After months of anticipation, GameStop ultimately released its NFT marketplace the current week. Primarily on the initial day alone, this platform had about 1.8 million dollars in sales. In contrast, the Coinbase NFT marketplace – another NFT platform launched the current year – did just over $1 million in sales in one month. Here is all you need to know about the GameStop NFT marketplace releases.
About the GameStop NFT marketplace
GameStop released its long-awaited NFT marketplace on Monday, July 11. The platform will enable gamers, creators, and collectors to buy, sell, and trade NFTs. This marketplace is noncustodial and built on the Ethereum Layer 2 chain. Basically, the platform allows users to fully own their digital assets stored on the blockchain.
Additionally, users can connect their wallets to the NFT marketplace. Actually, in May of the current year, GameStop released a beta version of its ETH wallet. This wallet enables users to store, send and get both crypto and NFTs. In addition, the wallet is also self-custodial, meaning, customers can enter their assets by their private key.
As reported by on-chain analyst NFTherder, GameStop’s current sales volume is $1,887,360 (at the time of writing. Since their market fee is 2.25%, the company has achieved about $42,000 in transaction fees. As that is not a huge amount for a gaming retail giant such as GameStop, it’s significant considering the present crypto market crash.
Unluckily, as Coinbase also released its NFT marketplace in May the current year, it achieved only 150 users on its initial public day. Furthermore, there were just 150 transactions, amounting to around $75,000 worth of ETH.
Meanwhile, GameStop’s NFT marketplace acted mainly better. However, it remains to be seen how the marketplace will fare against present giants as OpenSea and LooksRare eventually.
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