GameStop launches crypto wallet for ethereum and NFTs on Google Chrome
Grapevine-based video game retailer GameStop launched a wallet for cryptocurrencies Monday that is compatible with currencies and nonfungible tokens.
Anyone can download the wallet as a Google Chrome browser extension today, and GameStop said its mobile wallet application for iOS is expected to launch soon.
GameStop said the wallet will work with its forthcoming NFT marketplace. It announced the NFT marketplace earlier this year, partnering with Australian blockchain startup ImmutableX on the project. That is expected to go live some time during the second quarter.
The foray into cryptocurrency and NFTs is part of GameStops efforts to leverage new technologies and position itself to grow revenue in the coming years. The company has seen declining sales in recent years as gamers opt to download more video games digitally through PC and consoles rather than purchase physical copies.
Over the last year, the company has revamped its executive ranks as well as invested in e-commerce fulfillment and customer service. It has also continued closing physical store fronts. GameStops stock price surged again last month, driven by the announcement of a stock split, but has declined by nearly half of its value since April highs.
GameStop filled its vacant chief operating officer seat last week, appointing Belk CEO Nir Patel to the role. The company is expected to share its first-quarter 2022 financial results at the beginning of June. The company posted a large loss over the 2021 holiday season, disappointing Wall Street analysts.