GameStop has launched a beta version of its highly anticipated non-fungible token (NFT) marketplace on the Loopring (LRC) blockchain, sending LRC parabolic in the process.
First announced last year, GameStop aims to bring fast, cheap, and secure NFT trading to the masses, addressing the issue of most regular developers and gamers being priced out of the market.
In a blog post, head of growth Alex Browman says Loopring’s zero-knowledge (ZK) rollups combined with Ethereum’s inherent self-custodial security eliminates the costly gas fees and “leaves no one priced out.”
Last month, GameStop announced it was partnering with Immutable X to provide up to $100 million worth of IMX tokens for grants to creators of NFT content and technology. Immutable X also became a layer-2 partner and platform for GameStop’s NFT marketplace.
Loopring, an Ethereum-powered, Merkle Tree-based protocol with some centralized features exploded on news of the new marketplace, running from $0.85 to above $1.20 within a couple of hours.
Currently, the marketplace is in beta with limited features and can be viewed here.
According to Loopring, one million NFTs have already been minted using its blockchain since it was enabled less than a month ago. LRC is currently priced at $1.17 and ranks at #65 according to CoinMarketCap. As per the market’s response, Loopring’s partnership no doubt has further bullish implications on LRC as the marketplace will presumably spark higher demand for its layer-2 wallets.