Loopring price explodes after partnering with GameStop
- Loopring price posts 40% gains overnight, as the zkRollup powers GameStop NFT marketplace.
- GameStop announces a partnership with Loopring to create new NFTs and enter the Web3 gaming paradigm.
- GameStop's digital collectibles marketplace is now live; the global video gaming giant chose to build on layer-2 first.
The global video gaming retail giant GameStop has officially announced the launch of its NFT marketplace in beta. The project is powered by layer-2 solution Loopring, fueling a bullish narrative for LRC and GME prices.
Loopring posts double-digit gains, powers GameStop's NFT marketplace
Loopring price is up 41.2% overnight as the Ethereum layer-2 scaling solution teams up with electronics giant GameStop to build an NFT marketplace. The platform's beta launch allows users to create profiles and make deposits.
Adam Browman, Head of Growth at Loopring, announced the long-awaited NFT marketplace beta launch and revealed that the full version would arrive shortly. Browman believes that NFTs have become mainstream; however, accessibility remains low due to high costs. Users need fast, cheap and secure access to the NFT paradigm for higher adoption.
The GameStop partnership with Loopring aims to achieve low-cost accessibility to drive global NFT adoption. Since GameStop's NFT marketplace is powered by an Ethereum scaling solution, users enjoy security while low gas costs.
The partnership with Loopring offers high-performance capabilities to GameStop's NFT marketplace while providing it the speed and scalability of Web2 and ownership of assets like Web3.
The future of #NFTs are here + they're powered by #Ethereum's second layer
— Loopring☠️ (@loopringorg) March 23, 2022
Loopring L2 x @GameStop
Power to the players.
Power to the creators
Power to the collectors.#L222https://t.co/0gdvKLivfp
Kevin Svenson, a crypto analyst and trader, has evaluated the Loopring price trend and predicted the altcoin would lead the alt season rally. Svenson believes Loopring could be one of the top movers as the altcoin bottomed out recently.
IF we get an $Alt-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.
— Kevin Svenson (@KevinSvenson_) March 23, 2022
Also, @loopringorg is one of my favorite Layer2 solutions for $ETH during times of high fees#Bitcoin #Crypto pic.twitter.com/rZL4uMS43E
Analysts at the YouTube channel Gerhard-Bitcoin Strategy noted that the momentum in Loopring price has shifted since the beginning of 2022. The analyst identified a bullish signal on the Loopring price chart, as the altcoin crossed the 36-day simple moving average.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
