The beta version of GameStop’s NFT marketplace has gone live on Loopring L2.
The marketplace will use the zk-Rollup technology to power its transactions, allowing trades at low cost and high speed.
GameStop will focus on attracting developers and players to use its marketplace, with the aim of becoming a hub for digital economies.
GameStop’s NFT marketplace, which has caused quite a stir in the crypto community over the months, has finally confirmed that it will be using Loopring L2. Loopring’s Head of Growth Adam Browman made the announcement in a blog post published on March 23, revealing that the beta version of GameStop NFT Marketplace had gone live.
Going with the tagline of Power to the Players, the collaboration will see the NFT marketplace of the popular game retailer use Loopring’s L2 non-custodial DEX to power transactions. The AMM is based on the zk-Rollup technology, and can process up to 2,000 transactions per second.
GameStop’s NFT marketplace hopes to become the “destination for new global digital economies,” as it puts it, with the integration. Users will be able to mint new NFTs directly on Loopring L2 for under $1, and Loopring celebrated the fact that over 1 million NFTs have been minted on it since it launched a month ago.
The integration will allow more developers, games, and players to join the market without the worry of high transaction costs and slow transaction speeds. This has been a major pain point for the market and has priced out many individuals and teams. Even blockchain-based games have struggled under heavy transaction loads.
This is a major step forward for GameStop, which set the market alight last year when it was revealed that an NFT feature was arriving. The once struggling retailer has benefited from a community-driven push, and this may just be the first of many positive developments.
GameStop Finds New Life in Crypto Technologies
Ever since the GME incident, which continues to be a phenomenon in the market, GameStop has been progressing positively. Crypto holders and gamers have taken to the retailer with enthusiasm and the foray into NFTs was met with a rapturous welcome.
GameStop is shelling out up to $100 million to fund game developers who use the marketplace. While there haven’t been many releases yet, the popularity of NFTs means that it could turn into something that does have a wide-reaching impact.
The gaming industry is currently deliberating the use of NFTs, with companies like Ubisoft already working with it. Others are not so keen, and there has been a backlash from some parts of the gaming community about the utilization. Still, the industry seems to be interested in changing the revenue model, and NFTs tentatively showcase themselves as a solution.