- GameStop’s NFT, a video-game retailer, shortly after its launch have successfully created a hype.
- The collection has collected over 5,000 ETH worth approx. $7.2 million in trading volume.
- A series of events have contributed in shattering the big player image of Coinbase.
Launched on June 11, GameStop’s NFT (non-fungible token) is already proving to be a success, especially among JPEG collectors. For the uninitiated, GameStop is a video-game retailer. Since its inception, it has collected more than 5,000 ETH (around $7.2 million) in trading volume. It has doubled the all-time NFT volume of Coinbase, revealed data by CoinDesk.
The project MetaBoy has contributed around 1,200 ETH (around $1.7 million) in sales volume, the top collection of the marketplace since its launch. Though the daily sales of the marketplace have witnessed a steep decline continuously since its opening day. The marketplace recorded a trading volume of 1,200 ETH (around $1.7 million) on its opening day. Meanwhile Dune Analytics data shows the sales of the competing product from Coinbase on the day of its public launch, May 4. The sale was just 1,913 ETH (approx. $2.8 million).
The great distress of the Coinbase NFT began quite early. The volume data collected from its private beta wasn’t impressive. Meanwhile Coinbase cutting 1,100 employees from its staff in June also had adverse effects on its marketplace.
The hype around GameStop’s NFT shop is majorly because of the brand’s following instead of the marketplace’s technology. The image of Coinbase as a large company is close to shattering but the sentiment around NFT Twitter is quite positive. Even after charging a whopping 2.25% marketplace fee, GameStop has proved to be quite successful. On the other hand, Coinbase is still a zero-fee trading platform luring new users. In other development, GameStop has also launched its own crypto and NFT dedicated wallet in May. As a result its stock price experienced a slight increase.
Source: https://www.thecoinrepublic.com/2022/07/20/gamestops-nft-marketplace-collects-7-2-million-in-its-opening-week-surpasses-coinbase/