- This launch allows users to create usernames and profiles and deposit funds on the platform.
- GameStop chose to launch the marketplace on Loopring because it is secure, cheap, and fast.
- Immutable X will continue serving as the preferred partner for GameStop’s marketplace.
Electronics retail company GameStop has rolled out the beta version of its non-fungible token (NFT) marketplace on Loopring, an Ethereum Layer 2 (L2) zkRollup scaling protocol. Loopring announced this development through a blog post on March 23, noting that this launch allows users to test the platform. By integrating Loopring L2, GameStop seeks to return power to creators, players, and collectors.
According to the blog post, the Loopring L2 integration will help GameStop offer the strongest digital property rights powered by a secure, decentralized, and neutral environment like Ethereum. Loopring zkRollup features Ethereum’s self-custodial security.
However, unlike Ethereum, it features low gas fees and fast transactions. On top of this, it is more energy-efficient than Ethereum. Loopring achieves this by bundling thousands of transactions together and adding them to the Ethereum mainnet as a single transaction.
At the moment, the GameStop marketplace allows users to create their usernames and profiles. The platform also allows users to connect an Ethereum wallet to make deposits. However, users cannot trade any NFTs for now.
Loopring’s Head of Growth, Adam Browman, commented on this development, saying,
We believe that today marks an important inflection point for the entire NFT space, and we are excited to be a part of what’s to come.
This news confirms rumors of Loopring’s involvement in GameStop’s NFT marketplace, which surfaced in November last year. At the time, LRC, Loopring’s native token, gained over 200% in a week. After yesterday’s announcement, the token surged from $0.8079 to $1.21. LRC has since experienced a downward correction to trade at $1.09 at the time of writing.
GameStop leaves followers confused
While Loopring was initially rumored to power GameStop’s NFT marketplace, the electronics retail giant announced a partnership with Immutable X in February. The deal involved Immutable X setting up a $100 million fund in its native token IMX to offer NFT creators grants to build on the GameStop platform.
Per the announcement, the deal also involved Immutable X becoming a layer-2 partner and platform for GameStop and its NFT marketplace, which is expected to launch in Q2. With Loopring announcing that GameStop is building its marketplace atop its protocol, it contradicted this statement.
To clear things up, Immutable X took to Twitter to say,
Immutable X is powering GameStop’s NFT marketplace as their preferred partner - together we are sourcing, building and investing in a world-class pipeline of gaming content to deploy on to the GameStop marketplace using the Immutable X protocol.
The company added that it has already handled thousands of games and NFT projects and games that applied to its $100-million fund. Immutable X further noted that Loopring’s integration was not a surprise, adding that it welcomes them aboard the project.
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