Altcoin Built On Ethereum Explodes Following GameStop NFT Marketplace Launch

The crypto space is seeing more and more exciting moves these days and the latest ones involve the NFTs as well. As you probably know by now, NFTs have been growing in popularity and the trend continues upwards these days.

It’s been just reported that the video-game retailer GameStop is going full force into the non-fungible token (NFT) arena. This is coming after securing a pair of blockchain partnerships in less than two months.

Recently, according to the latest erpots coming from the online publication the Daily Hodl, layer-2 protocol Loopring (LRC) announced that the beta version of GameStop’s new NFT platform built on its blockchain is live for early sign-ups and fund deposits.

It’s also important to mention that we can expect a full launch forthcoming in the near future.

Loopring explained in a new blog post that the high fees associated with NFTs have been a barrier to entry for many would-be participants.

“NFTs are widely becoming a foundational piece for gaming and the coming metaverse. However, developers, gamers, and users continue to get priced out of this new primitive in digital ownership. Access needs to be fast, cheap, and secure for the masses.”

The same notes continue and reveal the following:

“The new marketplace built atop Loopring L2 ensures that users receive the strongest digital property rights anchored by a secure, decentralized, and credibly neutral environment like Ethereum.”

Loopring is built on Ethereum (ETH) and utilizes zero-knowledge (ZK) proofs to ensure users’ privacy. It’s also important to note the fact that it is doing this while transacting on public blockchains.

Another essential issue that is worth mentioning is that holders of native token LRC can earn staking rewards from the fees paid by decentralized exchanges (DEXs) built using the Loopring protocol.

Regarding ETH, at the moment of writing this article, ETH is trading in the green and the coin is priced at $3,042.