GameStop NFT’s daily fee income dips below $4K as gloom infects markets
Daily revenue for GameStop’s NFT marketplace has fallen below $4,000, suggesting that interest in the platform has waned significantly since its launch in mid-July.
According to data from DappRadar, GameStop NFT generated $166,800 worth of sales volume in the last 24 hours. With the platform only charging a 2.25% fee on NFT sales, that figure equates to just $3,753 in revenue over that time.
DappRadar’s limited data on GameStop seems to confirm that the numbers have indeed plunged to around $2000 as trading volume has pumped 91.23% in the last day.
The latest numbers mark a significant drop from the project’s first full day of business on July 13, with NFT sales volume of $1.98 million, which equates to about $44,500 in fees.
At the time of writing, the HyperViciouZ project on GameStop has generated the largest 24-hour sales volume of 29.78 Ether (ETH) worth approximately $47,841. In comparison, OpenSea’s top-selling project during that time frame is Pudgy Penguins with 860.8 ETH, or 1.37 million dollars.
Wider doom and gloom
GameStop isn’t the only part of the NFT world currently struggling. According to NFT Price Floor data, the BAYC floor price has fallen a whopping 19% since the start of August to 68.48 ETH ($109,900) as of August 22, while the MAYC floor has plunged 28.6% to 11.2 ETH ($17 986) ).
Since BAYC and MAYC’s respective floor prices of 153.5 ETH and 41.2 ETH in May and April, the floors have fallen 55% and 72% each.
NFT analysts warned that $55 million worth of NFTs were at risk of being liquidated on BendDAO last week.
The BendDAO platform enables users to deposit NFTs and borrow ETH against the bottom price of the assets. The loans amount to around 30-40% of the deposited NFT floor price, but if the price falls so low that the loan equals 90% of the floor price, the depositor has 48 hours to pay off the loan to avoid the NFT being liquidated and sold at auction.
The platform represents this threshold as a health indicator where a score below 1 triggers the NFT liquidation process. As of last week, there were at least 20 loans against BAYC NFTs that had a health indicator that fell dangerously close, below 1.01, and many more for Mutant Ape Yacht Club (MAYC) NFTs as well.
At the time of writing, two BAYC NFTs have been liquidated this week and put up for auction, while 10 are playing with fire with health indicators ranging from 1.01 to 1.06. However, it is half the figure from last week, which suggests that the situation has improved.
In terms of loans against MAYC NFTs, there are currently 14 at serious risk of liquidation with health indicators ranging from 1.01 to 1.03. There are also 13 that have recently been liquidated and are up for auction on BendDAO.
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So far this month, the floor price of other top NFT projects like CryptoPunks has also dropped quite a bit. Despite rising from 68.3 ETH on August 1st to 77.4 ETH on August 4th, the CryptoPunk floor has since returned to 66.45 ETH ($106,518).
