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Loopring ($LRC) Recently Released Its Beta Edition For Gamestop’s NFT Marketplace

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  • The company posted a loss of $1.94 per share in the fiscal fourth quarter, compared to a $0.85 gain predicted by analysts. On its results call, the company stated that it believes the NFT market has long-term potential.
  • The price of Loopring’s LRC jumped more than 34% after the news, and it now trades above $1. GameStop confirmed its plans to launch its NFT marketplace by the end of July in its fourth-quarter earnings release.
  •  It held an initial coin offering (ICO) in 2017 and raised 120,000 ETH, which was worth $45 million at the time. As ICO restrictions tightened, the majority of the monies were returned to the public.

Loopring L2 ($LRC), an Ethereum layer-two scaling solution that allows users to transact for a fraction of the cost of layer-one, has launched a beta version of GameStop’s non-fungible token (NFT) marketplace.

Initial Coin Offering (ICO) In 2017 And Raised 120,000 ETH Which Was Worth $45 Million

A beta version of GameStop’s NFT Marketplace is now live, according to an announcement made by Loopring’s Head of Growth Adam Browman, allowing customers to create usernames and profiles, as well as add funds to their accounts, in preparation for the marketplace’s official debut.

Loopring’s zkRollups will power the NFT Marketplace’s transactions, which inherit Ethereum’s self-custodial security while abstracting away costly gas-fees, leaving no one priced out. Users will be able to mint money on the site, which intends to become a hub for new global digital economies.

Loopring boasted on social media that the network has coined over 1 million NFTs so far.

Loopring was founded by Daniel Wang, a software engineer from China who previously worked at Google and JD.com. It held an initial coin offering (ICO) in 2017 and raised 120,000 ETH, which was worth $45 million at the time. As ICO restrictions tightened, the majority of the monies were returned to the public.

The project is Ethereum software that allows exchanges to build on top of it, avoiding the poor speeds and high transaction costs that come with decentralised exchanges on Ethereum’s layer-one. LRC employs zero-knowledge rollups, or zkRollups, to provide traders with speedier settlements.

A Loss Of $1.94 Per Share

The price of Loopring’s LRC jumped more than 34% after the news, and it now trades above $1. GameStop confirmed its plans to launch its NFT marketplace by the end of July in its fourth-quarter earnings release. To unveil its NFT intentions earlier this year, the company worked with layer-2 system Immutable X.

The company posted a loss of $1.94 per share in the fiscal fourth quarter, compared to a $0.85 gain predicted by analysts. On its results call, the company stated that it believes the NFT market has long-term potential. When GameStop first launched its NFT marketplace, it stated that billions of low-cost, in-game assets will be available.

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