Video-game retailer GameStop’s non-fungible token (NFT) marketplace is proving to be an early hit among JPEG collectors, doing over 5,000 ETH (around $7.2 million) in trading volume since its launch on July 11, more than doubling competitor Coinbase’s all-time NFT volume, according to data compiled by CoinDesk.
Of that early success, sales volume of 1,200 ETH (around $1.7 million) has been from the project MetaBoy, the marketplace’s top collection since the launch. On its opening day, the marketplace had trading volume of 1,831 ETH (around $2.7 million), with daily sales steadily declining since then.
Read more: What Are NFTs and How Do They Work?
The popularity of GameStop’s NFT shop can likely be attributed more to the brand’s loyal following than the marketplace’s technology. Sentiment around the marketplace on NFT Twitter has largely been positive, while Coinbase and its larger company image has trended in the opposite direction.
Furthermore, GameStop’s success comes despite its 2.25% marketplace fee, while Coinbase continues to offer zero-fee trading to attract new users.
The marketplace isn’t the only Web3 product that GameStop has rolled out in recent months. In May, GameStop launched its own crypto and NFT dedicated wallet, which briefly pumped its stock price. The company is also sitting on a $100 million gaming fund it announced in partnership with Immutable X, which it tapped for the marketplace’s back end, in February.
Both marketplaces remain a good distance away from the industry leading platform OpenSea, which saw $120 million in ETH sales in the past week, according to data from DappRadar.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.