• 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. 

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. 

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. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Binance Coin Price Prediction: Two things need to happen for BNB to hit $450

Binance Coin Price Prediction: Two things need to happen for BNB to hit $450

Binance Coin price could be running out of gas to continue its massive rally. While the last five days have been exciting times for holders, the following days will need to be closely monitored. The threat of a downswing looms for BNB.

More Binance Coin news

Litecoin Price: Two reasons why $100 LTC is not coming anytime soon

Litecoin Price: Two reasons why $100 LTC is not coming anytime soon

Litecoin price embarked on an incredible rally after the FTX-induced crash bottomed on November 9. Due to the explosive moves, many investors are in profit. However, for a further extension of this move, a minor retracement might be necessary.

More Litecoin news

Does Goldman Sachs stock market forecast apply to Bitcoin?

Does Goldman Sachs stock market forecast apply to Bitcoin?

Goldman Sachs, a multinational investment bank, revealed In a note to investors a gloomy outlook for stock markets in 2023. The analysts believe that a short-term drop in the S&P 500 is likely. Bitcoin, however, has been highly correlated with the stock market.

More Bitcoin news

Crypto.com price tightens, hinting at a 20% upswing

Crypto.com price tightens, hinting at a 20% upswing

Crypto.com price shows a tight consolidation with higher lows, suggesting a build-up of bullish momentum. Investors can expect a 20% rally from the current position to $0.0785 in the coming week. A daily candlestick close below $0.0612 will invalidate the bullish outlook for CRO.

More Crypto.com news

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis