Jim Cramer’s $10 billion ‘nothing‘ company, GameStop (NYSE:GME), today confirmed its integration with Loopring (LRC), an Ethereum Layer 2 (L2) zero-knowledge proofs (zkRollups) protocol designed to enable high-throughput, low-cost trading of ERC20 tokens and increase the liquidity of token markets into the retailer’s highly anticipated non-fungible token (NFT) marketplace.
The Loopring protocol is programed to be scalable, with the potential to process up to 2K trades a second. In contrast, Loopring claims current Ethereum (ETH) protocols can only process 2-3 trades a second.
Loopring’s Adam Browman, announced on Medium on Wednesday that the long-awaited beta version of GameStop’s NFT Marketplace had gone live. This allows users to set up their usernames and profiles, and add funds to their accounts in preparation for the marketplace’s full launch that’s reportedly coming soon.
Loopring L2 x @GameStop
— Loopring💙🏴☠️ (@loopringorg) March 23, 2022
Browman also said [via ct] that the GameStop-Loopring L2 partnership aims to provide “fast, cheap and secure” access to the legal concept of digital ownership by giving back to market participants.
With over 1 million NFTs already in circulation, Loopring’s zkRollups protocol which now allows users to mint NFTs for under $1, is aiming to become a destination for “new global digital economies.” In addition, the Loopring zkRollup guarantees the same level of security as the underlying Ethereum blockchain when it comes to its users receiving “the strongest digital property rights.”
Over 1 Million NFTs have been minted on Loopring L2 since the launch of open #NFT minting less than a month ago 🥳
— Loopring💙🏴☠️ (@loopringorg) March 18, 2022
GameStop recently partnered with Australian blockchain startup Immutable X, the first L2 scalability protocol for NFT tokens built on Ethereum. The partnership established a fund of up to $100 million for NFT creators and developers.
Immutable X recently closed a $200 million fundraising round led by Singapore’s Temasek, which valued the Sydney-based company at $2.5 billion. Immutable X enables trades with zero gas fees and at a very fast rate.
There were reports last month that the brick-and-mortar game-seller was teaming up with software giant Microsoft (NASDAQ:MSFT) for an NFT games project. However, this has not yet been confirmed as no official word has come about the project.
GameStop shares spiked by 20% Wednesday after billionaire Ryan Cohen disclosed a $10 million investment in the game retailer. The news pushed the stock to print a 17% return on a year-over-year basis.
GME gained $17.86, or 14.50%, by the close of trading Wednesday and changed hands at $141.00 each. Ticker is down $7.31, or 5.18%, in the before-hours session.