GameStop NFT Marketplace Now Live, Powered by Loopring L2

GameStop has confirmed the integration of Loopring (LRC), an Ethereum layer-two zkRollup protocol designed to power decentralized cryptocurrency exchanges, into its highly anticipated NFT marketplace. On Wednesday, Loopring head of growth Adam Browman announced on Medium that GameStop's in-market beta has gone live.

The future of #NFTs is here + they are backed by #Ethereum's second layer

Loopring L2 x @GameStop

Give the power to the player.

hand over power to the creator

Handing over power to collectors

— Loopring‍☠️ (@loopringorg) March 23, 2022

GameStop's partnership with Loopring L2 aims to provide "fast, low-cost and secure" digital ownership for the masses, Browman said. They want GameStop to be "at the forefront of these new global digital economies," putting power back in the hands of gamers, creators, and collectors.

He explained that users can now mint NFTs directly on Loopring L2 for a "fraction" of the gas fee minted on L1, roughly under $1. Loopring zkRollup inherits the self-custodial security of Ethereum L1 to ensure its users "get the strongest digital property rights".

Beta users will get "huge speed improvements and lower costs" and start making deposits ahead of the full launch of the official marketplace. According to reports, an official market launch is imminent.

GameStop recently partnered with Immutable X (IMX) for its NFT marketplace and announced a $100 million grant to game creators and developers. At the time, GameStop stated in a report filed with the US Securities and Exchange Commission 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 funding round, valuing the company at $2.5 billion.

It was also reported last month that GameStop will be working with Microsoft to develop an NFT marketplace, but this has not been confirmed. GameStop first announced a multi-year strategic partnership with Microsoft last October.

NFT-related announcements tend to impact GameStop (GME) stock, which rose 15% today to $141.35 per share. Likewise, LRC’s trading volume has risen sharply over the past 24 hours.

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