The LRC price increased by double digits as the ecosystem expanded and GameStop announced that Loopring will power its NFT marketplace.
A project may separate itself from the competition and attract new users and liquidity to its ecosystem by fulfilling certain requests within the bitcoin community.
Loopring aims to do this by offering a low-cost EVM-based trading platform for DeFi and NFT developers and investors. zk-Rollups are used in the layer-two (L2) scaling technique to facilitate rapid, low-cost transactions and the project gained traction in March.
Despite a jump in its 24-hour trading volume to $2.75 billion, the price of LRC rose 57 percent between March 21 and March 23, according to data from Cointelegraph Markets Pro and TradingView.
The beta launch of the GameStop NFT marketplace on the Loopring network, the infusion of new users, and the rapid growth of the NFT ecosystem all led to the price reversal for LRC.
GameStop has picked Loopring as the platform for their upcoming NFT Marketplace.
The most recent event that led to the increase in demand for LRC was GameStop’s announcement on March 23 that the beta version of their NFT marketplace will be linked to the Loopring network.
GameStop chose Loopring to host its NFT marketplace because the network can manufacture NFTs for a fraction of the cost required on Ethereum, with an average price of less than $1, according to the company.
Beta users may start exploring the marketplace and depositing money right now, in preparation for the platform’s full debut later this year.
The number of users is rapidly increasing
The surge in new users in the Loopring ecosystem, as seen by the network’s record-breaking number of wallets, is a second-factor bolstering LRC’s chances.
The Loopring network’s wallet count surged from 6,498 on Oct. 30, 2021, to an all-time high of 27,092 on March 25 as a consequence of the GameStop announcement, according to Dune Analytics.
The Loopring Smart Wallet’s newest update, which includes the ability to mint NFTs and recover a lost account through social recovery and Guardians, has benefited in the onboarding of new users and wallets.