- GameStop has announced a partnership with Ethereum scaling network Loopring (LRC) to create new NFTs and enter the Web3 gaming world.
Global video game retail giant GameStop has officially announced the launch of its NFT marketplace in beta, the platform will replace the digital collectibles marketplace. Looping (LRC) chose to build on it. The news that the project will be supported by the layer-2 solution fueled a bullish narrative for both LRC and GME prices.
Loopring posted double-digit gains
The price of LRC surged as much as 41.2 percent after the news was announced that the Ethereum layer-2 scaling solution is collaborating with electronics giant GameStop to create an NFT market. The beta launch of the platform will allow users to create profiles and deposit funds.
Loopring’s head of growth, Adam Browman, announced in a blog post earlier today that the beta launch of the long-awaited NFT marketplace has taken place, with the full release coming shortly.
Believing that NFTs have become mainstream, Browman stated that the industry’s accessibility remains low due to high costs and that users need to access the NFT paradigm quickly, cost-effectively and securely in order to increase adoption, and said Loopring could be the solution.
“The new project has the potential to be at the forefront of this new paradigm and become the target of global digital economies.”
The GameStop partnership with Loopring aims to provide low-cost accessibility to drive global NFT adoption. As GameStop’s NFT marketplace is powered by an Ethereum scaling solution, users enjoy security with low gas costs.
the future of #NFTs are here + they’re powered by #Ethereum‘s second layer
Loopring L2x @GameStop
Power to the players.
Power to the creators
Power to the collectors.#L222🌀https://t.co/0gdvKLivfp— Loopring💙🏴☠️ (@loopringorg) March 23, 2022
The partnership with Loopring will provide GameStop’s NFT market with the high performance capabilities as well as the speed and scalability of Web2 and ownership of Web3-like assets.
Analysts are bullish on LRC
Crypto analyst and trader Kevin Svenson evaluated the Loopring price trend and stated that he predicts the altcoin will lead the altcoin season rally. Svenson believes Loopring could be one of the most moving cryptocurrencies since the altcoin has recently bottomed out.
IF we get an $bottom-Season sometime soon I think $LRC could be one of the top movers. This one usually moves up with tons of velocity. Currently bottomed out.
Also, @loopringorg is one of my favorite Layer2 solutions for $ETH during times of high fees#Bitcoin #Crypto pic.twitter.com/rZL4uMS43E
— Kevin Svenson (@KevinSvenson_) March 23, 2022
Analysts at YouTube channel Gerhard-Bitcoin Strategy noted that the momentum in Loopring price has changed since the beginning of 2022. The analyst noted that he noticed a bullish signal on the Loopring price chart as the altcoin crossed the 36-day simple moving average.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.