GameStop's NFT marketplace first week sales surpasses Coinbase volume

According to data, GameStop's non-fungible token (NFT) marketplace is quickly becoming popular among NFT collectors.

Since its inception on July 11, it has done over 5,000 ETH (about $7.2 million) in trade activity, more than double rival Coinbase's total NFT traffic.

From that early success, the project MetaBoy, which has been the marketplace's top collection since debut, has generated sales volume of 1,200 ETH (about $1.7 million).

The market saw $2.7 million worth of trading volume on its first day, but since then, daily sales have been steadily declining.

According to data from Dune Analytics, the competing offering from cryptocurrency exchange Coinbase has only generated 1,913 ETH (about $2.8 million) in purchases since its general release on May 4.

The problems with Coinbase NFT started early in the project's life cycle, with volume data even from its private beta proving disappointing.

After the business let go of over 1,100 employees in June, the Coinbase marketplace's shortcomings have also come under investigation.

More so than the technology of the market, GameStop's NFT shop's appeal is probably due to the brand's devoted fan base.

While Coinbase and its bigger brand image have trended in the opposite direction, market sentiment on NFT Twitter has been generally positive.

Additionally, Coinbase continues to offer zero-cost trading to entice new users, whereas GameStop continues to succeed despite charging a 2.25% marketplace fee.

GameStop has released several Web3 products in recent months in addition to the marketplace. GameStop introduced its own dedicated cryptocurrency and NFT wallet in May, which briefly increased the value of its stock.

The business also has a $100 million gaming fund that it unveiled in February in collaboration with Immutable X, which it hired to handle the marketplace's back end.

Both marketplaces are still far behind OpenSea, the market leader, which sold $120 million worth of ETH in the previous week, according to statistics from DappRadar.

The Latest News