Saturday, September 30, 2023
HomeTop NFT CollectionAnalysis: GameStop NFT trading slows in marketplace’s first week

Analysis: GameStop NFT trading slows in marketplace’s first week

expansion / / If GameStop’s NFT business intends to go “on the moon”, the platform’s total trading volume has so far turned in the wrong direction …

Last week, Ars Analyzing the first day of NFT sales GameStop Big and hyped crypto marketSome boosters quickly suggested that this was just a starting point, with increasing interest and trading volume over time, and the potential for more people to discover trading platforms. However, during the first week of the market, interest in trading GameStop NFTs seems to be declining compared to launch date performance.

An Ars-only analysis of the GameStop NFT Marketplace shows that total trading volume for the first week accounted for approximately 5,254 ETH (equivalent to approximately $ 7.8 million at current exchange rates). This averages about 750 ETH ($ 11.17 million) per day in total trading volume. GameStop charges a 2.25% fee for all of these transactions. That’s an average of 16.9 ETH ($ 25,113) per day for direct revenue to the company. After all, six of the more than 300 collections on the platform make up the majority of that trading volume.

(Note: Since last Tuesday when Ars analyzed the market launch date, the ever-changing ETH price has risen by about 38%. Unless otherwise stated, conversions will include the current ETH spot price (this). At the time of writing the article, we are using $ 1,488.06), although the transaction at the beginning of the week may have taken place at a lower dollar / ETH rate.)

According to Ars’ analysis, the average daily trading volume for the first week slowed significantly from the market start date, with a total trading volume of $ 1,831.81 ETH (about $ 9.76 million at the time, 2.72500 at today’s rate). Processed (equivalent to $ 10,000). On its first day, GameStop earned about 41.2 ETH in transaction fees (about $ 44,500 at the time, worth $ 61,331 today).

expansion / / The “GameStop Astronaut MetaBoy” NFT is one of the hottest ones on the market recently, bringing a total trading volume of 163 ETH within a week.

Of the hundreds of NFT collections that traded on the first day of the market, the median collection reduced the average daily trading volume by about 50% during the first week of trading (with trading volume on the launch date). When compared). This does not include 34 collections that have not yet been traded in one on the market. Of these, 25 are available from day one.

And dozens of new NFT collections in the marketplace (that is, those who saw the first transaction after the marketplace’s launch date) do not fill that gap. These 85 or so collections account for only 556 ETH (about $ 828,575) of total trading volume over the last 6 days.

Wrong direction

In any case, total activity at GameStop NFT Marketplace has slowed in the first few days of service launch. Given the months of stagnation in demand, it’s probably not that surprising. Cryptoble When GameStop stock lovers It was unleashed on the platform’s launch date last Monday. It’s also not so surprising in the context of the wider NFT market, where major markets like OpenSea exist. Daily trading volume plummeted by about 90% Since the peak in January.

Still, this slowdown is a setback for GameStop and crypto boosters who want the introduction of NFT transactions to revolutionize GameStop’s physical store-focused business model. For now, if trading on the GameStop NFT Marketplace continues at the same weekly rate, the total trading volume for the first year will be around 273,000 ETH. That’s about $ 406 million today, or about 6.75 percent of GameStop’s $ 6.011 billion in net revenue for 2021.

Of that amount, GameStop will charge about 6,147 ETH (about $ 9.15 million) in transaction fees. That’s only about 0.15% of GameStop’s Fiscal Year 2021 net sales, or 2.4% of its $ 381 million loss in Fiscal 2021.flat If GameStop HODL All that ETH When Cryptocurrencies surged to a record high of about $ 4,800, with annual transaction fees of only $ 29.5 million (about 0.49% of net sales in 2021 and 7.7% of losses in 2021).

Of course, it doesn’t make sense to make tens of millions of dollars a year from a brand new business. Especially if GameStop doesn’t have to worry too much about inventory or physical store overhead to sell NFTs. Still, this isn’t the end result that will have a serious impact on multi-billion dollar companies in the long run.

However, GameStop’s NFT business is still in its infancy, and NFT’s broader market could recover from the current downturn. Alternatively, by finally integrating the “web3gameing” asset into the GameStop marketplace (retailers say it will be added “over time”), like Immutable’s Robbie Ferguson, “a new paradigm for games. May help to solidify our position as the ultimate destination.When to suggest Announced contract with GameStop in February..

However, for now, GameStop and its boosters are watching and waiting for such turnarounds to occur. Otherwise, the GameStop NFT Marketplace seems destined to become a relatively minor part of the business of international retailers in the future.

List of images by MetaBoy / GameStop NFT Marketplace

- Advertisment -
Google search engine

Most Popular

Recent Comments