GameStop has confirmed its integration with Loopring (LRC), an Ethereum layer-2 zk-Rollup protocol designed for powering decentralized cryptocurrency exchanges, into their highly anticipated nonfungible token (NFT) marketplace. Adam Browman, Loopring’s head of growth, announced on Medium on Wednesday that the beta version of GameStop‘s marketplace had gone live.
According to Browman, GameStop, in partnership with Loopring L2, aims to provide “fast, cheap and secure” access to digital ownership for the masses. They intend to give power back to the players, creators and collectors with GameStop at the “forefront of these new global digital economies.”
He explained how users can now mint NFTs directly on Loopring L2 for “fractions” of the costly gas fees that tend to result from minting on layer 1, approximately less than $1. The Loopring zk-Rollup inherits Ethereum L1‘s self-custodial security to ensure that its users “receive the strongest digital property rights.”
Beta users will get access to these “massive speed improvements and lower costs” and start making deposits ahead of the full launch of the official marketplace that is reportedly coming soon.
GameStop recently partnered with Immutable X (IMX) for its NFT marketplace and announced a $100 million grant for 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 its first layer-2 NFT integration for trading and minting and that Loopring would follow. Immutable X recently closed a $200 million fundraising round, which brought the company‘s valuation to $2.5 billion.
Reports about GameStop teaming up with Microsoft for its NFT marketplace also circulated last month but this has yet to be confirmed. GameStop first announced a multi-year strategic partnership with Microsoft back in October.
NFT related announcements tend to impact the price of GameStop shares, which were up 15% today at $141.35 per share. Similarly, LRC marked a sharp surge in trading volume over the past 24 hours and experienced a price change of 32% at the time of writing.