Two-day-old OpenSea, still in beta stage, has moved well above 3,000 Ethereum. Although it is a small amount compared to OpenSea’s, it is still a significant improvement over Coinbase NFT.
GameStop’s Ethereum-based NFT marketplace is now live in beta. It doesn’t yet offer gaming NFTs, but that will be the core offering.
Despite this, Coinbase’s NFT marketplace has seen almost twice the trading volume on the new platform for video games retailers than the one that was opened in May.
According to data on the marketplace website, GameStop NFT reported that it has received at least 3,167ETH in trading volume since Monday’s launch. This figure is almost $3.5 million and represents trading volume for the top 50 collections of the marketplace. It’s the only publicly available data, so GameStop’s overall trading volume marketplace-wide could be higher.
According to the most recent Dune analytics data, Coinbase’s NFT market has generated 1,704ETH in trading volume or approximately $1.8 million since its disappointing launch.
GameStop NFT is still a poor performer compared to other leading NFT marketplaces such as OpenSea which generated $16,000,000 in trading volume on Wednesday.
It is significant that the video retailer has quickly surpassed the $12 billion Web3-native Coinbase’s all-time volume in the NFT space.
GameStop stock (GME), which was launched on Monday, has increased 10% and closed Wednesday at $141.28. (The meme stock, which is notorious for being a joke stock, has fallen 26% in the last 12 months.
NFTs, which are tokens based on blockchain technology that allow users to show ownership of digital or physical assets, are GameStop’s NFTs. GameStop is currently making a small amount of revenue from its NFT sales. ArsTechnicanotes is the reason.
GameStop NFT offers artwork NFTs at the moment, but plans to launch a range of gaming NFTs that can be used in interactive video games. GameStop launched a $100,000,000 token incentive fund using Ethereum layer-2 scaling solution immutable X in February to support the development of NFT-compatible products and video games. Marketplace website currently teases 13 NFT compatible games and says that Immutable X gaming NFTs are “coming soon”.
After attracting 150 users in its first day, Coinbase’s NFT market has struggled to attract business. Although the platform has added many new features since launch they have not been able to attract large numbers of customers.
For example, Coinbase NFT processed $31,000 in sales since Monday’s GameStop NFT launch. That’s less that 1% of GameStop NFT business.