The Ethereum (ETH) layer 2 chain Loopring’s native token LRC is hovering in value right now after revealing that the chain is working with the US-based gaming retailer GameStop to develop a brand new market for non-fungible tokens (NFTs).
At 14:50 UTC, LRC stood at USD 1.14, up 36% for the previous 24 hours and 68% for the previous 7 days. The positive aspects made LRC right now’s best-perming token by a large margin among the many prime 100 cryptoassets by market capitalization. LRC is ranked 78th, per Coingecko.
LRC value previous 7 days:
In keeping with an announcement from Loopring right now, GameStop’s new NFT market, which already exists as a beta model, can be constructed on Loopring L2, a layer 2 scaling resolution for Ethereum based mostly on zero information (zk) rollups.
“Loopring has constructed the rails for creators to ship excessive efficiency purposes that rival the speeds and scalability of Web2, whereas additionally empowering customers to obtain provable possession and management over their property in Web3,” the crew behind Loopring mentioned.
It added that the anticipated velocity enhancements and price reductions for customers will open up the area for designing game-related NFTs in a means that was “not too long ago unimaginable.”
Loopring already helps the minting of NFTs on its layer 2 chain, saying in a tweet final week that greater than 1m NFT have to this point been minted on the protocol.
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