GameStop NFT Whizzing Past Coinbase With $1.8M Transaction Volume In 24 Hours

GameStop NFT registered $1.8 million worth of NFT sales in 24 hours. Coinbase NFT took a month to reach $1 million transaction volume.
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Quick take:

  • GameStop’s NFT marketplace Whizzed past $1M transaction volume inside 24 hours.
  • The gaming-focused platform recorded $1.8 million in NFT sales on the first day of trading. 
  • That’s levels more than about $1 million Coinbase NFT achieved in a month.

GameStop’s highly anticipated NFT marketplace launch got off to an excellent start after registering $1.8 million in transaction volume on the first day of trading. In comparison, Coinbase NFT took a month to reach $1 million worth of NFT sales, cumulatively.

As of this writing, the platform had reached $2.5 million worth of NFT sales, just $600,000 off Coinbase’s all-time volume of $3.1 million.

The Metaboy NFT collection led with 488.15 ETH ($518,078) and was followed at a distance second by Cyber Crew, which had 157 ETH (~$167,000) in sales. Ordinary NFT Cards closed the list of top three NFT collections on the newly launched platform with more than 140 ETH (~$150,000). 

Another 20 NFT collections have already registered more than $10,000 in transaction volume with ten of those registering sales in the range of $20,000-$63,000.

According to reports, despite GameStop NFT’s relatively better debut compared to Coinbase NFT, the video game and accessories retailer only made $45,000 from the NFT sales on the first day of trading.

However, GameStop has bigger plans for the product it has deemed vital to its next growth phase. According to the company’s announcement on Monday, GameStop NFT will allow “gamers, creators, collectors and other community members to buy, sell and trade NFTs.”

GameStop’s NFT marketplace is built on the Ethereum Layer-2 scaling protocol Immutable X. However, the company said in a statement that it will be expanding its product offering to include Web3 gaming, more creators and other Ethereum environments.

GameStop’s NFT marketplace supports non-custodial asset ownership, allowing users to connect to their own digital asset wallets such as its recently launched GameStop Wallet. 

The company’s niche NFT marketplace is looking to capitalise on the rapid adoption of NFT gaming. The industry continues to attract attention both from traditional game makers and venture capital firms. Recently, the Ex-TikTok gaming director launched his own Web3 gaming startup joining a growing list of game developers that have switched to crypto.

Venture capital firms have also poured a whopping $5 billion into the blockchain gaming market since the start of the year, exceeding last year’s total of $4 billion. A new report by DappRadar predicts that the industry could attract $12 billion in venture capital funding in 2022.

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