GameStop has confirmed its integration with Loopring (LRC), an Ethereum layer 2 zkRollup protocol designed to power decentralized cryptocurrency exchanges, in its highly anticipated NFT marketplace. Adam Browman, Head of Growth at Loopring, Announced on Medium on Wednesday that the GameStop Marketplace beta had gone live.
the future of #NFT are here + are powered by #etherealSecond layer
L2 x loop ring @GameStop
Power to the players.
power to creators
Power to collectors.#L222https://t.co/0gdvKLivfp-Loopringโโ ๏ธ (@loopringorg) March 23, 2022
According to Browman, GameStop, in partnership with Loopring L2, aims to provide "fast, cheap and secure" access to digital property for the masses. They intend to bring power back to gamers, creators, and collectors with GameStop at the "forefront of these new global digital economies."
He explained how users can now mint NFTs directly at Loopring L2 for "fractions" of the expensive gas fees that tend to result from minting at L1, roughly less than $1. Loopring zkRollup inherits self-custody security from Ethereum L1 to ensure that its users "receive the strongest digital property rights."
Beta users will gain access to these "massive speed improvements and lower costs" and start making deposits ahead of the full official market launch which is reportedly coming soon.
Related: GameStop Looks Towards NFT Market Launch After Huge 4th Quarter Loss
GameStop recently partnered with Immutable X (IMX) for its NFT marketplace and announced a $100 million grant for game creators and developers. At the time, GameStop had set in a Securities and Exchange Commission report filed on January 28, 2022 that Immutable was its first Layer 2 NFT integration for trading and minting, and that Loopring would follow. Immutable X recently closed a $200 million fundraising round, which raised the company's valuation to $2.5 billion.
Reports on GameStop partners with Microsoft for its NFT market also circulated last month, but this has yet to be confirmed. game stop first Announced a multi-year strategic partnership with Microsoft in October.
NFT-related announcements tend to weigh on GameStop's (GME) stock price, which is up 15% today at $141.35 per share. Similarly, LRC marked a sharp increase in trading volume in the last 24 hours and experienced a 32% price change at press time.
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