According to the development of reports, it is noted that, NFT marketplace, GameStop’s daily revenue fee has plummeted below $4k. Over the last 24 hours, GameStop NFT has achieved sales volume totaling over $166,800. With the platform only taking a 2.25 percent cut of NFT sales, that only amounts to $3,753 in earnings over that time period.
The issue for GameStop started quite early on the day, as the market seems to be gloomier than ever before. Not only GameStop, more or less every NFT market place, or company dealing with NFT is either loosing money or is liquidating the NFTs to save the value of other digital assets such as cryptocurrency.
Let’s do a comparison between Open Sea and GameStop, to understand how the value of the later has dipped
Open Sea Vs GameStop
According to the reports, the HyperViciouZ project, which is the top selling project of GameStop went on to generate a revenue of around $50k. When we compare these figures to the top selling project of Open Sea, we observe that, the value earned by Gamestop is almost three times less than that of Open Sea. Open Sea’s top selling project Pudgy Penguins made around $1.5 Million.
BendDAO’s Bored Ape NFTs move into danger zone
Credits: CNET
Out of the 272 Bored Ape NFTs the loan site has; it is estimated that 45 have already crossed into the “Danger Zone” based on reports from the platform. Danger Zone denotes the proximity of liquidation to the NFTs utilized as collateral. According to the reports, Bored Ape NFTs are expected to be liquidated for about $5 million.
NFT industry moves into a gloomy space
The NFT market space is moving into an unwanted gloomy direction. Major projects are flunking in the market, making it more difficult for the investors in the market. Both Bored Ape NFTs and Mutant Ape NFTs have moved into danger zones, ringing alarm bells in the market. Now, only time will tell, how long will the market be in the gloomy space before it gets back onto the track.
What do you think about GameStop’s position in the NFT industry? How do you see the progression of the market into duller space? Share your thoughts in the comment section below. Also incase you liked the article, then please share it with your family and friends.
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