Gamestop’s new Ethereum-based NFT marketplace is just under 48 hours in beta and already running higher volumes than Coinbase NFT. What makes that achievement extra special is that GameStop hasn’t even started offering Gaming NFTs yet, which should become the focus of the marketplace.
GameStop is extremely popular
Although the platform is still in beta, it has already reached twice the volume of Coinbase NFT, which has been open since May, after 48 hours. As of Monday’s launch, GameStop has processed NFT for more than 3,167 Ethereum’s worth of transactions. This makes the marketplace good for a trading volume of USD 3.5 million. However, that total only includes the volume of the top 50 collections.
So there is a chance that the total trading volume on GameStop NFT is even higher. Coinbase NFT should be ashamed of themselves in that regard. Since May, it has given the multi-billion dollar company’s marketplace a trading volume of 1,704 Ethereum generated. Compared to the large OpenSea, however, GameStop still has quite a few steps to take.
OpenSea remains the boss
On Wednesday, July 13 alone, OpenSea generated $16 million in volume on the marketplace. In addition, GameStop’s numbers are still pale, but we mustn’t forget that they are literally just getting started. The fact that the company has managed to surpass Coinbase in 48 hours is an achievement in itself. Especially in a market that is not in their favor at the moment.
Since the launch of the NFT marketplace, GameStop stock has risen 10 percent. The stock closed Wednesday at $141.28. However, the infamous meme stock is still down 26 percent from 12 months ago. In fairness, we must say that it has performed “better” than the crypto market.