NFTs + Gaming? How Gamestop and Loopring MAY change the world.

NFTs + Gaming? How Gamestop and Loopring MAY change the world.

For a while now, Loopring has been teasing and hinting through Twitter about developing an NFT marketplace.

Recently, part of the code leaked on Loopring’s public Github repository that shows an NFT feature code referencing GameStop. However, now you can find an official GameStop NFT page that announces they’re “building a team”. Take that as you will 😉

GameStop is currently looking for exceptional individuals to fill various positions to run their NFT platform and Web3 gaming – so people are encouraged to submit profiles and previous work. But, how did this come to be?

Why would GameStop launch a NFT marketplace, and how will this change anything? Continue reading to know all about the potentials of this new venture by GameStop!

 

How an NFT gaming marketplace could change the future

Not long ago, GameStop’s stocks rose exponentially due to a wave of traders on Reddit’s WallStreetBets forum betting for GameStop, causing a halt in trades for short-sellers betting against it and then gaining big banks off it. GameStop decided to use this massive inflation in its stock prices and fame to further diversify its business model.

It has taken up a huge transformation strategy, with Ryan Cohen imagining a revitalized image for GameStop that sits well with their new tech-savvy following.

Not many details have been revealed thus far, but as far as we know from the analysis of the code leak on Github, it is launching an NFT platform to expand beyond gaming using CryptoArt. It’s possible, that they may try to revive GameStop’s popularity amongst gamers and maintain a new following by catering to the newfound love for Non-Fungible Tokens online with Loopring.

 

What is Loopring?

Loopring is an Ethereum based open protocol used to build decentralized exchanges; it operates assets of smart contracts that allow users to exchange assets and make settlements across various exchanges. Loopring uses multiple cryptocurrencies as well as its own LRC cryptocurrency to provide for various exchange platforms. In addition, it claims that exchanges built on its platform to evade slow transactions and high costs on Ethereum through a new type of cryptography known as zkRollups i.e. zero-knowledge rollups.

zkRollups allows for faster settlements and transactions for traders because it does not settle trades on Ethereum’s blockchain but enables Loopring exchanges to complete necessary processes elsewhere. Thus, reducing the volume of transactions that Loopring exchanges submit to the Ethereum Network, increasing speed and reducing trades costs.

 

Why Loopring for NFTs?

There are some really good reasons behind why GameStop may chose Loopring as a partner to develop an NFT marketplace.

Few companies are well-reputed and able to handle deals of this extent to the degree Loopring is in terms of technology and functionality. In addition, it has the lowest fees available while maintaining high-speed transactions and unmatched security.

The GME head of Blockchain, Matt Finestone, worked at Loopring, and he is an expert in Blockchain, Cryptocurrency, Loopring, and zkRollups. Additionally, Loopring is an Ethereum layer 2 scaling solution, which has caused Ethereum and the LRC token prices to skyrocket.

 

The Connection And Beneficial Relationship Between Gamestop And Nfts

Ever since GameStop amassed a cult-like following of vigilant Redditors, who monitor their stocks waiting for their moment to strike again, it has seen and pulled the opportunity to grow further by the leg. Even though GameStop holds a special place in the gaming community’s hearts, they hope to become even bigger and better by making their place in the NFT world.

Just the rumors of their new NFT platform being underway caused a stir and caused stock and ETH and LRC prices to shoot up.

Just imagine the impact they will have when they actually bring Web3 gaming and NFTs to their dedicated followers. The potential of GameStop’s NFT marketplace is looking extremely optimistic right now and extremely beneficial to both gaming and NFT communities. Furthermore, NFTs in video games might pave a pathway for blockchain technology to lead to mass adoption of cryptocurrencies and their affixes.

When?

Many people argue that the NFT platform is expected to launch very soon, as it has been countlessly hinted to launch in Q4 2021 by Loopring itself via Twitter.

Redditors have also been claiming to buy GME shares when it is launched, and it is expected that the Web3 marketplace will much greater when more people use it and talk about it.

If you are an investor, don’t miss the chance and keep your eyes peeled for a potentially lucrative venture mingled between gaming and non-fungible tokens. There is so much to look forward to, and we can only wonder what happens after GameStop NFT launches.

 

TechImperatives.net