GameStop Files Trademark For GameStop Wallet: What Investors Should Know

Leading video game retailer GameStop Corp. GME filed a new trademark that has caught the attention of investors and fans of non-fungible tokens. Here’s the latest.

What Happened: A trademark filing from GameStop was shared on Twitter Inc TWTR by GamestopDD Monday.

The trademark was filed by GameStop on March 23, 2022, for the term, GameStop Wallet.

“GameStop Wallet trademark registration is intended to cover the categories of downloadable computer software for accessing one or more distributed computing networks; downloadable computer software for providing an interface between an internet browser and one or more distributed computing networks; downloadable computer software for implementing blockchain transactions,” the filing reads.

Also covered in the trademark filing is the wallet helping to secure digital identities, generating and securing cryptographic private keys and more.

Related Link: How To Buy NFTs 

Why It’s Important: GameStop unveiled plans to launch a division to develop an NFT marketplace and launch cryptocurrency partnerships in January.

“We believe our emphasis on the long term is positioning us to build what will ultimately become a much larger business,” GameStop CEO Matt Furlong previously said when discussing NFT explorations by the company.

In February, GameStop announced a partnership with Immutable X IMX/USD for its NFT marketplace. Immutable is an Ethereum ETH/USD Layer 2 protocol that will provide fast and 100% carbon neutral transactions with zero gas fees.

“Our integration will allow current and future NFT projects/economies to access more liquidity and gaming content with mainstream users,” Immutable said at the time.

Layer 2 solution Loopring LRC/USD shared earlier this month it was helping power the new GameStop NFT marketplace, sending the native token higher.

News of a wallet trademark from GameStop could indicate the video game retailer’s efforts in the sector are bigger than previously thought.

Wallets are actively used by those in the cryptocurrency and NFT space to store and transact cryptocurrencies and NFTs. By having its own wallet, GameStop could find itself cutting out several middlemen and in a better position to partner with video game companies looking to grow in the NFT space.

GME Price Action: GameStop shares are up 14.61% to $174.20 on Monday afternoon at publication.

Photo: Mike Mozart via Flickr Creative Common