Why it matters: GameStop has become the latest to fully embrace cryptocurrencies and non-fungible tokens (NFTs). On Monday, the video game retailer announced a digital wallet that allows gamers to send, receive, store and use virtual currencies and NFTs across decentralized apps – all within their web browser. The wallet will also allow users to buy and sell NFTs on GameStop's upcoming NFT marketplace, which is expected to launch in the second quarter of the company's fiscal year, or by the end of July.
Self-custodial wallets differ from what you'd find on a service like PayPal or Robinhood in that you are the sole owner of the private digital key needed to access the wallet. That's good for security sake, but it also means you are responsible for keeping up with it. If you lose the key, there's no middleman to help recover it.
In February, GameStop announced a partnership with Immutable X to use its platform for their upcoming NFT marketplace. The agreement also established a $100 million fund that'll award grants to NFT content and technology creators. The funds will be issued through Immutable X's IMX token, a cryptocurrency valued at $1.02 per at the time of this writing.
Image credit: Jonathan Weiss