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    Home » News » GameStop NFT Marketplace Already Beating Coinbase In Sales Volume

    GameStop NFT Marketplace Already Beating Coinbase In Sales Volume

    By Reethu RaviJuly 13, 2022Updated:November 23, 20222 Mins Read

    After months of waiting, the GameStop NFT marketplace  inally launched this week. Notably, on its first day alone, the platform garnered about $1.8 million in sales. As opposed, the Coinbase NFT marketplace—another much-hyped NFT platform that launched this year—raked in a little over $1 million in sales in a month. Here’s all you need to know about the GameStop NFT marketplace launch.

    Featured NFT collections on GameStop NFT marketplace
    GameStop launched its NFT marketplace on Monday.

    What is the GameStop NFT marketplace?

    GameStop launched its much-awaited NFT marketplace on Monday, July 11. The platform will allow gamers, creators, and collectors to purchase, sell, and trade NFTs. The marketplace is non-custodial and built on the Ethereum Layer 2 chain. In essence, the platform allows users to completely own their digital assets stored on the blockchain. 

    Furthermore, users can connect their wallets to the NFT marketplace. In fact, in May this year, GameStop launched a beta version of its Ethereum wallet. The wallet enables users to store, send, and receive both crypto and NFTs. The wallet is also self-custodial, meaning, customers can access their assets using their private key. 

    According to on-chain analyst NFTherder, GameStop’s sales volume is already at $1,887,360 (at the time of writing). As their market fee is 2.25%, the company has earned nearly $42,000 in transaction fees. While this isn’t a huge amount for a game retailing giant like GameStop, it sure is noteworthy given the current crypto market crash. 

    GameStop vs Coinbase

    Unfortunately, while Coinbase too launched its NFT marketplace in May this year, it gained merely 150 users on its first public day. In addition, there were only 150 transactions, amounting to about $75,000 worth of ETH at the time. 

    Amid this, GameStop’s NFT marketplace performed significantly better. That said, it remains to be seen how the marketplace will fare against current giants like OpenSea and LooksRare in the long run.

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    This article is educational material.

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    Reethu Ravi
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    Reethu Ravi is a journalist currently based in the UK, covering environment, sustainability, tech and innovation. When not found between the pages of a book, she can be seen catching up on the latest developments in the tech world. A naval architect-turned-journalist, she loves bringing stories of change and innovation to the limelight.

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