Published
1 year ago on
July 14, 2022
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Within just a couple of days of its launch, the GameStop NFT marketplace has done almost as much business as the Coinbase marketplace in its entire lifetime.
GameStop NFT Sprints Ahead
It has been just 48 hours since GameStop launched its NFT platform. However, the company has already experienced NFT sales of around 3000 ETH. The numbers look even more outstanding since the platform is still in its beta phase and has not even launched its core offering - gaming NFTs. This performance is in stark contrast to that of the Coinbase marketplace, which was soft-launched back in April and then fully opened to the public in May of this year. It had quite a slow start, recording only 110 transactions in the first five hours of trading publicly, with just under $60k in sales. The platform attracted only about 150 active users on its first day. Since then, despite adding new features to the site, it has still struggled with amassing an impressive customer base.
Coinbase’s Slow Start
Even after a few months since its launch, Coinbase has struggled with its sales. In fact, GameStop has experienced nearly twice the all-time trading volume of the Coinbase marketplace within just two days of its launch. Where Coinbase has generated a total of 1,704 ETH in trading volume since its launch, GameStop NFT has experienced at least 3167 ETH. in fact, the latter represents the trading volume for GameStop’s top 50 collections, indicating that the actual trading volume of the entire marketplace must be higher. Since Monday (when GameStop NFT was launched), Coinbase NFT has generated only around $31,000 in sales, which is around 1% of the trading volumes of GameStop.
Gaming NFTs Coming Soon
It is worth noting that GameStop is primarily a video game retailer, whereas Coinbase is a web3 native crypto exchange. The fact that a non-crypto native marketplace managed to overtake that of the second largest crypto exchange in the world is quite significant. However, it still pales in comparison to OpenSea, which continues its reign as the largest NFT marketplace with $16 million worth of sales on Wednesday alone.
Even though GameStop is only offering artwork NFTs, its primary product will be a suite of gaming NFTs that can be used as interactive features within video games. Players can collect these NFTs and use them to customize their avatars or gameplay for 13 NFT-compatible games.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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