American retailer GameStop has launched a platform for NFT trading built on Loopring, an Ethereum-based second-layer solution.
The future of #NFTs are here + they’re powered by #Ethereum‘s second layer💙
Loopring L2 x @GameStop
Power to the players.
Power to the creators
Power to the collectors.#L222🌀https://t.co/0gdvKLivfp— Loopring💙🏴☠️ (@loopringorg) March 23, 2022
The protocol uses ZK-Rollups technology to scale and to secure transactions at the Ethereum level, according to the statement.
Minting NFTs on Loopring will cost under $1 per unit, while on the base chain costs can be up to 100 times higher, the partners noted.
GameStop NFT Marketplace is available to users in beta, with a full launch planned in the near term.
Following the news, Loopring’s token (LRC) price jumped to $1.23 (Coinbase) from around $0.85, a rise of almost 45%.
In February, GameStop announced the creation of a marketplace in collaboration with the Australian startup Immutable on its own Ethereum-based second-layer solution.
In March, the company clarified that the platform will begin operating by the end of July, and partners have established for it a joint fund of $100 million in IMX tokens.
GameStop intended to launch a trading NFT marketplace and its own token was announced in May 2021.