GameStop Corp (NYSE:GME)'s non-fungible token (NFT) marketplace is live and powered by Loopring L2, according to Cointelegraph.
The beta version of the NFT marketplace is available and the official launch is expected soon.
Loopring is an Ethereum Layer 2 (L2) protocol that “powers highly scalable decentralised exchanges and payments” according to its website.
L2 protocols refer to a secondary framework that is built on an existing network.
Adam Browman, Loopring’s head of growth is quoted as saying the partnership aims to provide “fast, cheap and secure” access to digital ownership by giving back to players, creators and collectors.
Users can mint NFTs for significantly cheaper on Loopring L2 compared to L1, with minting costing less than US$1, Cointelegraph added.
Minting is the process of turning digital files into crypto collectibles.
Beta users of GameStop’s marketplace will get access to improved speeds and lower costs and can make deposits ahead of the full launch, which is yet to be confirmed.
GameStop also partnered with Immutable X, an L2 protocol for NFTs on the Ethereum blockchain this January for its marketplace.
The company behind the famous meme stock rally is also rumoured to be teaming up with Microsoft for its NFT marketplace, having announced a multi-year strategic partnership last October.