Quick Summary
- Loopring’s price is skyrocketing after Gamestop said it wants to launch an NFT marketplace and partnered with Loopring. The price of LRC went from $0.78 to more than $1.2 in a matter of just one day.
After the recent Gamestop NFT marketplace unification, the Loopring price increased by 50%, and its sustained ecosystem growth will result in more double-digit improvements for the LRC price. A method for a project to stand out from the competition and attract new users and liquidity to its ecosystem is to meet multiple needs within the cryptocurrency community.
related: Vitalik Buterin Is Slamming The NFT Empire
Increase in prices
Loopring’s price has increased by 50% since the Gamestop integration and the company hopes to expand even more by providing an Ethereum Virtual Machine-based solution with minimal costs where DeFi and NFT developers can transact. It’s no surprise that the scaling solution, which uses zk-Rollups to enable rapid and low-cost transactions, gained some traction in March.
The price of LRC increased by more than 57% since March 21. Its price rose from $0.78 to $1.23 as the trading volume soared to $2.75 billion. The beta release of the GameStop NFT marketplace on the Loopring network, the inflow of new users, and a fast-developing NFT ecosystem are three factors that have contributed to the price reversal for Loopring (LRC).
Loopring – upcoming NFT Marketplace
The disclosure on March 23 had linked the beta version of Gamestop’s NFT marketplace with the Loopring network was the most significant and recent event that helped to drive the spike in demand for LRC.
According to GameStop, it picked Loopring to host its NFT marketplace because the network can manufacture NFTs for a fraction of the cost of ETH, with the average price being less than $1. Beta users can start browsing the marketplace and depositing funds, in anticipation of the platform’s official launch, which is scheduled in the near future.
Increase in user growth
A second factor pulling LRC upward is the surge in new users in the Loopring ecosystem, as evidenced by the network’s record-high number of wallets. The wallet count of the Loopring network climbed from 6,498 on October 30, 2021, to an all-time high of 27,092 on March 25, according to data from Dune Analytics, as the GameStop announcement helped begin a new wave of users.
The Loopring Smart Wallet’s recent release, which includes the ability to mint NFTs and recover a lost account via social recovery and Guardians, has also aided in the onboarding of new users and wallets into the ecosystem.
Conclusion
Loopring is the future of NFTs. In the future, it will be provided with ETH virtual machine-based solution. The platform’s official release will be soon. Every investment and trading decision has its own risks, so do your homework before making a decision.
more to read
Technical Analysis: A Beginners’ Guide
WAM As The Most Innovative P2E Crypto Gaming Platform
BAYC’s ApeCoin Highlights Power Problem With NFTs
NFT World News Social Media: Twitter, Instagram, Telegram, Tiktok, Youtube
sources: dcforecasts, cointelegraph
author: Rene Remsik, Hafiz Awaiw
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
