GameStop launched its NFT marketplace but can it make it? [49]
The marketplace started with good initial sales but it has since flagged
It’s been months since GameStop announced its pivot into the Web3 space with its move towards launching an NFT marketplace that would feature video game artwork. Last week, its much-anticipated market arrived and it managed to make a reasonable splash, however, it then slowed down somewhat.
At launch, GameStop’s marketplace exceeded the volume of Coinbase’s NFT market offering within 48 hours, according to a report from Decrypt, by quickly trading 3,167 in ETH volume.
That amount measured approximately $3.5 million from the marketplace’s top 50 NFT collections, which comprises the only public data available from GameStop publicly available.
By way of comparison, Coinbase NFT, which launched in May, only managed to move about 1,704 ETH in trading volume, or about $1.8 million at the time, according to trading data from Dune Analytics. This isn’t going to hold a candle to something like OpenSea, which pulled down $16.8 million in trading volume on Monday, July 18.
Although things may have looked good for the GameStop marketplace in its first 48 hours, an analysis from Ars Technica shows that trade volumes have significantly slowed for the new marketplace over its first launch week.
According to the report, the first day saw an initial spike of 1,831.81 ETH in sales volume, but the total volume over the next seven days was about $5,254. That comes out to an average of approximately 750 ETH in daily volume.
Currently, GameStop’s marketplace only sports about 500 different NFT collections and the platform has not yet integrated any video game-related NFT assets. This was a major selling point that was hyped up in the marketplace before it launched into its public beta.
So even after its lackluster launch week, it might turn itself around by bringing on popular partners to bring in more sales.
And, if you’re interested in what’s going on over on this side of the screen. FreeRossDAO has started some interesting events such as a book club on Mondays and a movie watching on Thursdays. As a DAO, they are focused on freedom for Ross Ulbricht and bringing justice reform.
They have recently been reading essays from the book We Do This ‘Til We Free Us: Abolitionist Organization and Transforming Justice by Mariame Kaba. People interested in joining the book club can join and offer suggestions. Join them on Mondays at 8 p.m. CST.
For the more visually oriented, the DAOs community has also begun watching movies together. Partially in order to meet everyone who works in the DAO, but also to discuss documentaries about topics related to justice, Ross, crypto – and, of course, to have fun. Join them on Thursdays at 1 p.m. and 8 p.m. CST.
Check out the FreeRossDAO website and join Discord if you’re interested in these events.
As usual, keep reading for a lineup of the crypto news that happened during the week and the long form of everything is under the fold!
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Blockchain Bulletin
Putin signs Russian ban on crypto payments for goods and services. Russia has extended previous legislation regulating cryptocurrency to ban crypto as payments for goods and services as signed into law by President Putin, reported Bitcoin News.
GameStop finally launches its NFT marketplace. GameStop has launched its much anticipated NFT marketplace with 250 collections and a multitude of NFTs, although it may be a while yet before video game NFTs reach its virtual shelves, reported The Daily Hodl.
Blockchain Behind the Scenes
Circle releases detailed report of its stablecoin reserves. Circle, the issuer of the USDC stablecoin, has issued a detailed report of its reserves that reveal that it only holds short-term U.S. Treasury bonds and cash.
OpenSea lays off 20% of its staff amidst tightening NFT markets. Citing growing too fast and cyclical markets, the nonfungible token marketplace OpenSea is laying off 20% of its staff.
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