Loopring Takes Off On Rumors of Powering GameStop NFT Marketplace

There are a lot of signs pointing towards GameStop launching an NFT marketplace on Loopring (LRC), and that's being reflected in the price.

Photo by Tine Ivanič / Unsplash
Photo by Tine Ivanič / Unsplash

Since GameStop’s short squeeze earlier this year captured the attention of the internet, the company has been trying to figure out how to capitalize on all the attention. One of the things they hinted at was getting involved into NFTs---they even started listing roles for engineers and analysts familiar with cryptocurrencies. There was no clear announcement for what this project would be, some guesses were minting NFTs or adding tokens to their platform. Now those rumors are picking up more steam as code from Loopring, a zkRollup L2 scaling solution built on top of Ethereum, has leaked code that points towards them being involved in an NFT marketplace for GameStop.

In April Loopring’s Head of Business, Matthew Finestone, left the company and joined GameStop as the Head of Blockchain. In his letter to the community, Finestone wrote about the opportunity saying “I view it as a once-in-a-lifetime, perfect-timing, far-reaching opportunity/challenge that I need to pursue for its own sake, and for my personal development. I cannot give more information at the moment, but I will be sure to do so when the time is right — I hope in the order of a few months. This opportunity will keep me firmly in the blockchain (Ethereum) space...”

Loopring (LRC) is up nearly 200% since these rumors came out last week, and is currently sitting at a market cap of $1.8B.