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The newly launched is not even offering gaming NFTs yet, which will reportedly be the marketplace’s planned core offering.
GameStop’s new Ethereum-based NFT marketplace has yielded impressive results after going live on July 11. The two-day-old platform, which is still in beta, moved over 3,000 ETH just two days after its debut, a figure which is nowhere near that of leading NFT marketplace OpenSea, which recorded $16 million in trading volume on Wednesday alone.
However, GameStop’s Ethereum-based NFT sales records are almost double the all-time trading volume of Coinbase’s NFT marketplace, which has been open since May. Coinbase’s NFT marketplace has seen lackluster performance since its launch, generating a total of 1,704 ETH in trading volume, or roughly $1.8 million, according to the latest data from Dune Analytics.
Coinbase’s NFT marketplace gained 150 active users on its first day but has so far struggled to attract business. The platform, in a bid to change that, has added several new features to the site since launch, but all have proven futile. The company’s NFT marketplace has seen $31,000 in sales since GameStop NFT debuted on Monday, a figure which represents less than 1% of GameStop NFT’s revenue.
According to data published on the marketplace website, GameStop’s Ethereum-based NFT has seen at least 3,167 ETH in trading volume since its launch on Monday. The figure, equaling almost $3.5 million, represents the trading volume for the marketplace’s top 50 collections, the only data publicly available.
The newly launched is not even offering gaming NFTs yet, which will reportedly be the marketplace’s planned core offering. GameStop stock (GME) has risen 10%, since the marketplace was launched on Monday, closing on Wednesday at $141.28.
According to Ars Technica, the revenue for GameStop is small because of the 2.25% commission on its takes on the NFT sales.
GameStop NFT currently offers only artwork NFTs but plans to introduce a line of gaming NFTs, which can be used as interactive elements within video games. GameStop announced a $100 million token incentive fund in February alongside Immutable X, an Ethereum layer-2 scaling solution, to stimulate the creation of video games and other NFT-compatible products.
GameStop previously revealed its planned marketplace launch would come by the end of fiscal Q2 2022, and it achieved that with Monday’s launch. According to a press release, gaming NFTs on Immutable X are “coming soon” to the marketplace and currently teases 13 NFT-compatible games that will have products available on the platform for purchase.
GameStop continues to revitalize its business following years of financial struggles. The company is now led by investor and founder of Chewy, Ryan Cohen, who since taking over, has hired a new group of business executives, including current CEO Matt Furlong, a former employee of Amazon, and Mike Recupero, a different former Amazon executive.