This article comes fromDecrypt, Original Author: Andrew Hayward

Odaily Translator | Nian Yin Si Tang

Summary:

This article comes from

, Original Author: Andrew Hayward

secondary titlereleaseSummary:

- GameStop's Ethereum NFT marketplace will support Loopring's Layer 2 technology, as well as Immutable X.

- Users can now connect their wallets to the beta version of the market, but the trading function is not yet live.

As the video game retailer GameStop gradually shifts its business focus from physical goods to the field of cryptocurrencies, its "still holding the pipa half-hidden" NFT market has finally taken shape. Recently, the retailerreleaseA limited-feature beta version of Loopring, an Ethereum-based scaling provider, was launched.

Users can now connect Ethereum wallets (such as MetaMask) to the platform and add funds through Loopring's Layer 2 scaling solution. They can also set display names and profiles, but NFT transactions are not yet enabled.

The company's participation in GameStop's NFT program was last fallpostwas disclosed

Yes, as "Internet sleuths" uncovered references to Loopring technology, among other potential hints, in the evolving marketplace's codebase. Affected by this, the price of Loopring's LRC token once skyrocketed, rising by more than 200% within a week.

Now, however, the official announcement may confuse those following GameStop's recent NFT news. This is because in early February, GameStop announced that Immutable X, also a Layer 2 solution, will provide support for its NFT market, and the retailer and Immutable will also set up a $100 million token incentive fund for game developers.

It turns out that both Layer 2 technology providers will eventually support GameStop's NFT initiative. On March 23, Immutable posted apost, calling itself a "preferred partner" for GameStop's NFT marketplace, the two are working closely with game developers to distribute their NFTs on the platform. Immutable stated that they have received thousands of inquiries from game developers and NFT creators about the incentive mechanism of IMX tokens.Immutable added that Loopring's integration is "not a surprise (we welcome them!)" and that the GameStop marketplace will serve as an aggregator for NFT minting platforms. But in the end it looks like Immutable X will get the most attention in the market.At the time of writing, CoinGecko data shows that Loopring’s LRC token is up 34% in the past 24 hours and is currently trading at $1.12. Immutable's IMX token was up nearly 3 percent at $2.28 (LRC was at $1.07, down 10.1 percent in 24 hours, and IMX was at $2.13, down 4.1 percent in 24 hours, according to latest data).

Last week, amid mixed earnings results for the fourth quarter of 2021, GameStop announced that its NFT marketplacePlanned to launch before the end of Q2 2022. Due to GameStop's fiscal 2021

Just ended on January 29th

Immutable X provided GameStop with substantial payments in IMX tokens as part of the agreement, and within a week of their partnership announcement in February,Completed $200 million in financingGameStop sells $47 million worth of tokens

. The price of IMX fell sharply at the time, dropping as much as 23% in the 24 hours after the news broke.