Ethereum Scaling Platform Loopring Soars on New GameStop NFT Partnership
The Ethereum (ETH) layer 2 chain Loopring’s native token LRC is soaring in price today after revealing that the chain is working with the US-based gaming retailer GameStop to develop a new marketplace for non-fungible tokens (NFTs).
At 14:50 UTC, LRC stood at USD 1.14, up 36% for the past 24 hours and 68% for the past 7 days. The gains made LRC today’s best-perming token by a wide margin among the top 100 cryptoassets by market capitalization. LRC is ranked 78th, per Coingecko.
LRC price past 7 days:
According to an announcement from Loopring today, GameStop’s new NFT marketplace, which already exists as a beta version, will be built on Loopring L2, a layer 2 scaling solution for Ethereum based on zero knowledge (zk) rollups.
“Loopring has built the rails for creators to deliver high performance applications that rival the speeds and scalability of Web2, while also empowering users to receive provable ownership and control over their assets in Web3,” the team behind Loopring said.
It added that the expected speed improvements and cost reductions for users will open up the space for designing game-related NFTs in a way that was “recently unimaginable.”
Loopring already supports the minting of NFTs on its layer 2 chain, saying in a tweet last week that more than 1m NFT have so far been minted on the protocol.
- Layer 2 in 2022: Get Ready for Rollups, Bridges, New Apps, Life With Ethereum 2.0, and Layer 3
- Ethereum Classic Jumps 54% In a Week, But History Shows That the Rally May Not Last
- Altcoins in for a Bumper 2022 as Number of Crypto Traders Set to Double – Report