this post was submitted on 02 Aug 2023

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DRS Your GME

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GameStop wallet (lemmy.whynotdrs.org)

submitted 1 year ago by [email protected] to c/[email protected]

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What do you all think about the GS wallet going bye bye? Curious to see some points of view on this. I believe it is due to the SEC trying to shut down the crypto space unless the have their hand in every step of it and gamestop doesn’t care to deal with that drama.

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[–] [email protected] 13 points 1 year ago

I'm hoping the wallet was more of a proof-of-concept for the backend development, and that PLAYR will have a wallet behind the scenes to juggle whatever's needed for the marketplace to work, but just speculation on my part there.

I have a loopring wallet for collecting red packets, so going to migrate the wallet bits to that, but can I connect to my existing wallet with my seed phrase like how the gamestop wallet could host two accounts? I suspect that would avoid the gas fees of transferring my assets from the gamestop wallet account to the loopring wallet account, but not sure how this works.

[–] [email protected] 6 points 1 year ago

Sharing some of my initial rambling thoughts I sent to my IRL shrewdness after the wallet news:

Yeah I think there is 100 percent wider regulatory games at play here. I do think it makes sense to focus on the marketplace and GameStop Playr (assuming there was an issue with running both the marketplace and the means of access (think DTCC + Broker)) then it makes sense to drop the wallet. Probably easier to partner with (and possibly acquire) the smaller companies already making this stuff than to try and bring that in house. I think we maybe found that out the hard way on the wallet side. Shitty but not largely material from a wider business perspective I don't think (it even said in the last few quarterly reports that the Marketplace and NFT sales were immaterial at this time). Fail fast and small I suppose but I still wish I didn't need to ditch it lol

At this stage there is still a lack of quality Web3 gaming content...but it's coming and I have faith that GameStoo is positioning themselves well for when it's ready.

[–] [email protected] 4 points 1 year ago

I was hoping it would be integrated into PLAYR. This is disappointing but I have hopes that PLAYR will be the final nail in the coffin of of the bears and that the company becomes increasingly more profitable after it launches.

[–] [email protected] 2 points 1 year ago (1 children)

How about moving to loopring vs MetaMask ?

[–] [email protected] 4 points 1 year ago (1 children)

If you have your seed phrase then you can move to any wallet that also does the seed phrase thing.

"Wallet" is a bit of a misnomer. It should be something more like "viewer" or "spectacles" or "wallet viewer" or something like that. Your coins/tokens/NFTs/etc... live and reside and are found on the blockchain. That's where they are. They are not "in a wallet." You GET access to them with your seed phrase - which is a (long, multi-word) password, basically.

[–] [email protected] 1 points 1 year ago

Thanks. I want to know what considerations would be between the two or any other wallets. I remember when I was jumping into loopring and gme, it was all about the L2. How else are people thinking about this?

[–] [email protected] 1 points 1 year ago (1 children)

First I had heard about this. What happens to our assets being held in that wallet currently?

[–] [email protected] 2 points 1 year ago (2 children)

Nothing happens to them. Wallet's are an interface, nothing is stored there. Your assets are stored at that address on the blockchain. You can add your seed phrase to another self custodial Eth wallet like Metamask, or go through the steps to transfer any L1 assets to Loopring L2.

https://lemmy.whynotdrs.org/c/metaverse

The sticky on this community might be helpful to you.

[–] [email protected] 2 points 1 year ago

Thank you!

[–] [email protected] 1 points 1 year ago

Hi there! Looks like you linked to a Lemmy community using a URL instead of its name, which doesn't work well for people on different instances. Try fixing it like this: [email protected]

[–] [email protected] 1 points 1 year ago

If it helps the company focus, then that is fine with me.

I don't know any 'gamers' personally that have a positive opinion of NFTs so I doubt that the wallet going away will be noticed by GameStop's main customer base.

[–] [email protected] 1 points 1 year ago (1 children)

Why does a retail store need a crypto wallet in the first place? Just sell me games.

[–] HerrBeter 0 points 1 year ago

It's to get ahead by combining (vertical integration) for future gaming. The promise was good but the web2 companies have made such enclosed ecosystems, it's hard to match that competition.

[–] [email protected] 0 points 1 year ago (1 children)

It's unfortunate more how it was communicated rather than that it is happening, in my opinion. The marketplace is the killer app.

The sticky on this community might be helpful for people.

https://lemmy.whynotdrs.org/c/metaverse

[–] [email protected] 3 points 1 year ago

Hi there! Looks like you linked to a Lemmy community using a URL instead of its name, which doesn't work well for people on different instances. Try fixing it like this: [email protected]