GameStop NFT daily fee revenue plunges under $4K as gloom infects markets

Published at: Aug. 22, 2022

Daily revenue for GameStop’s NFT marketplace has plummeted to under $4,000, suggesting that interest in the platform has waned significantly since launching in mid-July.

According to data from DappRadar, GameStop NFT has generated roughly $166,800 worth of sales volume over the past 24 hours. With the platform charging only a 2.25% fee on NFT sales, the figure equates to just $3,753 worth of revenue during that time.

DappRadar’s limited data on GameStop appears to confirm figures actually plunged down to around $2000 as trading volume has pumped 91.23% over the past day.

The latest figures mark a significant decrease from the project's first full day of business on July 13, with an NFT sales volume of $1.98 million equating to about $44,500 worth of fees.

At the time of writing, the HyperViciouZ project on GameStop has generated the largest 24 hour sales volume of 29.78 Ether (ETH) worth roughly $47,841. In comparison, OpenSea’s top selling project during that time frame is Pudgy Penguins with 860.8 ETH, or $1.37 million.

Broader doom and gloom

GameStop isn’t the only part of the NFT world struggling at present. According to data from NFT Price Floor, the BAYC floor price has dropped a hefty 19% since the start of August to sit at 68.48 ETH ($109,900) as of Aug. 22, while the MAYC floor has plunged 28.6% to 11.2 ETH ($17,986).

Since the BAYC and MAYC’s respective all-time floor price highs of 153.5 ETH and 41.2 ETH in May and April, the floors have dropped 55% and 72% each.

NFT analysts warned that $55 million worth of blue chip NFTs were at risk of liquidation on BendDAO last week.

The BendDAO platform enables users to deposit their NFTs and take ETH loans out against the floor price of their assets. The loans total around 30-40% of the deposited NFT floor price, however if the price drops so low that the loan equates to 90% of the floor price, the depositor has 48 hours to pay the loan down to avoid their NFT being liquidated and sold off via auction.

The platform represents this threshold as a health indicator in which a score below 1 triggers the NFT liquidation proceedings. As of last week there were at least 20 loans against BAYC NFTs that had a health indicator fall perilously close, below 1.01, and a lot more for Mutant Ape Yacht Club (MAYC) NFTs as well.

At the time of writing, two BAYC NFTs have been liquidated this week and put up for auction, while 10 are playing with fire with health indicators ranging from 1.01 to 1.06. However that’s half the number from last week, suggesting the situation has improved.

In terms of loans against MAYC NFTs, there are currently 14 in severe danger of liquidation with health indicators ranging from 1.01 to 1.03. There are also 13 that have recently been liquidated and are up for auction on BendDAO.

So far this month, the floor price for other top NFT projects such as CryptoPunks has tanked a fair amount as well. Despite surging from 68.3 ETH on Aug. 1 to 77.4 ETH on Aug. 4, the CryptoPunk floor has since retraced back down to 66.45 ETH ($106,518).