GameStop’s new NFT Marketplace brought in around $44,500 in transaction fees in the first 24 hours after launching via a public beta on Monday.
GameStop NFT reportedly generated around $1.98 million in NFT sales in its first full day of business. As the platform charges a 2.25% fee on NFT sales, this equates to approximately $44,500 in fees.
While that sum might seem disappointing, given that it would represent just 0.27% of GameStop’s daily revenue for 2021, it depends on your perspective. According to news outlet Kotaku, GameStop had 4,816 stores in the United States at the start of 2021, which averaged $3,426 in daily net sales for the company.
To provide further contrast, despite much anticipation ahead of its May launch, Coinbase NFT only generated $75,000 in NFT sales on day one and took about a month to generate $1 million in sales volume. Coinbase NFT also offered zero fees to attract new users that month.
GameStop NFT, which is based on Ethereum Layer 2 Loopring, is currently home to a long list of new and unknown NFT projects. However, it will soon host several Ethereum Layer 2 scaling solution projects, Immutable X such as Gods Unchained and Guild of Guardians. The duo teamed up in February to develop NFT games together.
At this point, the MetaBoy NFT project depicting GameBoy-like animated console avatars is the best-selling collection in the market so far and has generated a volume of 989,597 ETH, or $1.1 million at current prices.
Top 10 best-selling projects: GameStop NFT
When game developers attack: “Why NFTs are a nightmare”
On Friday, video game developer Mark Venturelli launched a surprise attack on NFTs during the International Games Festival in Brazil. The event was sponsored by several NFT/blockchain companies such as Lakea and Ripio.
Venturelli, known for his work on Chroma Squad, was asked to provide a virtual presentation on the future of gaming, but after introducing himself he quickly changed gears, launching into a tirade about “why NFTs are a nightmare”.
Venturelli’s presentation, which also has an English version, essentially argues that introducing speculative economic activity through NFTs will eventually ruin the experience of people who just want to play games for fun.
During an interview with PC Gamer on July 11, Venturelli said:
What will really happen is that the organized groups will operate and evolve with increasingly reduced margins, and push everyone away. Because that is what is happening. If you play EVE Online or Runescape, or any other game that simulates the economy, this is what happens.
“Organized groups will crush you. What’s really going to happen is if you’re naively playing a game and having fun – imagine that – then you want to sell your stuff, your stuff is going to be worth nothing,” he added.
Tony Hawk arrives… in the metaverse
Skateboarding icon Tony Hawk has teamed up with The Sandbox to build the “biggest skatepark” in the Metaverse.
The move was announced on July 13, and early previews show users socializing at Hawk’s skatepark and the ability to create custom courses for their avatars to skate on.
Details are scarce at this point, but Hawk noted that it will be the “largest skatepark” to reach the Metaverse. The deal marks another notable mainstream partnership for The Sandbox this week, after Playboy announced it was launching MetaMansion on the platform.
Limewire is back in force
Limewire, the brand famous for providing file sharing/pirated music between 2000 and 2010, is trending on Twitter this week following its relaunch as a music and entertainment-focused NFT platform.
The platform was launched on July 7 and has nothing to do with torrenting software other than buying the rights to use the name. He teamed up with iconic 2000s musicians such as Soulja Boy to spread the word.
Many people on Twitter have since had fun pointing out the irony of Limewire going from being a music piracy platform to selling NFTs in which their works can easily be ‘stolen’ via a right click and a backup. Limewire, however, joined in the fun by retweeting such memes.
Other interesting news
Blockchain analytics service Nansen has released its NFT Indices report for the second quarter of 2022, with data showing June saw the lowest figure for the calendar year despite buyers remaining consistent.
China’s largest city, Shanghai, officially intends to boost the development of innovations such as blockchain, NFTs, Metaverse and Web3 during its next five-year plan.