GameStop, one of the largest video game retailers in the world, has launched the beta of its new portfolio of cryptocurrencies and non-fungible tokens. This new move by the company can potentially cause Gamestop's share price to spike, attracting the Investors with a whole new reason to give GameStop a chance. For gaming enthusiasts, GameStop's primary audience, this change could cause some backlash for the company.
GameStop's major customers
In the past, game fans have opposed their favorite games' initiatives to incorporate NFTs and similar concepts into their ecosystems, possibly out of fear that this integration would add an extra price to pay for enjoying their favorite pastime. In the past, gamers have been burned by the fact that many large video game companies have locked important content behind paid walls, forcing them to shell out more money or give up their entertainment. With the concept of NFT fast approaching the gaming space, enthusiasts of the hobby are increasingly concerned that more and more content is being locked behind increasingly expensive barriers that can only be overcome by owning certain tokens.
The new GameStop wallet
The new Ethereum wallet produced by GameStop was released as an extension for the Google Chrome and Brave web browsers and allows users to store, send and receive ETH, NFT and ERC-20 tokens. The wallet is not custodial, but it is an extension for users. The wallet is non-custodial and is compatible with hardware wallets, giving users the opportunity to reap the benefits of cold storage for their coins and NFTs. The release of this new wallet is in preparation for the next GameStop NFT market launch, scheduled for QXNUMX of the year. The success of this initiative could push GameStop's actions to new heights. If GameStop can prove to gaming enthusiasts that NFTs can be a meaningful addition to their hobbies without simply being another price tag to tackle, NFTs could also see more widespread adoption in spaces such as gaming. If fans aren't convinced, however, it might be impossible to get this group of enthusiasts to change their minds about blockchain adoption in the traditional gaming industry, giving customers another major complaint to have at GameStop.
GameStop's new crypto and NFT portfolio is an attractive investment for the video game retailer, which could increase GameStop's stock value if successful. As many gamers have expressed resistance to the idea of integrating NFT into games, GameStop's core business audience is likely to exhibit the same kind of hesitation about adopting this new wallet in their own lives. However, if GameStop's plans to link this wallet to a successful new NFT market are realized, GameStop's value could rise, as the gaming industry could see the start of widespread NFT integration.
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