GameStop’s NFT marketplace has rolled out its beta version of Loopring ($LRC) as an Ethereum L2 scaling system allowing users to perform transactions for a fraction of the cost they incurred in the L1 protocol.
According to Loopring’s Head of Growth, Adam Browman, the beta version of the GameStop NFT marketplace is currently live. Users can now create their profiles, manage their passwords, and fund their accounts in prep for the official launch of the marketplace.
The GameStop NFT marketplace will have its transactions powered by Loopring’s zkRollups which adopts the self-custodial security framework of the Ethereum network and at the same time keeps gas fees low with no participants feeling left out.
Loopring vision is to become a force to be reckoned with in the space of the emerging global digital services so that users, no matter their affiliations, can mint NFTs on the platform for as low as $1.
The social media handle of Loopring has touted about 1 million NFT being mounted on its platform so far following the launch of its NFT services in less than a month.
A software engineer based in China, Daniel Wang, is reported to be the founder of Loopring. The software developer has worked with various global players like Google and JD.com.
Loopring was part of the companies in the crypto industry that carried out an initial coin offering (ICO) in 2017 by raising a staggering 120,000 ETH, which was worth $45 million at that time. However, Loopring later returned a substantial part of the funds raised to the public following stiff ICOs regulation.
The Loopring project is software-driven, hosted on the Ethereum network to allow crypto exchanges to leverage its service to navigate the slow transaction speeds and high costs of decentralized exchange on Ethereum’s layer one network protocol. Loopring has integrated zero-knowledge rollups (zkRollups) to provide users with a faster settlement time that is second to none.
Following the announcement of the launch of the beta version of the GameStop NFT marketplace on the Loopring platform, the price of its native token, LRC, spiked to up to 34% to trade above $1.
GameStop Market Performance
The Q4 earnings report for GameStop revealed the proposed move to launch the NFT marketplace towards the end of July. Earlier in the year, GameStop went into partnership with a layer-2 system firm, Immutable X, to launch its plans for non-fungible tokens.
However, the reports on the fourth quarter of last year show a loss of $1.94 per share compared with the earlier forecasted gain of $0.85. But the firm remains bullish about the future earning potential in the NFT marketplace.
When announcing its first venture into the NFT space, GameStop disclosed that it would incorporate many low-cost and in-demand assets that would be attractive to future and existing prospects.
Now, the focus is on ensuring that the soon-to-be-launch NFT marketplace is up and running as GameStop works on what needs to be improved upon.