GameStop Launches NFT Marketplace On Loopring Network, But It's Still In Beta Version

GameStop launches NFT marketplace on Loopring network. (Photo; Andrey Metelev-Unsplash)

JAKARTA – One of the largest game retailers in the world GameStop launched the NFT marketplace. The non-fungible token trading platform is integrated with the Loopring network (LRC). This was conveyed by Loopring, Adam Browman.

On Wednesday, GameStop's NFT marketplace was available in beta. Browman views that GameStop's partnership with Loopring is aimed at providing "fast, inexpensive, and secure" access to NFT digital art ownership.

Reporting from Cointelegraph, Browman explains how users can now print NFTs directly on Loopring L2 for a “share” of the expensive gas fees that tend to result from printing on the first layer (L1), which is roughly less than US$1. Loopring zkRollup inherits the security of Ethereum L1 self-storage to ensure that its users “receive the strongest digital property rights.”

Beta users will get access to this “massive speed boost and lower fees” and start making deposits ahead of the full launch of the official NFT marketplace which is reportedly coming soon.

In addition to Loopring, GameStop also partnered with Immutable X (IMX) for its NFT marketplace and announced a $100 million grant to game creators and developers. At the time, GameStop had stated in a Securities and Exchange Commission report filed on January 28, 2022, that Immutable was the first NFT Layer 2 integration for trading and printing, and Loopring would follow suit. Immutable X recently closed a $200 million fundraising round, bringing the company's valuation to $2.5 billion.

The development of the GameStop NFT marketplace was able to boost GameStop's share price, which rose 15 percent on Wednesday. As of writing, the price of the LRC cryptocurrency itself has jumped 18.5 percent in the last 24 hours. Meanwhile, in one week Loopring skyrocketed by 55.9 percent, according to data from Coingecko.