There has been a lot of rumors circulating in the tech community regarding the Loopring Gamestop announcement. Although it has yet to be confirmed by neither Gamestop, nor Loopring’s CEO Daniel Wang. However, the talks of a collaboration between these two organizations sent the tech community into a whirlwind.
What Is Loopring?
The Loopring Foundation is a Shanghai-based non-profit organization. It was developed by software engineer, Daniel Wang, to build an open-sourced and non-custodial decentralized exchanges protocol (DEXs).
Loopring uses a zkRollups protocol built on top of Ethereum’s layer2. It’s designed to be a solution to Ethereum’s scalability. By settling any computations needed off Ethereum’s chain.
The computations required for transactions to be complete are batch-processed using the zkRollups protocol. Once users’ data have been matched off-chain, the transactions are then settled on Ethereum’s blockchain. Ethereum’s on-chain transactions require high energy consumption and have inflated gas fees. Therefore, by developing the layer 2 protocol, Loopring managed to create a highly scalable blockchain, that can take advantage of Ethereum’s secure transactions. Loopring’s founders own pride over the fact that it can process up to 2000 transactions per second and can achieve near-instant finality.
What Is Gamestop’s Announcement?
Back in May, Gamestop became the talk of news outlets when they created a website to announce that they’re accepting job offers. Why is that interesting? Well, the first thing you see when you open the website are the words “Gamestop NFT.”
So what are NFTs? An NFT is a non-fungible token. In other words, it is a unique crypto-token, that contains digital assets, (such as art, music, videos, etc.) which cannot be copied. NFTs are a way to prove ownership for a certain unique digital asset.
When Gamestop published the website for the world to see, they essentially announced that they’re expanding their niche into an NFT marketplace. A gaming company expanding into the crypto world is something that’s been long waiting to happen. The job listing includes requirements of interest in Web 3.0, NFTs, and knowledge of the Ethereum layer 2 environments. In return, this caused the internet to speculate whether Gamestop is using Loopring’s tech to create their soon-to-be established NFT marketplace.
Will there be a Loopring Gamestop Collab?
Many crypto fanatics have been scouring the internet to find enough evidence that the Loopring Gamestop announcement is something on the verge of occurring. Some have already started staking the Loorping coin in hopes that once the announcement is released, the prices of LRC will soar.
One Twitter user said, “Loopring is going to be massive once this GameStop announcement comes through. I’m doing my best to build up a stake now before it takes off.”
So, what is the evidence we have so far about the Loopring Gamestop announcement? Well, the first key to the puzzle would be when Matt Finestone, Loopring’s former head of business, announced his departure to work on a “once-in-a-lifetime” project, but he has yet to give any information about it. However, he did mention that it concerns the Ethereum blockchain. After his departure, Gamestop hired Finestone to be their new head of blockchain.
Furthermore, the second key would be when a Reddit user made the realization that a deposit of 61.3 million LRC coins, estimated worth of $150 million, was made on the Loopring exchange protocol.
The payment was apparently made by Loopring’s CEO, Daniel Wang. The sum of Loopring coins was then transferred from Ethereum’s layer 1 blockchain to layer 2. Understandably so, this only added more fuel to the speculations made by Reddit and Twitter users.
More evidence that suggests some truth to the rumors is when Loopring’s leaked codes, which seem to mention Gamestop, were found on Github.
Although, some Reddit users believe that these Github excerpts were faked by individuals who may want to manipulate the market. Many more Reddit users believe that there is enough evidence to support these two organizations being in cahoots.
How Did The Loopring Gamestop Announcement Rumors Affect LRC Price?
Before the Loopring Gamestop announcement rumors started to circulate, LRC had an estimated price of $0.40.
You can see from the graph above around the time the Loopring Gamestop announcement speculations began, LRC saw an increase in its price. In 2 weeks alone, LRC’s price jumped by 260% making it cost around $1.43. Around a week after that, LRC managed to hit its all-time high value of $3.92 on November 10th. So, in just 7 days, the altcoin’s price increased by 174.13%. Whereas, for the entirety of November, LRC managed to oversee an estimated increase in its price by 384.44%. As of today’s date, it is valued at around $2.56.
What Are The Latest News On NFTs?
Gamestop isn’t the only organization expanding its niche into the NFT world. The hype around NFTs combined with their future potential, caused several huge organizations to follow in pursuit.
GAP’s NFT Drop
The massive apparel company, Gap, recently developed its first business venture into NFTs. It collaborated with Brandon Sines, creator of Frank Ape, to launch its first NFT auction for their limited-edition classic hoodies. Gap’s NFTs are built on top of the Tezos blockchain, and are split into 4 categories; Common, Rare, Epic, and One-of-a-Kind.
The retail giant already dropped its first NFT collection “Rare Metallics” on January, 15th. And dropped its second NFT collection, “Epic Frank Ape,” on January 19th. Whereas, its third NFT drop, the “1-of-a-kind auction” collection, will take place on January 24th at 9 am PT.
Twitter’s Latest NFT Feature
In addition to Gap’s NFT collection, Twitter is testing a new update for its users. The recent feature allows Twitter users to connect their crypto wallet to their account and authenticate the NFTs displayed on their profile pictures. If you come across a Twitter user with a hexagon-shaped profile picture, then the owner of the account would be the official holder of the NFT displayed.
Although this may seem like a cool way to display the NFTs you own, some people are already voicing their concerns. Due to the fact that, the new feature works for any NFT in your collection, not just verified ones. Which means that anyone can save the NFT you own, mint it, and display it on their profile picture as their own NFT. Nonetheless, this new feature is still in its testing process and has only been implemented for Twitter Blue subscribers.
It seems like the entire internet is anxiously waiting for the Loopring Gamestop announcement to drop any second now. Nonetheless, both sides mentioned in the speculations have yet to confirm or deny the rumors. Although there seems to be sufficient evidence to support the allegations. Nonetheless, anything could be fabricated in a technological-filled era.
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Sally is a student of International Business Management and is interested in topics related to blockchain technology. She is an author for gBlogo’s “Crypto World” column and provides insight on topics related to cryptocurrencies and NFTs.