Loopring announced that it’s partnering with GameStop, but that doesn’t mean GameStop is breaking up with Immutable X.
Covered:
- Loopring Announcement Boosts LRC Token
- How A Potential GameStop Loopring Immutable X Throuple Will Work
Loopring Announcement Boosts LRC Token
The future of #NFTs are here + they’re powered by #Ethereum’s second layer💙
Loopring L2 x @GameStop
Power to the players.
Power to the creators
Power to the collectors.#L222🌀https://t.co/0gdvKLivfp— Loopring💙🏴☠️ (@loopringorg) March 23, 2022
After months and months of speculation, Loopring (ticker symbol LRC) officially announced through their Medium blog that it has partnered with video game retailer GameStop. According to Ethereum scaling solution’s announcement, GameStop will launch its NFT marketplace atop Loopring.
The surprise news gave their LRC token a big boost. It’s up 40% in the last 24 hours, currently trading in the 1.16 USD range. However, the token’s rise has slowed thanks to some confusion over Loopring’s role in the upcoming NFT marketplace.
Loopring announced that the GameStop NFT marketplace (beta) is now live, built on Loopring L2. LRC rose nearly 40%. However, GameStop previously announced that it had launched NFT market with Immutable X and sold a lot of IMX. https://t.co/bmYqW4nDap
— Wu Blockchain (@WuBlockchain) March 23, 2022
Immutable X, which is also a layer-2 scaling solution similar to Loopring, was tapped by GameStop to build its NFT marketplace back in February. Immutable X made the relationship official by providing GameStop with IMX tokens — the video game retailer promptly sold a significant amount of IMX.
No such exchange has been reported yet between Loopring and GameStop. Not to mention, GameStop hasn’t announced* that it’s looped in Loopring into their NFT marketplace development. That’s not to say that the partnership isn’t happening. There could be a whole host of reasons GameStop is taking its time (for ex. clearing potential hurdles with the SEC).
Though, it should be noted that GameStop Chairman Ryan Cohen scooped up a lot of GameStop shares during after hours yesterday.
Recommended: Did GameStop Just Steal From The Poor?
How The GameStop Loopring Immutable X Throuple Will Work
As was previously reported, GameStop was rumored to be partnering with two crypto projects. So adding in Loopring at least solves that mystery. But the question remains how exactly both projects will work together, especially considering that they both utilize ZK Rollups. Immutable X, for one, contends it’s still GameStop’s main squeeze.
“Immutable X is powering GameStop’s NFT marketplace as their preferred partner – together we are sourcing, building and investing in a world-class pipeline of gaming content to deploy on to the GameStop marketplace using the Immutable X protocol,” Immutable X said via Twitter today.
They also added that they were “not surprised” by Loopring’s addition to the NFT Marketplace. So they appear cool with spicing things up.
Based on Immutable X’s announcement from February, it’s possible that Loopring’s contention that the marketplace is being built on top of them is true because Immutable X didn’t claim the marketplace was being built on top of their protocol.
“The @Immutable X L2 protocol will be powering @GameStop’s upcoming NFT marketplace w/ security, speed, 100% carbon neutrality & zero gas fee. Our integration will allow current & future NFT projects/ economies to access more liquidity & gaming content w/ mainstream users,” Immutable X said back in February.
When pressed by their followers, Immutable X didn’t explain what exactly their role will be in this new setup. However, some speculated it might have something to do with Immutable X’s relationship with play-to-earn games like Gods Unchained.
Sorry can you explain to me what’s happening are they integrating imx or lrc?
— CryptoKay (@kayvainVoss) March 23, 2022
Recommended: GameStop’s Future Is Tied To Ethereum NFTs
Updated:
*GameStop confirmed after press time — by way of responding to our poll — that the NFT marketplace will, in fact, be on Loopring.
Our current Layer 2 marketplace is built upon Loopring. – SMRT
— GameStop (@GameStop) March 23, 2022