GameStop’s new Ethereum-based NFT marketplace has managed to accrue some impressive sales within hours of launch. This is despite the current harsh crypto market and the fact that Gamestop’s marketplace is yet in beta.
A Solid Beta Launch
On July 13th, GameStop launched its NFT marketplace hosted on the Ethereum network. It has since seen transactions leading to a trading volume of over 3,167 ETH. This is equivalent to about $3.5 million in fiat.
These reports are sourced from data on the new marketplace’s website. According to this data, this trading volume accounts only for the top 50 NFT collections on the site. This means the numbers could increase if the analysis aggregates all the transactions on Gamestop’s marketplace in the past 48+ hours.
Consequently, the recent success of the launch has helped boost the company’s stocks by about 10 percent. Its stocks are listed as GameStop stock (GME) and closed at about $141.28 even though it is still down 26 percent over the last 12 months.
GameStop is a popular video game retailer that has recently set its sights on gaming NFTs. The company, being one of the biggest video game retailers worldwide, appears to be using its reach to make a name for itself in the NFT space.
Conversely, the company is aiming to make its marketplace the leading hub for gaming NFTs and has taken the first big step by making a statement launch.
Although most of the NFTs that have been sold are not gaming-centered, GameStop’s numbers already spell good potential for the nascent marketplace. Gamespot plans to launch a gaming suite soon to give developers and users the power to create gaming-centric NFTs.
Additionally, the new NFT marketplace has support from Immutable X and Ethereum layer-2 scaling solution. In February, the video game retailer launched an incentive fund worth about $100 million.
Launch Compared to Coinbase’s and Others
GameStop’s beta launch shows potential. However, its numbers still pale in comparison to more prominent NFT marketplaces like Opensea and Foundation.
However, the success of Gamestop is not to be understated, as the successes of NFT marketplaces are not very common. This is evident in Coinbase’s NFT market lackluster launch in May. Despite the exchange’s reach, it struggles to hit GameStop’s present record after two months of operation.
In fact, the recent beta launch by GameStop has trumped all of Coinbase’s estimated value on the market. GameStop, as stated earlier, has made an impressive $3.5 million in about two days compared to Coinbase’s all-time haul of only $1.8 million ( about 1,704 ETH).