GameStop NFT Marketplace Launch Sends Ethereum-Based Altcoin Exploding

NFTs Stride Farther with Crypto

There is a lot of exciting news going around the crypto space in recent times and the latest of them all is involving NFTs too. As you would have observed, the growth of NFTs has been at record levels and increasing in popularity with the trajectory moving rapidly upwards of recent.

Price Explosion Hits Altcoin Built on Ethereum Blockchain

It has been recently reported about GameStop, the well-known video games retailer that it will be going with all its energy assets into the world of non-fungible tokens. This new move was announced after the company concluded a set of partnerships involving blockchain technologies in the space of two months.

With regards to reports emanating from the popular web platform, the Daily Hodl, a layer-2 protocol Loopring recently made an announcement concerning the release of GameStop’s Beta version NFT platform that was built on its blockchain. It is said to now be live for those who want to sign up early and deposit funds.

A full launch is said to be expected in the near future and it is important for potential users to take note, according to the company. In a recent blog post, Loopring has said that the expensive charges connected with NFT transactions are the major barrier against new entries into the community and for new traders. The blog post went on to say that NFTs have generally become foundational pieces for the gaming space and the growing metaverse. Nevertheless, gamers, developers, and users generally are being priced out of the new basics in the digital order. The company advocates that access to the means of entry should be fast, less expensive, and secure for the mass of people.

Furthermore, the post continued by revealing that the new marketplace that was built on Loopring L2 is made to ensure that all users will receive the strongest rights for digital properties hung on a secure, credibly neutral, and decentralized environment like Ethereum.

The entirety of Loopring is firmly built on the Ethereum blockchain and it uses zero-knowledge proofs to make sure that there is absolute privacy for users. It is equally important to know that Loopring also transacts on public blockchains.

Another equally important thing that should be mentioned is that LRC holders are able to earn rewards for staking, aside from fees decentralized exchanges built with Loopring’s protocol pay.

At the time of putting this together, Ethereum was trading in the green zones and price at $3042.

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