After the Loopring protocol formally announced its inclusion and the start of GameStop’s non-fungible token (NFT) market beta on March 23, the value of LRC token has climbed up to 35 percent. LRC is the native coin of Ethereum-based scaling solution Loopring. GameStop is a video game and electronics retail network.
The future of #NFTs are here + they're powered by #Ethereum's second layer💙
Loopring L2 x @GameStop
Power to the players.
Power to the creators
Power to the collectors.#L222🌀https://t.co/0gdvKLivfp
— Loopring💙🏴☠️ (@loopringorg) March 23, 2022
Due to a secure, decentralised, and completely impartial Ethereum environment, the new GameStop NFT Market that is based on Loopring L2 ensures that customers have the greatest digital property rights conceivable.
Loopring price surge
LRC’s price jumped from around $0.85 to a little over $1.2 shortly after the news, according to a source.
Features of GameStop’s NFT market
Producers will be able to develop high-performance apps that match the speeds and scalability of Web2, while also allowing consumers to gain verifiable control and ownership over their assets in Web3.
With this launch, directly minting NFTs on Loopring L2 is now possible for a fraction of the cost of minting on Loopring L1 (less than $1) while maintaining Ethereum L1 security. These tremendous performance gains and reduced prices bring up previously inconceivable design space for NFTs and games.
GameStop previously partnered with Immutable X, an Ethereum-based Layer-2 NFT solution, to build a new $100 million NFT marketplace. Users noticed some altered code in a Loopring Github contribution in October 2021, prompting speculations of new developments.