Loopring’s public GitHub repository has leaked code confirming GameStop’s highly speculated partnership with the Ethereum Layer 2 scaling protocol.
On Friday, GMEdd.com published clues that Loopring has the technology that GameStop would require to bridge traditional e-commerce and blockchain and engineer the revolution of gaming.
The following Monday, GMEdd discovered and shared GameStop’s latest NFT job listings, which detailed interest in Web3.0, Blockchain Gaming, and even an NFT marketplace.
Since then, Loopring has been hard at work to prepare for the team’s anticipated Q4 2021 launch, and has pushed new code to its GitHub repository labeled “NFT feature”.
GitHub is a popular platform amongst developers that is typically used for version control. It is helpful when more than just one person is working on a project.
While Loopring made progress towards their NFT Marketplace launch, updates were pushed to a public GitHub repository.
Loopring’s ‘NFT feature’ code reveals several references to GameStop
IPFS is a distributed system for storing and accessing files, websites, applications, and data. IPFS was noted to be used by GameStop previously during their first NFT project reveal.
GameStop uses IPFS to store and share data.
The IPFS URL resolves to a directory with 7 .json files that contain “Hello World” placeholder code in various graphic styles.
Hello World is a common sample text designed to familiarize users with most programming languages.
GameStop has used several stock “Hello World,” images as placeholder NFTs, within an NFT collection titled ‘Styles of Programming’.
Hello, GameStop NFT!
Power to the creators
Also found within the JSON files are references to “creatorRoyaltyBips,” with a value of “500”.
Bips, otherwise known as basis points, are a unit of measure used in finance to describe the percentage change in the value of financial instruments.
One basis point is equivalent to 0.01% (1/100th of a percent) or 0.0001 in decimal form.
A fractional basis point such as the 500 bips referenced in the code is equivalent to 5%.
GameStop’s IPFS details ‘creatorRoyaltyBips’
These findings suggest GameStop’s NFT marketplace will allow for resale of digital assets, including the ability to pay royalties to the original creator on future transactions.
This aligns with the slogan revealed on NFT.GameStop.com from May.
Power to the players.
Power to the creators.
Power to the collectors.
EIP-1155: Putting the Fun in Fungible
The code posted on GitHib reveals that GameStop NFT is built on EIP-1155 which allows the creation of Fungible, Non-Fungible, and Semi-Fungible in one single token standard.
ERC-1155 is a unique token that supports non-fungible (NFTs) and fungible tokens. It’s faster and more efficient than prior iterations.
This allows flexibility to create unique “non-fungible” items, such as rare collectibles, artwork, in-game items and “fungible” items such as in-game currency, points or cosmetic items that can be owned by many people.
The second NFTType reference is to EIP-712, a secure method of signing a transaction on Ethereum.
Stealth Projects Started at Chewy
While at Chewy, Ryan Cohen led the stealth “Project Bear,” committed to disrupting the $9B pet pharma industry. Despite Cohen’s departure 3 months earlier, Chewy did not roll out or even announce the initiative until it was completely ready for launch.
Chewy launched Chewy Pharmacy in July of 2018.
It is likely that GameStop will not make any splashy public reveals about GameStop NFT until the offering is finalized, following the same playbook as Chewy.
Fortunately, CHWYdd.com was unavailable at the time to break Project Bear news before release.
The full application of GameStop’s NFT Marketplace and the kinds of assets that will be offered for trading remains unclear.
Loopring has disclosed a launch date “at some point in Q4 2021,” and the partnership appears keen on disrupting the $150B gaming industry.
As GMEdd.com curated this piece, Loopring’s loopring-web-v2 public repository and IPFS links were taken down, leading our sources to point to archived versions.
Toast, vestro, and Jenna researched and contributed. Toast edited and contributed.
Sources: Loopring on GitHub, nft.gstop-sandbox.com, Winda Tang on GitHub, 1.json, 2.json, 3.json, 4.json, 5.json, 6.json, 7.json, Winda Tang on GitHub, Loopring Github Archive, nft.gstop-sandbox.com, Pet Product News