GameStops Ethereum NFT Sales Dwarf Coinbase NFT in two days

by James · July 13, 2022

GameStop’s new Ethereum-based NFT marketplace has been live in beta for just over 48 hours. It does not even offer game NFTs yet, which it will the marketplace’s planned core offer.

Nevertheless, the video game retailer’s new platform has already seen almost double the trading volume of Coinbase’s NFT marketplace, which has been open since May.

Since Monday’s launch, GameStop NFT has seen at least 3,167 ETH in trading volume, according to data published on the marketplace’s website. This figure, which is equivalent to almost $ 3.5 million, represents the trading volume of the marketplace’s top 50 collections, the only data that is publicly available, which means that GameStop’s total trading volume across the market is likely to be higher.

In contrast, since that matt launchCoinbase’s NFT marketplace has generated a total of 1704 ETH in trading volume, or approximately $ 1.8 million, according to the latest data from Dune Analytics.

Of course, GameStop NFT’s early performance pales in comparison to leading NFT marketplaces like OpenSea, which did $ 16 million in trading volume on Wednesday alone.

But the fact that the video game retailer has so quickly exceeded the volume of times on a Web3 native $ 12 billion company like Coinbase in the NFT area is not insignificant.

Since the market launch on Monday, GameStop (GME) has risen 10%, closing at $ 141.28 on Wednesday. (The infamous meme stock is still down 26% in the last 12 months.)

NFTs are blockchain-based tokens that show ownership of digital or physical assets, and GameStop’s NFTs are on the Ethereum blockchain. The company takes a commission of 2.25% on NFT sales, such as Ars Technica notes that the actual revenue for GameStop so far is small.

GameStop NFT currently only offers art NFTs, but intends to launch a suite of NFT games, which can be used as interactive elements in video games. In February, GameStop launched a symbolic $ 100 million incentive fund with Ethereum layer-2 scaling solution Immutable X to support the development of NFT-compatible video games and products. The marketplace website notes that NFT games on Immutable X “are coming soon”, and are now 13 NFT compatible games that will have products available on the platform for purchase.

Coinbase’s NFT marketplace has meanwhile struggled to attract business acquired 150 active users on the first day. The platform has added a number of new features to the site since its launchbut they have largely failed to attract a significant customer base.

In the time since GameStop NFT launched on Monday, for example, Coinbase NFT has processed $ 31,000 in sales: it is less than 1% of GameStop NFT’s business.