Gamestop NFT Daily Fee Income Falls Below $4,000 As Market Meltdown Spreads


Gamestop NFT Daily Fee Income Falls Below $4,000 As Market Meltdown Spreads

GameStop NFT has produced over $166,800 in sales volume in the last 24 hours; yet, with the platform collecting only a 2.25% charge on NFT purchases, the statistic corresponds to only $3,753 in income. Daily income for GameStop’s nonfungible token (NFT) marketplace has dropped to less than $4,000, indicating that interest in the platform has decreased dramatically since its introduction in mid-July.

At the time of writing, the HyperViciouZ project on GameStop has the highest 24-hour sales volume of 29.78 Ether (ETH), valued at around $47,841. Pudgy Penguins, OpenSea’s top-selling project, received 860.8 ETH, or $1.37 million during that period.

Broader Doom and Gloom For Gamestop NFT

According to DappRadar statistics, GameStop NFT has generated around $166,800 in sales volume in the last 24 hours. With the platform only charging 2.25% on NFT transactions, the data equates to only $3,753 in income over that time period. According on DappRadar’s limited data on GameStop, prices have decreased to over $2000, with trading volume increasing by 91.23% in the past day. The current figures show a significant drop from the project’s first full day of operations on July 13, when an NFT sales volume of about $1.98 million was reported, equivalent to around $44,500 in fees.

GameStop isn’t the only retailer experiencing financial challenges at the moment. Statistics from NFT Price Floor also indicated that Bored Ape Yacht Club (BAYC) floor price has slumped by 19% from the beginning of August to 68.48 ETH, or $109,900, as of Monday, while the Mutant Ape Yacht Club (MAYC) floor price has decreased 28.6% to 11.2 ETH, or $17,986.

Last week, NFT experts cautioned that $55 million in blue chip NFTs were at risk of liquidation on BendDAO. Users can deposit NFTs and borrow ETH against the asset’s floor price on the BendDAO platform. The loans range between 30 and 40% of the deposited NFT floor price. If the price falls so low that the loan equals 90% of the floor price, the depositor has 48 hours to repay the debt or their NFT will be liquidated and sold at auction. Since the BAYC and MAYC’s all-time highs of 153.5 ETH and 41.2 ETH in May and April, the floors have plunged 55% and 72%.

The platform represents this threshold as a health indicator, with a score of one triggering the NFT liquidation processes. In just last week alone, there were at least 20 loans against BAYC NFTs with a health indicator that was dangerously near or below 1.01 and many more for Mutant Ape Yacht Club NFTs.

As at the time of writing, two BAYC NFTs had been liquidated and auctioned this week, while ten others were playing with fire with health indicators ranging from 1.01 to 1.06. However, this is half last week, indicating that the situation has improved. There are presently 14 loans against MAYC NFTs in serious jeopardy, with health indicators ranging from 1.01 to 1.03. There are another 13 that was recently liquidated and are now available for bidding on BendDAO.

So far this month, the floor price for other top NFT projects, such as CryptoPunks, has also dropped significantly. Despite surging from 68.3 ETH on August 1 to 77.4 ETH on August 4, the CryptoPunk floor has subsequently fallen back to 66.45 ETH, or $106,518.

Featured Image: Megapixl @Rafaelhenriquepress

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