GameStop NFT Platform’s Layer 2 Plans Sow Confusion

GameStop NFT Platform's Layer 2 Plans Sow Confusion


Key Takeaways

A blog post from Loopring announcing that the beta of GameStop’s NFT marketplace is powered by its scaling solution has sparked confusion.
GameStop had previously partnered with Immutable X to build its NFT trading platform.
Immutable X president Robbie Ferguson confirmed that the GameStop marketplace would act as an aggregator, with NFTs hosted on both Immutable X and Loopring available to trade.

Share this article

The Ethereum Layer 2 solution Loopring has announced that it will power the beta of GameStop’s upcoming NFT marketplace. The announcement conflicts with earlier statements from GameStop confirming that Immutable X is creating the company’s NFT trading platform. 

GameStop Readies New NFT Marketplace

GameStop’s NFT marketplace is gearing up for launch—but it’s unclear which Layer 2 project will power it.

For several months, GameStop has been moving forward with plans to launch an NFT marketplace on Ethereum. According to GameStop’s fourth-quarter earnings release, the company had entered into a partnership with Ethereum scaling solution Immutable X to support the development of its upcoming NFT trading platform.

Binance

However, a Wednesday announcement from Loopring, another Ethereum scaling solution, has sparked confusion over which company is powering GameStop’s NFT marketplace. In a blog post, Loopring stated that the beta version of GameStop’s new marketplace will be built using its scaling solution.

“The new GameStop NFT Marketplace is built atop the second layer of Ethereum, specifically Loopring L2,” the post states, explaining that the marketplace will inherit Ethereum’s Layer 1 security while vastly reducing gas costs. These statements directly conflict with earlier reports released by GameStop in February, asserting that Immutable X would be creating the marketplace.

To clear up confusion over Loopring’s announcement, Immutable X co-founder and president Robbie Ferguson took to Discord to take questions from the community. He explained that GameStop’s new marketplace would act as an aggregator, with NFTs hosted on Immutable X and Loopring available for trade.

Ferguson stated that he expects the “vast majority of NFT trading on GameStop to take place on Immutable X,” citing several games built using Immutable X’s APIs such as Illuvium and Ember Sword that will be among the first to have their NFTs traded there. “Immutable X continues to be GameStop’s preferred partner, and future games will be developed using Immutable X’s API,” he added. 

Loopring’s involvement in GameStop’s NFT platform took the market by surprise, with the LRC token soaring over 41% on the news. Despite some clues, such as Loopring’s Head of Business Matthew Finestone leaving the company for a position as GameStop’s Head of Blockchain in April 2021, it was widely thought that GameStop’s partnership with Immutable X had ruled Loopring out. 

GameStop’s NFT marketplace is set to go live in the second quarter of 2022 and will include integration with Immutable X and eventually several other Ethereum scaling solutions. 

Disclosure: At the time of writing this piece, the author owned ETH, IMX, and several other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

NFT Express: Your on-ramp to the world of NFTs

At Tatum, we’ve already made it super easy to create your own NFTs on multiple blockchains without having to learn Solidity or create your own smart contracts. Anyone can deploy…

GameStop Partners with Immutable X on NFT Initiative

Immutable has announced a new partnership with GameStop to power its NFT marketplace. GameStop Leveraging Layer 2 Technology Immutable has partnered with GameStop to develop its NFT marketplace. Immutable is…

GameStop Plans NFT Marketplace for Q2 This Year

GameStop has published its Q4 and fiscal year 2021 results. In the report, the game company notified the public of its intention to launch its NFT marketplace by the end…

GameStop to Build NFT Platform on Ethereum

GameStop is launching an NFT platform on Ethereum. The company is encouraging game developers and other industry experts to contribute.  GameStop Joins NFT Craze GameStop is getting into NFTs. The…



Source link

Leave a Reply

Your email address will not be published.

Pin It on Pinterest