GameStop confirmed their integration with Loopring, an Ethereum Layer 2 protocol that powers decentralized cryptocurrency exchanges. On Wednesday, Adam Browman (Loopring’s Head for Growth) announced that GameStop’s beta version had become live on Medium.
#NFTs’ future is here! They’re powered #Ethereum’s second layer Loopring x @GameStop Power for the players. Power to the creators Power to the collectors.#L222https://t.co/0gdvKLivfp
— March 23, 2022, Loopring (@loopringorg).
Browman says GameStop is partnering with Loopring L2 to offer “fast, cheap, and secure” digital ownership to the masses. GameStop will be at the “frontline of the new global digital economies” and give back power to creators, players, and collectors.
He explained that users can now mint NFTs on Loopring L2 at “fractions” the high gas-fees, which are less than $1, that result from minting L1. Loopring zkRollup inherits Ethereum 1’s self-custodial security so that its users “receive digital property rights at their strongest.”
Beta users will be able to access these “massive speed increases and lower costs” and can make deposits before the official launch of the marketplace, which is reportedly imminent.
Related: GameStop plans to launch a NFT marketplace after big Q4 losses
GameStop announced a $100 million grant to game developers and creators after it partnered with Immutable X for its NFT marketplace. GameStop stated that Immutable was its first Layer 2 NFT integration to trade and minting in a Securities and Exchange Commission Report filed January 28, 2022. Loopring would follow. Immutable X closed a $200 million round of fundraising, which increased the company’s value to $2.5 billion.
Last month, reports circulated that GameStop was partnering with Microsoft to launch its NFT marketplace. However, this has not been confirmed. In October, GameStop announced its multiyear strategic partnership.
NFT-related announcements can have an impact on the price of GameStop shares (GME), which rose 15% to $141.35 per share today. LRC also experienced a 32% price change at publication due to a sudden surge in trading volume during the last 24 hours.
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