GameStop added Loopring to its list of key partners as a layer-2 solution to the upcoming launch of a GameStop NFT platform.
The layer-2 decentralized protocol built on Ethereum blockchain, Loopring (LRC) has just announced the beta launch of GameStop’s NFT marketplace in collaboration with…GameStop.
GameStop and Loopring Come Together for NFTs
The GameStop NFT marketplace officially went live and the platform is now available under beta testing.
Loopring’s blog post highlighted,
“We’re thrilled to announce that the long-awaited GameStop NFT Marketplace (beta) is now LIVE, with the full NFT Marketplace coming shortly, built atop none other than Loopring L2!”
The collaboration will provide numerous benefits to GameStop’s NFT platform.
For example, because Loopring is a layer-2 scaling solution, it has minimal transaction costs and excellent processing speed.
This allows the system to slip into the same trap that major NFT exchanges are in due to their reliance on Ethereum.
Loopring L2 x @GameStop
— Loopring💙🏴☠️ (@loopringorg) March 23, 2022
GameStop Looks To Leverage NFTs
Loopring protocol goes beyond a decentralized exchange; it allows both decentralized and centralized exchanges to engage in the Loopring network, providing all exchanges with improved liquidity from several blockchains.
It will also provide investors with access to the best pricing available without requiring them to cross-check several exchanges.
Users can join the beta testing by connecting their wallet to GameStop NFT marketplace and perform NFT mint operations.
After the prototype, the next phase will be the official version released of the NFT marketplace, according to the official announcement.
The partnership, however, has raised some confusion for the project’s followers since GameStop announced in February that it would build an NFT marketplace in a strategic collaboration with top NFT layer-2 project, Immutable X.
A $100 million fund was also created to expand investments in blockchain and metaverse.
Immutable X shortly clarified its partnership with GameStop.
The company noted that the essence of their agreement is to become each party’s preferred partners in, “sourcing, building and investing in a world-class pipeline of gaming content to deploy on to the GameStop marketplace.”
These projects, powered by Immutable’s technology, are in the incubation stage and are expected to launch in Q2/2022. It is obvious that the Loopring-powered GameStop NFT marketplace is not part of the initial agreement.
Surprisingly, Immutable X seems unsurprising that GameStop chose Loopring to build the NFT marketplace.
The company also applauded the move, saying it would increase the utility of Ethereum’s layer-2 solutions.
Immutable and GameStop will continue to collaborate and have plans to use the $100 million development fund for upcoming projects.
“Immutable and GameStop already have worked together to build: Enquiries from 1000s of games and NFT projects which have applied to the $100M GameStop / Immutable fund, including homebrands you would know. Promotions for flagship and upcoming games building on Immutable,” noted Immutable X.
NFts Just Won’t Stop
The name GameStop went down in the history of Wall Street after the GameStop Saga scandal involving short squeeze.
The incident turned Wall Street upside down when the stock price peaked at $347.51 on January 1, 2021, up 1,800% from the lowest point of the month.
The stratospheric price growth of GameStop stock resulted in significant losses for many venture capital funds and professional investors. The rules of the game on Wall Street were changed.
Despite that, the Reddit community never stopped praising the company. Reddit users pumped up prices and encouraged people to buy the company’s stock in order to drive up prices.
Elon Musk also joined the initiative.
It’s been a while since the stock issue was temporarily resolved, and GameStop’s commercial operations are still sluggish.
The corporation recently impressed many gamers by releasing a new initiative. This time, GameStop is focusing on the crypto area, teaming with the layer-2 Immutable X (IMX) technology to construct a NFT marketplace.
GameStop also confirmed that the creation of an NFT marketplace will bring a positive signal to gamers in this NFT gaming field.
The coming project of GameStop aims to create billions of in-game items that can be easily traded.
GameStop won’t stop, it appears to be very committed to adapt its business strategy in order to pursue the NFT area.