GameStop’s Beta NFT Marketplace With Loopring
The video game retailer announced a marketplace for digital collectibles powered by blockchain technology earlier in March 2022. As EWN reported, the platform was in partnership with the Ethereum layer 2 scaling protocol Loopring.
Loopring deploys zero-knowledge (zk) rollup technology to deliver faster throughput and transaction processing while also offering low gas fees. Layer 2 protocols like Loopring are supposedly becoming increasingly popular on Ethereum as a working solution to combat network congestion and high transaction costs.
The retail giant previously announced plans to build its marketplace with another layer 2 scaling solution – Immutable X. At the time, the pair also unveiled a massive $100 million fund earmarked for studios building NFT-powered gaming experiences with plans to launch on GameStop’s platform.
Milestones meant to trigger the release of more funds were also included in the deal. Immutable X planned to dish out another $150 million in IMX tokens for achievements in sales and trading volume at the time.
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