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Rumors that video game store $GameStop(GME)$ may team up with Loopring for a non-fungible token (NFT) marketplace could be adding fuel to LRC’s price rally.

CoinDesk data show LRC, the native token of Loopring, a layer 2 scaling protocol for Ethereum-based decentralized exchanges (DEXs), has increased 243% from $0.42 to $1.44 in the past seven days, with the price surging by nearly 40% over 24 hours. Rumors that video game store GameStop may team up with Loopring for a non-fungible token (NFT) marketplace could be adding fuel to LRC’s price rally.

About loopring

The Loopring token (LRC) is the native token of the Loopring protocol, a blockchain-based project that allows developers to build their own decentralized exchanges. The project aims to create an interconnected system of trading platforms where buyers and sellers can access multiple platforms from a single dashboard and be matched together to trade crypto assets. This system makes finding people to buy crypto from or sell to much faster and easier.

Loopring posts quarterly updates, and in August 2021, the platform announced new support for Ethereum-based non-fungible tokens, allowing users to create, trade and transfer unique digital assets with help from the platform.

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What are NFTs?

A non-fungible token (NFT) is a unique and non-interchangeable datum stored on a digital ledger (blockchain). NFTs can be used to represent easily reproducible items such as photos, videos, audio, and other types of digital files as unique items (analogous to a certificate of authenticity), and use blockchain technology to establish a verified and public proof of ownership.

Copies of the original file are not restricted to the owner of the NFT, and can be copied and shared like any file.
The lack of interchangeability (fungibility) distinguishes NFTs from blockchain cryptocurrencies, such as Bitcoin.

Let’s have a look at GME

GameStop (GME) stock carried on the momentum from Monday with the stock rallying another 3% on Tuesday. The Gamestop price touched $211.94 before settling back to close at $206.99. Today, it touchs $255.69.

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The news flow has not changed much over the last 24 hours despite the GME chart looking more and more positive. The COO has
gone with details still sketchy. This does not appear to have been a factor in the recent push higher.

Traders have been circulating talk of a possible shift into NFTs for GameStop, but this recent move has mostly been fundamental and technical. Fundamental in that risk is most certainly back on in financial markets with crypto surging and meme stocks surging higher.

AT LAST

Though GME and NFTs are both hot this year, I don’t think they can achieve ‘value’ in short time. I won’t deny that NFT is one of the most useful ways to decrease plagiarism and fraud, but it is still too new for investors so the risk is enormous.

Do you think this cooperation will bring a new era for GME?

Or you think it’s only a hype?

Leave your comments below, the top five would get 100 tiger coins each!