SNEAK PEEK
- Even being in beta, the two-day-old platform has moved over 3,000 ETH.
- Compared to Coinbase, the new platform of the video game retailer has almost doubled its trading volume.
- GameStop is charging 2.25% commission on its NFT sales.
The new ethereum-dependent NFT marketplace of GameStop is live in beta for a bit more than 48 hours.
The new platform of the video game retailer has already experienced almost double the all-time trading volume of coinbase’s NFT marketplace.
GameStop NFT has recorded around 3,167 ETH in trading volume since Monday. The figure is equivalent to $3.5 million and shows the trading volume for the top 50 collections of the marketplace. This signifies that the total trading volume of GameStop is way higher.
According to the recent data from Dune Analytics, Coinbase’s NFT marketplace has made 1,704 ETH in trading volume which is roughly $1.8 million.
Ever since its launch on the marketplace, GameStop stock has grown by 10%; thereby, closing at $141.28 on Wednesday.
GameStop is taking a commission of 2.25% on its NFT sales and the real revenue for GameStop is small.
At the moment, GameStop NFT provides only artwork NFTs; however, it plans to launch a suite of gaming NFTs to be used as interactive items in video games.
GameStop launched a $100 million token incentive fund with Ethereum layer-2 scaling solution Immutable X in February to assist the development of NFT-compatible video games as well as products.
The marketplace website has stated that gaming NFTs on Immutable X will come soon. For now, it is teasing 13 NFT-compatible games that will have products on the platform and can be purchased.
Upon garnering 150 active users on the first day, Coinbase’s NFT marketplace has faced a tough time in attracting business.
Following its launch, the platform has added several new features to the site; however, they have failed to fetch a sizable customer base.
After the launch of GameStop NFT, Coinbase NFT has processed $31,000 in sales, which is less than 1% of GameStop NFT’s business.
GameStop launched the long-awaited NFT marketplace on July 11. The platform aims to enable creators, gamers and collectors to buy, sell and trade NFTs. Built on the ethereum layer 2 chain, the marketplace is non-custodial. Moreover, the platform enables users to own their digital assets that are stored on the blockchain.
