Daily NFT fees at GameStop fall below $4k

Daily NFT fees at GameStop fall below $4k

As issues spread throughout the industry as a whole, GameStop’s daily fee revenue from NFT has dropped below $4,000. This has provided evidence that there has been a discernible decline in interest in the platform since its launch exactly one month ago.

Following the figures provided by DappRadar, GameStop NFT has generated around $166,800 in sales volume over the course of the past twenty-four hours. Due to the fact that the platform only takes a 2.25% commission on NFT purchases, the statistic only amounts to a total of $3,753 in revenue during that time period.

The revenue generated by GameStop’s NFT daily fees drops below $4,000

The scant information that DappRadar has on GameStop seems to support the hypothesis that prices have fallen to approximately $2,000, with transaction volume having increased by 91.23% in the previous day.

The most recent data show that there has been a significant drop in the number of NFT sales since the project’s first full day of business on July 13, when it recorded a volume of $1.98 million, which was equivalent to approximately $44,500 in fees.

The HyperViciouZ project on GameStop had the greatest 24-hour sales volume at the time this article was written, with a total of 29.78 ETH, which is equivalent to approximately $47,841 in sales. The project Pudgy Penguins, which was OpenSea’s best-selling game during that time period, was awarded 860.8 ETH, which is equivalent to $1.37 million.

Broader Problems

There are a number of other retail establishments currently going through tough financial times with GameStop. According to the statistics provided by NFT Price Floor, the floor price of the Bored Ape Yacht Club (BAYC) has decreased by 19% since the beginning of August to 68.48 ETH, which is equivalent to $109,900 as of August 22. On the other hand, the floor price of the Mutant Ape Yacht Club (MAYC) has decreased by 28.6% to 11.2 ETH, which is equivalent to $17,986.

After reaching their respective all-time peaks in May and April of 153.5 ETH and 41.2 ETH, respectively, the BAYC and MAYC floors have fallen by 55% and 72%, respectively.

NFT specialists issued a warning the week before last that blue chip NFTs worth $55 million were potentially at risk of being liquidated on BendDAO.

Users are able to deposit their NFTs on the BendDAO platform and borrow ETH against the asset’s floor price. The total amount of the loans is somewhere in the range of 30–40% of the deposited NFT floor price. However, if the price drops so low that the loan amounts to 90% of the floor price, the depositor has 48 hours to pay off the debt or his NFT will be liquidated and sold at auction. This occurs only if the price falls so low that it equals 90% of the floor price.

This threshold is represented by the platform as a health indicator, and when it reaches a score of one, the processes for liquidating NFTs are initiated. As of the previous week, there were at least 20 loans against Mutant Ape Yacht Club NFTs that had a health indicator that was dangerously close to, or below, the threshold of 1.01, and there were many more loans against BAYC NFTs.

There are some signs that things are getting better, but it’s still too soon to make any definitive statements about a pattern.

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