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GameStop NFT Marketplace now live and powered by Loopring L2

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GameStop has confirmed its integration with Loopring (LRC), an Ethereum layer 2 zkRollup protocol designed to power decentralized cryptocurrency exchanges, into their highly anticipated NFT marketplace. Adam Browman, Head of Growth at Loopring, announced on Medium on Wednesday that GameStop’s Marketplace beta had gone live.

According to Browman, GameStop, in partnership with Loopring L2, aims to provide the masses with “fast, affordable and secure” access to digital property. They intend to return power to gamers, creators and collectors, with GameStop standing at the “forefront of these new global digital economies.”

He explained how users can now mint NFTs directly on loop ring L2 for “fractions” of the costly gas fees that typically result from minting on L1, say less than $1. The zkRollup loop ring inherits Ethereum L1’s self-custody security to ensure its users “receive the strongest digital ownership.”

Beta users get access to these “massive speed improvements and lower costs” and can deposit before the full launch of the official marketplace, which will reportedly be available soon.

Related: GameStop looks to launch NFT marketplace after big fourth quarter loss

GameStop recently partnered with Immutable X (IMX) for its NFT marketplace and announced a $100 million grant for game creators and developers. At the time, GameStop had specified in a Securities and Exchange Commission report filed on January 28, 2022 that Immutable was the first Layer 2 NFT integration for trading and minting and that Loopring would follow. Immutable X recently closed a $200 million fundraising round that brought the company’s valuation to $2.5 billion.

report about GameStop partners with Microsoft for its NFT marketplace was also circulated last month, but this has yet to be confirmed. GameStop first announced a multi-year strategic partnership with Microsoft in October.

NFT-related announcements tend to impact GameStop (GME) stock price, which is up 15% today to $141.35 per share. Likewise LRC marked a sharp increase in trading volume over the last 24 hours and a price change of 32% at the time of publication.