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GameStop NFT marketplace now beating Coinbase in sales volume

GameStop NFT marketplace now beating Coinbase in sales volume

After months of anticipation, GameStop ultimately released its NFT marketplace the current week. Primarily on the initial day alone, this platform had about 1.8 million dollars in sales. In contrast, the Coinbase NFT marketplace – another NFT platform launched the current year – did just over $1 million in sales in one month. Here is all you need to know about the GameStop NFT marketplace releases.

About the GameStop NFT marketplace

GameStop released its long-awaited NFT marketplace on Monday, July 11. The platform will enable gamers, creators, and collectors to buy, sell, and trade NFTs. This marketplace is noncustodial and built on the Ethereum Layer 2 chain. Basically, the platform allows users to fully own their digital assets stored on the blockchain.

Additionally, users can connect their wallets to the NFT marketplace. Actually, in May of the current year, GameStop released a beta version of its ETH wallet. This wallet enables users to store, send and get both crypto and NFTs. In addition, the wallet is also self-custodial, meaning, customers can enter their assets by their private key.

As reported by on-chain analyst NFTherder, GameStop’s current sales volume is $1,887,360 (at the time of writing. Since their market fee is 2.25%, the company has achieved about $42,000 in transaction fees. As that is not a huge amount for a gaming retail giant such as GameStop, it’s significant considering the present crypto market crash.

Unluckily, as Coinbase also released its NFT marketplace in May the current year, it achieved only 150 users on its initial public day. Furthermore, there were just 150 transactions, amounting to around $75,000 worth of ETH.

Meanwhile, GameStop’s NFT marketplace acted mainly better. However, it remains to be seen how the marketplace will fare against present giants as OpenSea and LooksRare eventually.

In only two days, GameStop’s NFT Marketplace sales beat Coinbase’s (Updated 16 July 2022)

The number of trades on GameStop’s new Ethereum-based NFT market has already surpassed the number of trades on Coinbase’s NFT market.

The video game store’s NFT marketplace, which has been open for less than 48 hours, is bigger than Coinbase’s NFT marketplace, which has been online since May.

The gaming NFTs that are supposed to be the main feature of GameStop’s NFT marketplace are not yet available.

Since its launch on Monday, at least 3,167 ETH have been traded on the GameStop NFT platform, according to market website statistics. This number is about $3.5 million and shows how much the top 50 collections on the marketplace are traded.

Since it got off to a bad start, Coinbase’s NFT marketplace has seen a total of 1,704 ETH, or about $1.8 million, in trades. Early on, GameStop NFT hasn’t done as well as OpenSea or other big NFT markets.

Since Monday, when the market opened, GameStop stock (GME) has gone up by 10%, and on Wednesday it closed at $141.28.

NFTs are digital or physical assets that are backed by the blockchain. GameStop’s NFTs are backed by the Ethereum blockchain.

GameStop NFT only sells art NFTs right now, but they plan to make a set of gaming NFTs that can be used as interactive things in games.

The first week of sales at GameStop’s NFT Marketplace eclipse Coinbase Volume (Updated July 21, 2022)

The video game store’s marketplace opened with a weekly sales volume of $7.2 million, with the MetaBoy collection being the best seller so far.

GameStop’s non-fungible token (NFT) marketplace is proving to be a hit with JPEG collectors. Since its launch on July 11, it has done more than 5,000 ETH (about $7.2 million) in trading volume, which is more than double the all-time NFT volume of competitor Coinbase.
Out of those early sales, 1,200 ETH, or about $1.7 million, came from the project MetaBoy, which has been the top collection on the market since it opened. On its first day, the market traded 1,831 ETH, which is about $2.7 million. Since then, daily sales have steadily gone down.

Dune Analytics says that since Coinbase’s competing product went on sale to the public on May 4, it has only sold 1,913 ETH, which is about $2.8 million.

The problems with Coinbase NFT began early on, when even the volume data from its private beta showed that it wasn’t doing very well. After the company fired more than 1,100 people in June, the problems with the Coinbase marketplace have also been looked into.

GameStop’s NFT shop is likely more popular because of the brand’s loyal fans than because of the technology of the market. On NFT Twitter, most people have good things to say about the market, while Coinbase and its larger company image have been going in the opposite direction.

Also, GameStop is successful even though its marketplace fee is 2.25 percent, while Coinbase continues to offer trading with no fees to attract new users.

GameStop has put out more Web3 products than just the marketplace in the past few months. In May, GameStop released its own crypto and NFT wallet, which boosted its stock price for a short time. The company also has a $100 million gaming fund that it announced with Immutable X in February and used for the back end of the marketplace.

According to data from DappRadar, both marketplaces are still a long way behind the market leader, OpenSea, which sold $120 million worth of ETH in the last week.

About Nicolle

She is an Indian Freelance writer. She loves thinking, learning, and writing about all things Web3.

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