Gamestop has launched a beta of its new digital wallet, enabling in-game purchases of cryptocurrencies and non-fungible tokens (NFTs).

The retailer, better known for selling physical games, launched the new wallet as a browser extension to enable purchases, selling, and trading of a large number of cryptocurrencies as well as to hold NFTs. 

The wallet will provide competition to established wallet MetaMask, which also exists as a browser extension and can connect to NFT marketplaces. 

MetaMask, released by ConsenSys in 2016, has 30 million users globally.

A cryptocurrency wallet contains unique strings of numbers called keys that function essentially as passwords to enable cryptocurrency transfer between two parties.

Robinhood launched a wallet recently to two million waitlisted clients and also announced a non-custodial wallet that can hold NFTs and connect to marketplaces like OpenSea. 

GameStop’s launch comes a few months after the company assembled a 20-person team to create an NFT marketplace that will launch at the end of July. The marketplace will offer NFTs of in-game items like weapons and avatar clothing developed by select game studios.

This year, the company hopes to establish partnerships with 14 crypto companies and co-invest to develop blockchain games after missing out on the videogame streaming platform boom a decade ago. 

The new wallet will allow transactions without leaving the game environment, and will eventually become a mobile app, said the company.

Yearly losses, compounded by a lack of foot traffic to its brick-and-mortar stores due to the COVID-19 pandemic, culminated in a missed earnings estimate last March leading to an overhaul of management staff.

While revenue had grown by Oct last year, the company’s losses increased as new chairman Ryan Cohen adopted a more technologically-focused approach. 

The company was not deterred, instead opting for a longer-term view. “We believe our emphasis on the long term is positioning us to build what will ultimately become a much larger business,” said CEO Matt Furlong.

GameStop advises caution when using the beta version of its new wallet. “This is a beta launch. Please use responsibly, and do not add more funds than you are comfortable with,” the company said.

The post GameStop Takes on MetaMask With Beta Launch of Crypto Wallet appeared first on BeInCrypto.

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