GameStop ETH NFT Market Beta Launched After Loopring Integration

The GameStop ETH NFT marketplace Beta launched with a Loopring integration while the LRC token jumped 34% as we are reading more today in our latest Ethereum news.

Gamestop added Loopring as another scaling partner alongside Immutable X and the Gamestop ETH NFT marketplace will support its layer-2 technology alongside Immutable X. The users can connect a wallet to the Beta version of the marketplace but the trading functionality is not live yet. The video game retailer is embracing the world of crypto as it pivots the business away from physical goods and its long-teased NFT marketplace is taking the final shapes. Today, the retailer launched a limited-functionality beta that is built on ETH’s scaling provider Loopring.

1/ 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. This is in their 8K (image)🖐️🎤 pic.twitter.com/KJdvpfMtNE

— Immutable | $IMX (@Immutable) March 23, 2022

The user can connect an ETH wallet to the platform and will add funds via Loopring’s Layer 2 scaling solution so you can also set a display name and a profile but there’s no NFT trading functionality at present otherwise. Loopring’s layer-2 tech is much faster and cheaper to use and even more energy-efficient than Ethereum’s own blockchain. This is because Loopring uses ZkROllups to bundle thousand of transactions and then commit them to ETH in one mainnet transaction.

The company’s involvement in GameStop NFT plans was leaked a year ago and as a result, the LRC token surged in price, rising more than 200% in the span of the week. However, the official announcement could be focusing on anyone that has been following Gamestop’s NFT developers because, in February, the platform announced that Immutable X will power the NFT marketplace with the retailer establishing a $100 million token incentive fund for the game developers.

Both Layer-2 tech providers will power the NFT initiatives as it turns out. Immutable even tweeted a thread that noted that it is the preferred partner of GameStop for the marketplace and the companies are working to source game developers and launch their NFTs on the platform. Immutable said that it fielded thousands of inquiries from the game makers and NFT creators about an IMX token incentive.

Immutable added that with the Loopring Integration, it didn’t come as a surprise and that the new marketplace will act as an aggregator across the NFT mining platforms but it also seems that Immutable X will get the most focus on the marketplace. Last week, Gamestop announced that its NFT marketplace will launch by the end of the Q2  2022 fiscal year which gives the company a deadline until July to officially launch the NFT initiative.
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