The value of LRC, the native token of Ethereum-based scalability resolution Loopring, has jumped by as much as 35% after the protocol formally announced its integration and the launch of GameStop’s non-fungible token (NFT) market beta yesterday.
Loopring L2 x @GameStop
— Loopring💙🏴☠️ (@loopringorg) March 23, 2022
“The brand new [GameStop] Market constructed atop Loopring L2 ensures that customers obtain the strongest digital property rights anchored by a safe, decentralized, and credibly impartial setting like Ethereum,” wrote Adam Browman, Loopring’s head of development.
“Loopring zkRollup inherits Ethereum’s self-custodial safety whereas abstracting away expensive gas-fees, leaving nobody priced out.”
Shortly after the announcement was made, the value of LRC surged from roughly $0.85 to only over $1.2, based on crypto metrics platform CoinMarketCap.
At press time, the token’s value cooled off a bit, falling again to about $1.10—nonetheless considerably larger than yesterday’s ranges.
Making NFTs extra accessible
In accordance with Loopring’s announcement, its zero-knowledge rollup resolution would permit “creators to ship excessive efficiency purposes that rival the speeds and scalability of Web2, whereas additionally empowering customers to obtain provable possession and management over their belongings in Web3.”
Notably, Ethereum’s second-layer rollup options permit to take the load off the mainnet by batching a number of transactions collectively and processing them off-chain.
“These large pace enhancements and decrease prices open up the design area for NFTs and gaming that have been lately unimaginable,” Browman added.
“Now you can mint NFTs immediately on Loopring L2 for fractions of the prices of minting on L1 (lower than $1) whereas inheriting Ethereum L1 safety.”
As Crypto reported, online game and electronics retail community GameStop has beforehand teamed up with Immutable X, a Layer-2 NFT resolution on Ethereum, to launch a brand new $100 million NFT market. Notably, rumors of this taking place first began flying round in October 2021 as customers found some amended code in a Loopring Github commit.