Loopring (LRC) Surges 55% Amid Release of GameStop NFT Marketplace

The Ethereum Layer-2 protocol Loopring (LRC) surged 55 percent following the launch of the beta version of GameStop’s Loopring-powered NFT marketplace on March 23.

According to CoinGecko, the price of LRC leapt from US$0.80 to just over US$1.20 in under 12 hours. At the time of writing the price is sitting at US$1.08, up around 35 percent from its pre-launch price but still down more than 70 percent from its all-time high.

Loopring Aims For Cheap, Secure, Fast NFTs

The launch was announced by Loopring’s head of growth Adam Browman, who said the new marketplace would make NFTs accessible to all in the gaming community by reducing costs and ensuring security:

The new marketplace built atop Loopring L2 ensures that users receive the strongest digital property rights anchored by a secure, decentralised, and credibly neutral environment like Ethereum. Loopring zkRollup inherits Ethereum’s self-custodial security while abstracting away costly gas fees, leaving no one priced out.

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Adam Browman, Loopring head of growth

Browman also noted that Loopring provides the performance and scalability required to run this kind of marketplace, which he says was, until recently, “unimaginable”.

Launch Sparks New Interest

Interest in Loopring exploded in November last year when rumours first emerged of its involvement in a GameStop NFT marketplace, causing the price to surge to well over US$3 and the number of Loopring Smart wallet app users to boom:

After the initial wave of interest, though, investors started to question the degree of Loopring’s involvement as other layer 2s, such as ImmutableX, were linked with the project. The announcement of this beta marketplace confirms the rumours and may signal further growth for Loopring in coming months.