Months after teasing a non-fungible token (NFT) marketplace was in the works, video game retailer, GameStop (NYSE:GME), has launched the beta version of its NFT marketplace.
The announcement comes one month after GameStop announced a strategic partnership with Immutable X and revealed a $100 million NFT fund.
GameStop Integrates Loopring to Launch its NFT Marketplace
Taking to medium on Wednesday, March 23, the Loopring team announced that the Beta version of the GameStop NFT marketplace was built using Loopring’s layer two (L2) ZK-rollup technology.
According to the Loopring team, the beta version of Gamestop’s NFT market called beta.nft.gamestop.com is now live.
According to Loopring’s head of growth, Adam Browman, GameStop, through its NFT marketplace, seeks to provide “fast, cheap, and secure” access to digital ownership for the masses.
By integrating with Loopring, Browman explains that the GameStop marketplace will allow users to mint NFTs directly on Loopring L2 for “fractions” of the costly gas fees resulting from minting on Ethereum L1, approximately less than $1.
Although the marketplace was launched with limited functions, users can now connect an Ethereum wallet to the platform and add funds via Loopring’s layer-2 scaling solution. However, there’s no NFT trading functionality at present.
On the Flipside
- The impact of the announcement has sent the price of GameStop (GME) shares up by 17.8% today, while Loopring (LRC) has dropped by 5%.
Why You Should Care
The benefits of integrating Loopring’s layer 2 solutions could be pivotal in attracting traders to the GameStop NFT marketplace.
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