Market

Loopring CEO remits 61.3 million LRC to GameStop’s upcoming NFT. to support

On November 16, a $ 61.3 million LRC transaction valued at $ 164.8 million moved from Layer-1 to Layer-2 on the loop ring network. The crypto community speculates that this could be a move to support the upcoming GameStop (GME) NFT market.

LRC transaction from CEO Loopring | The source: Etherscan

The Reddit user “Prof_Dankmemes” discovered this transaction and to say The address used in the transaction is “linked” to Loopring CEO and founder Daniel Wang. This person stressed that it could be a personal sum.

As of this writing, it’s also worth noting that the GME in LRC is worth around $ 500,000.

In October, GameStop announced the hiring of a developer for an NFT platform, which immediately sparked heated discussions among investors. The vacancies for this initiative require knowledge of the NFT market, Ethereum and Ethereum’s Layer 2 solutions.

Loopring offers a Layer 2 scaling solution, and many think it is a line of liquidity that can support GameStop’s NFT market. In other words, the $ 164.8 million liquidity for the Layer 2 platform will aid GME’s efforts to seek out Layer 2 solutions. GameStop rumors have seen LRC prices skyrocket in the past few weeks.

Price LRC | Source: Tradingview

Prof_Dankmemes admits that this is pure speculation at this point. But also an interesting analysis, and the next few months will give us the answer.

Could GameStop’s NFT marketplace be the next big thing?

GameStop revealed its foray into the NFT back in April of this year and released introductions mentioning cryptocurrencies and NFTs. The game industry is ready to take advantage of the technologies and valuable in-game assets, and the in-game economy is well placed to implement them.

The success of Axie Infinity and its NFT transaction is testament to the value of in-game technology. Many established gaming companies also want to benefit from this, and discussions about this are heating up in the industry.

As one of the largest game retailers in the world, GameStop could benefit greatly from such a feature. There haven’t been any notable updates on it however, it remains to be seen how it works. The rollout of the NFT marketplace may be inevitable, and as more partners and NFT builders get involved, it could lead to unexpected successes.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

47 minutes ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

1 hour ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

2 hours ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

2 hours ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

3 hours ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

3 hours ago

This website uses cookies.