GameStop Launching Digital Wallet for Cryptocurrencies, NFTs

From CNET: GameStop is going all-in on crypto. The video game retailer launched its own self-custodial Ethereum digital wallet, it said Monday. The wallet will be accessible through a Google Chrome extension and can be used to buy and sell NFTs on GameStop's upcoming NFT marketplace, which is expected to launch by the end of July.

NFTs, or Nonfungible Tokens, are digital assets like pictures, video or art whose ownership can be traced using blockchain technology. Many different companies --including the NFL and Twitter -- have embraced the technology this year, as some of the collectible assets have sold for hundreds of thousands and even millions of dollars.

GameStop partnered with blockchain startup Immutable X to create their upcoming NFT marketplace. To help boost their upcoming venture, the companies are also planning to launch a $100 million fund that will award grants to artists who make NFTs for GameStop's marketplace.

Instead of dollars, the fund will pay artists in Immutable's own cryptocurrency, IMX, which has declined significantly in value over the course of the year.

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