that users can download a beta of starting today.

GameStop Launches Beta Version Of A New Wallet For Storing Ethereum Tokens And NFTs

As announced by the company in a tweet, the retailer’s wallet is now online and users can download it from their website.

With the Gamestop wallet, users will be able to store, send, and use ETH, ERC20 tokens, and non-fungible tokens (NFTs).

The wallet comes with direct ETH layer 2 integration, “which means you can transact on Ethereum Layer 2 and get cheaper and faster transactions than with Ethereum Layer 1 Mainnet.”

The wallet is self custodial, meaning the firm will not have access to the users’ private keys, and it is on the users to keep their recovery phase safe with them.

“Your 12-word Secret Recovery Phrase is the keychain to all accounts within your wallet,” explains the video game retailer. “It’s generated automatically when you create a new wallet, but it’s YOUR responsibility to WRITE IT DOWN, and keep it safe – that means not entering it on websites or sending it to ANYONE.”

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GameStop has noted that the app is still in beta, and so advises its users to use it responsibly and not to add more funds than they are comfortable with.

Earlier in the year, the organization also revealed a new NFT marketplace. This wallet release comes ahead of the company’s plan to launch the marketplace by the end of this July.

NFT Trading Volume And ETH Price

The weekly non-fungible token trading volume observed a sharp rise earlier in the month, reaching as high as almost $1.5 billion.

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However, since then the metric’s value has plunged down, and is now sitting at just about $176 million. Here is a chart that shows this trend:

Looks like the seven-day average NFT market volume has plummeted recently | Source: NonFungible

At the time of writing, Ethereum’s price floats around $2k, up 2% in the last seven days. Over the past month, the crypto has lost 30% in value.

The below chart shows the trend in the price of the coin over the last five days.

It seems like the price of the crypto has shot up over the past couple of days | Source: ETHUSD on TradingView

Ethereum has been consolidating sideways in the last two weeks, as has been the rest of the crypto market. Nonetheless, the crypto has shown some rise over the past two days, settling above the $2k mark.

Featured image from Unsplash.com, charts from TradingView.com, NonFungible.com