A beta version of GameStop’s non-fungible token (NFT) marketplace has been launched on Loopring L2 ($LRC), an Ethereum layer-two scaling solution that allows users to transaction for a fraction of the costs the layer-one has.
According to n announcement published by Loopring’s Head of Growth Adam Browman, a beta version of GameStop’s NFT Marketplace is now live, allowing users to set up their usernames and profiles and add funds to their accounts to prepare for the marketplace’s full launch.
The NFT Marketplace is set to see its transactions powered by Loopring’s zkRollups, which inherit “Ethereum’s self-custodial security while abstracting away costly gas-fees, leaving no one priced out.” The platform aims to become a destination for “new global digital economies,” with users being able to mint NFTs on Loopring for under $1.
On social media, Loopring has touted that over 1 million NFTs have been minted on the network so far.
Loopring was founded by Daniel Wang, a China-based software engineer who worked at internet companies including Google and JD.com. It conducted an initial coin offering (ICO) in 2017 in which it raised 120,000 ETH, then worth $45 million. Most of the funds were later returned to the public as regulations around ICOs tightened.
The project is software running on Ethereum to allow exchanges to build on top of it and sidestep the slow speeds and high transaction costs associated with decentralized exchanges on Ethereum’s layer-one. LRC uses zero-knowledge rollups, or zkRollups, to offer faster settlements for traders.
After the announcement, the price of Loopring’s LRC surged more than 34% to now trade above the $1 mark.
In its fourth-quarter earnings report, GameStop revealed it plans to launch its NFT marketplace by the end of July. The firm partnered with layer-2 system Immutable X to launch its NFT plans earlier this year.
The retailer reported a fiscal fourth-quarter loss of $1.94 per share, versus the consensus analyst estimate of an $0.85 gain. The firm said on its earnings call it sees long-term potential in the NFT market.
When GameStop first announced its NFT marketplace it said it expected to include “billions of low-cost, in-game assets.”
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