After months of waiting, GameStop finally launched its NFT marketplace 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.
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.