GameStop’s GME stock was up 10% as well.
LRC, the native token of Ethereum scaling network Loopring, soared in digital-asset markets on Wednesday after the blockchain project shared an update on its partnership with GameStop, the video game retailer whose volatile and sometimes coordinated price action in early 2021 made it a darling of meme stock traders.
The LRC token’s price rose 34% over the past 24 hours to $1.14. The gain was the biggest of the day among cryptocurrencies with a market capitalization of at least $1 billion, according to the data provider Messari.
According to a blog post by Loopring’s head of growth, Adam Browman, and published early Wednesday, “the GameStop NFT Marketplace has taken its first steps to welcome users, and it is built atop Loopring!”
The new project “has the potential to cement itself at the forefront of this new paradigm and become the destination for global digital economies,” Browman wrote.
Users can get early access to the project now to set up usernames and profiles as well as making deposits, according to the post.
Loopring is classified as a “layer 2” or “L2” blockchain project, designed to handle speedy and low-cost transactions alongside the Ethereum network, which is categorized as a “layer 1” or “L1” blockchain.
“You can mint NFTs directly on Loopring L2 for fractions of the costs of minting on L1 (less than $1) while inheriting Ethereum L1 security,” Browman wrote.
Loopring and GameStop
When GameStop reported its fiscal fourth-quarter earnings last week, the company announced that it intended to launch an NFT marketplace by the end of July. The video game retailer said it had hired dozens of people in late 2021 with experience in blockchain gaming, e-commerce and technology.
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