GameStop is embracing crypto as it moves away from selling real items, and its long-teased NFT marketplace is now taking shape
Gaming store GameStop is embracing the cryptocurrency world as it continues to shift its business away from tangible items. Additionally, the company’s much-anticipated NFT marketplace is now taking shape. Today, the company unveiled a limited-functionality beta version of its website, which was developed on the Ethereum scaling platform Loopring.
Loopring L2 will be utilized by GameStop’s NFT marketplace, which has generated quite a commotion in the crypto world over the last several months. This was verified by the company themselves. A blog post published on March 23 by Loopring’s Head of Growth, Adam Browman, said that the beta version of the GameStop NFT Marketplace had gone online, and that the company had received positive feedback. In keeping with the collaboration’s tagline, “Power to the Players,” the NFT marketplace of the popular game retailer will be powered by Loopring’s L2 non-custodial DEX to power transactions. AMM is built using zk-Rollup technology and has the capability of processing up to 2,000 transactions per second.
Prior to this, digital breadcrumbs had taken us to the same destination, outlining how Loopring’s technology could create a bridge between traditional e-commerce and blockchain, as well as engineer the gaming revolution with its blockchain-based gaming platform. With the announcement of Immutable, another Ethereum Layer 2 NFT Marketplace provider, as a preferred partner in January 2022, GameStop investors were unsure about the role Loopring would play in this transaction going forward.
“The new GameStop NFT Marketplace is built atop the second layer of Ethereum, specifically Loopring L2,” the post states, explaining that the marketplace will inherit Ethereum’s Layer 1 security while vastly reducing gas costs. These statements directly conflict with earlier reports released by GameStop in February, asserting that Immutable X would be creating the marketplace.
Last week, when GameStop released its fiscal fourth-quarter results report, the business stated that it planned to launch an NFT marketplace by the end of July. It was announced by the video game shop that it has employed hundreds of professionals with experience in blockchain gaming, e-commerce, and technology in late 2021.
