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

cointelegraph.com:

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.

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