GameStop’s inventory surged on Monday after the company said it opened a wallet for players to manage their virtual assets as it prepares to launch a market for non-fungible tokens.
The GameStop wallet will allow players and others to store, send, obtain and use cryptocurrencies and NFT in decentralized programs without having to leave their internet browser, the video game store said on Monday.
Inventory increased 3% to $98. 52 in early operations. But inventories lost about 35% in 2022 after rising 687% in 2021, a meteoric rise in so-called meme inventories.
GameStop’s self-custody wallet in its beta phase, which runs on the Ethereum blockchain. It will enable transactions in the NFT market it intends to launch in the current quarter of 2022.
Earlier this year, the company partnered with Immutable X, an Ethereum NFT exchange protocol, to manage its NFT marketplace, as GameStop aimed to enter virtual collectibles trading.
Ether, the token that runs on the Ethereum blockchain, rose 2% on Monday to $2,070. 87.