Crypto bulls and meme stock aficionados both have some news to cheer today. It seems that Loopring (CCC:LRC-USD), an Ethereum (CCC:ETH-USD) token, could have a major role in GameStop’s (NYSE:GME) turnaround plan. As the video game retailer looks for new ways to grow its brand, it wants to plunge into the non-fungible token (NFT) market. If the Loopring crypto news is more than just rumors, it could prove to be huge for both the token and the company. In the meantime, LRC bulls are happy with the token’s gains today.
Loopring is a token based on the Ethereum blockchain. The protocol is one which emphasizes scalability. With more and more users coming to the Ethereum network, transactions become more plentiful. Without the proper means to process these transactions, they can bog down the pipeline and drive transactions fees through the roof. Loopring solves this issue by allowing its users to settle transactions off-chain. This makes transactions faster on-chain, while also allowing Loopring users to escape high Ethereum fees.
Now is a great time for Layer-2 scaling protocols to attract users to their services. As Ethereum pushes toward new highs, transaction fees naturally rise. Thus, Loopring is an inviting option to traders who want to escape the high prices.
Even more appealing for investors in LRC is a new rumor that’s heating up. Chatter among crypto bulls points to the network being a potential partner in the future of GameStop’s NFT rollout.
Loopring Crypto News Points to GameStop Partnership
GameStop is in the middle of a business turnaround; it’s making an effort to expand its business model and justify its $200 share price. One way it is rumored to be doing so is through the roll out of an NFT product. The latest Loopring crypto news points to the Loopring protocol being an integral part of the final product.
Fans of GameStop have been hard at work trying to find details around GameStop’s potential NFT project, and it looks like they’ve found something.
Some source code lifted from Loopring’s GitHub profile suggests that the developers are preparing the protocol for an NFT feature, and some of the code seems to mention GameStop. Also in the code are mentions of royalties for NFT creators, which is believed to coincide with GameStop’s teaser for an NFT marketplace, which used the slogan “Power to the players. Power to the creators. Power to the collectors.”
The rumors nothing more than speculation, but it’s not illogical to believe Loopring and GameStop are working together. Thus, investors are flocking to the LRC token today. LRC prices are up as much as 75% over the last 24 hours.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.