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GameStop’s NFT Marketplace Opening Week Sales Eclipses CoinBase Volume

source-logo  coindesk.com  + 1 more 19 July 2022 20:16, UTC

Video-game retailer GameStop’s non-fungible token (NFT) marketplace is proving to be an early hit among JPEG collectors, doing over 5,000 ETH (around $7.2 million) in trading volume since its launch on July 11, according to data compiled by CoinDesk.

Of that early success, sales volume of 1,200 ETH (around $1.7 million) has been from the project MetaBoy, the marketplace’s top collection since the launch. On its opening day, the marketplace had trading volume of 1,831 ETH (around $2.7 million), with daily sales steadily declining since then.

GameStop’s marketplace has now more than doubled the trading volume of its competitor product from crypto exchange Coinbase, which has done just 1,913 ETH (around $2.8 million) in sales since its public launch on May 4, according to data from Dune Analytics.

The Coinbase NFT woes began early on its lifecycle, with volume data from even its private beta proving underwhelming. The Coinbase marketplace failures have also been the subject of scrutiny after the company laid off over 1,100 employees in June.

Read more: What Are NFTs and How Do They Work?

The popularity of GameStop’s NFT shop can likely be attributed more to the brand’s loyal following than the marketplace’s technology. Sentiment around the marketplace on NFT Twitter has largely been positive, while Coinbase and its larger company image has trended in the opposite direction.

Furthermore, GameStop’s success comes despite its 2.25% marketplace fee, while Coinbase continues to offer zero-fee trading to attract new users.

Read more: Coinbase's Market Share Tumbles to Less Than 3%: Mizuho

The marketplace isn’t the only Web3 product that GameStop has rolled out in recent months. In May, GameStop launched its own crypto and NFT dedicated wallet, which briefly pumped its stock price. The company is also sitting on a $100 million gaming fund it announced in partnership with Immutable X, which it tapped for the marketplace’s backend, in February.

Both marketplaces remain a good distance away from the industry leading platform OpenSea, which saw $120 million in ETH sales in the past week, according to data from DappRadar.


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