Following the WSJ Exclusive that revealed to the public GameStop’s plans to expand into the NFT market, Barron’s has reported GameStop considered acquiring Loopring.

GMEdd.com first published source code from Loopring’s GitHub repository in October that confirmed the highly-speculated NFT Marketplace partnership amongst the ambitious pioneers was in development.

Prior to this, digital breadcrumbs had led us to that same point, detailing how Loopring has the technology that GameStop would require to bridge traditional e-commerce and blockchain and engineer the revolution of gaming.

the second layer

Connor Smith of Barron’s has corroborated The Wall Street Journal’s claims that GameStop is moving on blockchain partnerships, revealing that GameStop’s crypto plans have been in the works for months, the source told Barron’s, adding that the company has retained top crypto advisors to support its efforts.

When Barron’s questioned the source familiar with matters at GameStop about the Loopring speculation, the source stated that GameStop explored an acquisition of Loopring, but ultimately withdrew from talks amid logistical concerns related to Loopring’s operations in China.

Connor Smith’s tweet on January 6, 2022

Reddit users for months have speculated on whether GameStop had plans to launch something with decentralized financial company Loopring, which backs the LRC token. The person confirmed GameStop explored an acquisition, but said the retailer ultimately withdrew from talks amid logistical concerns related to Loopring’s operations in China.

Barron’s reports that a Loopring representative was not immediately available for comment, although GMEdd.com notes that back in November, Loopring CEO Daniel Wang stated he ‘could not comment on that’ anyway when asked by a reporter about the decentralized finance company’s rumored deal with GameStop.

GameStop withdrawing from acquiring Loopring Technology Limited does not prevent them from utilizing Loopring’s zkRollup Layer2 protocol to power their NFT Marketplace.

Read the full article, ‘GameStop stock surges on nft and crypto plans’ at barron’s

Source: Connor Smith at Barron’s

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After GameStop shares fell to their lowest intraday price since February, the Wall Street Journal reported after-hours that sources at the company claim GameStop’s expansion into the NFT and cryptocurrency markets is launching later this year.

The Wall Street Journal has announced that GameStop is launching a division to develop a marketplace for non-fungible tokens and establish cryptocurrency partnerships, according to people familiar with its plans, pushing the company into much-hyped areas as it tries to turn around its core business.

The retailer has hired more than 20 people to run the unit, which is building an online hub for buying, selling and trading NFTs of virtual videogame goods such as avatar outfits and weapons, according to the people. The company is asking select game developers and publishers to list NFTs on its marketplace when it launches later this year, the people said.

GameStop also is close to signing partnerships with two crypto companies to share technology and co-invest in the development of games that use blockchain and NFT technology, as well as other NFT-related projects, the people said. The retailer expects to enter into similar agreements with a dozen or more crypto companies and invest tens of millions of dollars in them this year, the people said.

By getting into the crypto and NFT space while it is still in its infancy, GameStop hopes to avoid missing out on opportunities to be part of a budding trend as it did with computer-game downloads about a decade ago, the people familiar with its plans said.