GameStop, which is known for selling physical video games in the digital goods industry, has entered into a partnership with a blockchain-based technology company.
The recent move of GameStop, a famed video game retailer, into the world of cryptocurrency and non-fungible tokens (NFTs) has been creating waves inboth technological and financial circles, with many heralding their brave steps into uncharted territories. The entry of one of the world’s leading gaming corporations into this fledgling industry could be a major boost to its popularity as well as its potential investment applications. Every area has its own set of positives and negatives, but it remains to be seen how these will unfold for GameStop in particular. Nevertheless, their bold venture may be enough to potentially revolutionize the crypto and NFT spaces.
Oberon Copeland, founder and CEO of Very Informed.
Retailer GameStop has entered the world of cryptocurrency.
Retailer GameStop has announced that it will start accepting cryptocurrency payments. The new GameStop Wallet is available as a Chrome extension and can be used to store, manage and trade digital assets such as cryptocurrencies like Bitcoin or Fortnite skins—assets that are not actually owned by the company.
To set up the wallet, users must first download the extension from the Chrome Web Store. Once installed, they can access it through a bar icon next to their address bar—just like any other browser app.
When users click on the pin icon, they will be able to pin an item so that it’s easily accessible later. In addition to storing and trading digital assets, GameStop’s new wallet will also allow users to purchase games directly using any payment method—including fiat currencies and cryptocurrencies.
For GameStop, accepting cryptocurrencies represents a dramatic shift in strategy.
GameStop’s decision to enter into the world of cryptocurrency is a significant shift for the company. Although GameStop historically depended on physical retail sales of video games and related merchandise, the video game industry has been steadily shifting toward digital distribution.
In addition to the launch of its own digital asset wallet, GameStop has announced a partnership with Immutable X, a crypto-focused venture capital firm. The collaboration allows GameStop to invest in and incubate new blockchain-focused game studios—and help bring their games into stores as physical products.
This partnership is likely to further enhance GameStop’s presence in the world of cryptocurrency and non-fungible tokens (NFTs), potentially leading to the development of new, innovative digital games that utilize those technologies.
GameStop’s entry into crypto highlights growing mainstream adoption.
GameStop’s entry into the world of cryptocurrency and non-fungible tokens (NFTs) is an intriguing development that highlights how these technologies are becoming increasingly mainstream.
It will be interesting to see the impact that Blockchain’s digital asset wallet and partnership with Immutable X have on video games—and cryptocurrency in general.
GameStop has over 5,000 locations worldwide and is one of America’s largest video game retailers. The company provides a diverse range of gaming products for all platforms—consoles, handheld devices, PCs, and smartphones.
In addition to selling new and used games in its stores across the United States, GameStop also provides digital downloads on its website. Even though GameStop has traditionally sold video games, it now offers a wide variety of new products and services.
For example, GameStop Power Up Rewards (an AAA membership program), Game Informer magazine (a monthly publication focused on video games) and Kongregate Arcade (an online portal for free browser-based games).
Increasingly, other companies are entering the crypto and non-fungible token (NFT) markets.
Non-fungible tokens (NFTs) are a type of digital asset that is distinguishable from other identical copies. This sets NFTs apart from fungible assets like Bitcoin and Ether, which can be exchanged for one another without any loss in value.
Now that people can collect and trade their favorite characters in games, other industries are beginning to explore the potential of non-fungible tokens (NFTs) for themselves. Target and Walmart have both announced plans to launch their own blockchain-based marketplaces, recognizing the value of unique digital items.
NFTs can also be used to reward players for completing certain goals or unlocking achievements within a game.
However, some gamers object to this practice, believing it to be just another money-making scheme by game developers—but despite the criticism from certain quarters of the gaming community, it appears that publishers are pressing ahead with plans for NFTs.
Large corporations are increasingly recognizing the value of cryptocurrency and non-fungible tokens.
Many businesses are beginning to see the potential of cryptocurrency and NFTs, and some have begun using these technologies in their operations. It will be interesting to see how the mainstream adoption of cryptocurrencies and non-fungible tokens progresses in the coming years.