February 11

What’s LOOPRING? Gamestop NFT Partnership + Price Predictions!

First off, who and what is Loop Ring. Well according to Kraken, “Loopring is a software running on Ethereum that aims to incentivize a global network of users to operate a platform that enables the creation of new types of crypto asset exchanges.” Loopring was founded in 2017 by Daniel Wang, a software engineer based in China. The company uses multiple cryptocurrencies including their own, LRC. They hope to provide high-speed exchanges for lower costs, using technology known as zero-knowledge rollups (zkRollups). According to the Loopring website, “Loopring's objective is to design and engineer the best-in-class zero knowledge Rollup exchange and payment protocol on Ethereum, and to operate products that bring it to users across the world.” Nobody in the Loopring ecosystem needs to trust others. zkRollup assures assets are always under users' own control; 100% Ethereum-level security guarantees. Loopring powers highly scalable decentralized exchanges and payments by batch-processing thousands of requests off-chain, with verifiably correct execution. The performance of Ethereum is no longer the bottleneck. Thus is able to take more advantage of the blockchain. But Loopring performs most operations, including trade and transfer settlement, off the Ethereum blockchain. This dramatically reduces gas consumption and overall transaction cost to small fractions of comparable on-chain cost. Making it not only efficient as hell but is low cost for users. Now Let’s talk about the good stuff, a little rumor mill because this is what’s got Loopring’s price jumping up over 400%. The rumor is Gamestop will launch an NFT marketplace using Loopring technology. Why the excitement? Think about it like this. Gamestop has a shit ton of cash right now. They’re a little old school and need new life. This is where the virtual gaming and the NFT marketplace could come in pretty damn handy. Let me give an example if you’re unfamiliar about what this could look like. Let’s say there are NFT’s that can be bought throughout a game. Maybe that NFT is a weapon or body armor, whatever, and can be used within the game, this one NFT may have some type of advantage or power and the only one that has it is the one that owns that NFT. And the more rare, the more valuable. That’s just one example of how the partnership could work. I know there are hundreds of others. But the future of gaming is going to involve NFT’s. This partnership could breathe an entire new life into Gamestop, assuming they utilize the relationship correctly. Not only should that get Loopring investors excited, it should really be getting Gamestop investors excited too. Not only Gamestop, but right now is a great time for Loopring’s Layer-2 scaling protocols to attract users and businesses as well, to their services. As Ethereum pushes toward new highs, transaction fees naturally rise. Thus, Loopring is an inviting option to traders who want to escape the high prices. So I don’t expect Gamestop to be the only one coming to the party. And Fans of GameStop have been hard at work trying to find details around GameStop’s potential NFT project, and it looks like they’ve found something. Some source code lifted from Loopring’s GitHub profile suggests that the developers are preparing the protocol for an NFT feature, and some of the code seems to mention GameStop. Also in the code are mentions of royalties for NFT creators, which is believed to coincide with GameStop’s teaser for an NFT marketplace, which used the slogan “Power to the players. Power to the creators. Power to the collectors.” #loopring #gamestop #nft

About the author 

Kevin Sting

Kevin Sting is a professional bitcoin miner and crypto trader with over 10 years of experience in cryptocurrency investing. His passion for bitcoin led him to launch a cryptocurrency investing blog at BitcoinHardware.net that provides in-depth information about bitcoin mining and investing in the cryptocurrency market. Kevin is not a financial advisor.

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