Loopring (LRC), which is currently rallying, has jumped by more than 39% today, and still maintains its bullish stance.
Loopring traded at $1.17 at the time of writing after a slight retracement of its daily high of $1.21.
We will examine the factors that are causing LRC’s price to rise in this article.
Loopring’s LRC prices are rising.
Before we dive into the current price spike in LRC, it is important that we first define LRC.
LRC, the native token of Loopring protocol, is an open protocol that aims to create a decentralized exchange (DEX), for cryptocurrency.
LRC is their Ethereum-based token.
Now, onto what is fuelling the current LRC price hike, and there the main factor propelling the price of LRC upwards is Loopring’s partnership with GameStop.
Loopring’s partnership with GameStop
Loopring has partnered to GameStop NFT Marketplace to launch the GameStop NFT Marketplace. This partnership has created a lot excitement in the Loopring community, as well LRC token holders.
Loopring joined Immutable X’s NFT Marketplace partnership as an official partner. Immutable X partnered with GameStop’s NFT platform back in early February this year to enable “zero gas fees for trading and minting NFTs in a carbon-neutral environment”.
NFTs, the Metaverse and all of them have become a major force in the world. They have also become the focal point for digital gaming and ownership.
Loopring believes that developers, gamers, and users are being left behind by the high costs. And to keep the players’ power blooming, there is a need to have a new world that is cheap, fast, and secure to its customer. GameStop NFT marketplace ensures that everyone has the best digital property rights. It is anchored by an open, decentralized, secure and credible neutral environment (Ethereum).
According to reports, more than 1 million NFTs had been created on the GameStop NFT Marketplace since the launch.