On November 16, a $ 61.3 million LRC transaction valued at $ 164.8 million moved from Layer-1 to Layer-2 on the loop ring network. The crypto community speculates that this could be a move to support the upcoming GameStop (GME) NFT market.
LRC transaction from CEO Loopring | The source: Etherscan
The Reddit user “Prof_Dankmemes” discovered this transaction and to say The address used in the transaction is “linked” to Loopring CEO and founder Daniel Wang. This person stressed that it could be a personal sum.
As of this writing, it’s also worth noting that the GME in LRC is worth around $ 500,000.
In October, GameStop announced the hiring of a developer for an NFT platform, which immediately sparked heated discussions among investors. The vacancies for this initiative require knowledge of the NFT market, Ethereum and Ethereum’s Layer 2 solutions.
Loopring offers a Layer 2 scaling solution, and many think it is a line of liquidity that can support GameStop’s NFT market. In other words, the $ 164.8 million liquidity for the Layer 2 platform will aid GME’s efforts to seek out Layer 2 solutions. GameStop rumors have seen LRC prices skyrocket in the past few weeks.
Price LRC | Source: Tradingview
Prof_Dankmemes admits that this is pure speculation at this point. But also an interesting analysis, and the next few months will give us the answer.
Could GameStop’s NFT marketplace be the next big thing?
GameStop revealed its foray into the NFT back in April of this year and released introductions mentioning cryptocurrencies and NFTs. The game industry is ready to take advantage of the technologies and valuable in-game assets, and the in-game economy is well placed to implement them.
The success of Axie Infinity and its NFT transaction is testament to the value of in-game technology. Many established gaming companies also want to benefit from this, and discussions about this are heating up in the industry.
As one of the largest game retailers in the world, GameStop could benefit greatly from such a feature. There haven’t been any notable updates on it however, it remains to be seen how it works. The rollout of the NFT marketplace may be inevitable, and as more partners and NFT builders get involved, it could lead to unexpected successes.
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