Loopring (LRC) is currently rallying and has jumped by over 39% today and still maintains a bullish stance.
At the time of writing, Loopring was trading at, $1.17 after a slight retracement from a daily high of $1.21.
In this article, we shall look at what is causing the price of LRC to rise.
Why is Loopring’s LRC price rallying?
Before we take a deep dive into the current LRC price surge, it is important to first explain what LRC is.
In a nutshell, LRC is the native token of the Loopring protocol, an open protocol designed to build a decentralized exchange (DEX) for cryptocurrencies.
LRC is its 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 with GameStop NFT marketplace to launch the GameStop NFT marketplace; something that has definitely led to a lot of excitement within the Loopring community and LRC token holders.
Loopring has joined Immutable X as an official partner of GameStop on its NFT Marketplace initiative. 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 and the Metaverse, in general, have grown to become a force to reckon with around the world and they have become the center of attraction for digital ownership and gaming.
Loopring believes that many developers, users, and gamers have been left out because of 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. The GameStop NFT marketplace will ensure that all users get the best digital property rights that are anchored by a decentralized, secure, and credible neutral environment (Ethereum).
According to reports, over 1 million NFTs have already been minted on the GameStop NFT marketplace after the launch.
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