Gamestop Stock Rises 5% After Loopring Leak On GitHub
Yesterday, Loopring developer W. Tang uploaded some code to GitHub that contains meta data for Gamestop, sparking speculation that the gaming retailer is to form a partnership with Loopring to create its own NFT marketplace.
Axie Infinity Proved The Concept
Now that some gaming companies are looking to repeat the success of Axie Infinity, GameStop is taking steps to evolve into more than just a retail video gaming chain. Last week, we reported on GameStop’s job posts involving not only nft.gamestop.com deployment but Web 3.0 development as well.
Web 3.0 represents many innovations, but blockchain integration is arguably at the top of the list as the key tech behind it. MetaMask’s wallet is a good example of Web 3.0 as it seamlessly connects users’ crypto funds to blockchain-powered services — be they NFT marketplaces, or DeFi farm yielding protocols. In short, in a Web 3.0 future, your digital wallet would be your unique information for logging into websites, marking a departure from using email addresses and passwords.
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GameStop’s NFT Marketplace To Use Loopring
GitHub, which was bought by Microsoft for $7.5 billion in 2018, is a platform for coders to collaborate on developing software and tech products.
The published code also reveals IPFS references – InterPlanetary File System. IPFS is one of the key components for current Web 3.0 infrastructure and is used for decentralizing data sharing and storing. As such, it could prove to be a firece competitor for Web 2.0 cloud storage, such as Amazon Web Services (AWS) and Cloudflare.
According to GMEdd, GameStop will use IPFS to manage and store its data. The IPFS URL listed in the GitHub code leads to a repository of seven .json files with “Hello World” as NFT placeholders.
Moreover, it looks like GameStop will implement ERC-1155 tokens. As part of development for ETH 2.0, Ethereum developers created this token to combine the features of both ERC-20, standard ETH-based tokens, and ERC-721, the standard for NFTs.
Because these two tokens are incompatible with each other, ERC-1155 was created as a hybrid smart contract that can host multiple types of tokens simultaneously – both fungible and non-fungible. This is on top of its heightened security feature that verifies whether a transaction has been executed, reverting the tokens to issuer control if the verification fails.
What Is Loopring (LRC)?
Loopring is a Layer 2 solution for Ethereum for use with decentralized exchanges (DEXes) and payments. Its transaction speed of at least 2,025 trades per second could go a long way to satisfy market demand. In addition, Loopring uses zkRollups (zero-knowledge rollups) to avoid high transaction fees.
With zkRolloups Gamestop could avoid Ethereum’s high gas fees, which have frustrated users of OpenSea when the network is congested with lots of transactions. High fees can often create a stumbling block for newcomers who wish to affordably explore DeFi and make small ETH transactions.
New Altcoin Season Is Heating Up
Recently announced NFT integrations, from Meta (Facebook) to TikTok and GameStop, have initiated a significant buying pressure in the markets.
In turn, this gives altcoins a new tailwind, especially those related to NFTs and blockchain gaming metaverses. Now, on the back of the GameStop GitHub leak, Loopring (LRC) has joined them with a 115% rally over the last week.
While it is true that buyers must sell their assets to realize their gains, the rate of adoption suggests the bullrun for the crypto market is starting to heat up.
Are you excited to see a Gamestop NFT marketplace? Let us hear your thoughts in the comments below.