Elain Brown Tech 07.14.2022 04:Jul AM EDT

GameStop NFT Marketplace's First Day Generates $1.98 Million in Sales and Fees Totaling $44,500

GameStop finally launched their long awaited NFT marketplace for nonfungible tokens (NFTs).

After months of teases and hype among some retail traders, GameStop's new NFT marketplace launched in beta on Monday.

On its first day, the platform brought the game retailer about $44,500 in transaction fees in its first 24 hours.

While that revenue is a minimal drop in the bucket for a company of GameStop's size, it also means GameStop is now a surprisingly large player in the quickly shrinking market for NFTs.

GameStop's NFT Marketplace

On its first full day of operation, GameStop NFT reportedly produced approximately $1.98 million worth of revenue from sales of NFT. Due to the fact that the platform takes a fee of 2.25% on every NFT sale, this amounts to around $44,500 in charges.

The new cryptocurrency-based store operated by GameStop displays real-time statistics regarding the sales of NFTs and has been open about the fact that it would charge a total commission of 2.25%.

According to a report by Kotaku, the total amount of Ethereum exchanged on the first day was 1,835, which is equivalent to approximately $1.98 million in real dollars. This equates to a projected revenue of $44,500 in commissions for GameStop in 2021, which is equivalent to around 0.27 percent of the company's daily net sales.

That much information is sufficient to obtain a good picture of how much money the platform is earning each day, and so far it's not very much at all.

Although it is also important to note that this is just a rough estimate and, currently, there is no data regarding the entire overhead or initial investment, that much information is sufficient.

It depends on the point of view whether or not people find that amount impressive given that it would only account for 0.27% of GameStop's daily income in 2021.

There has only been an anticipated total of $823,484 in increased sales volume, which translates to approximately $18,578 in more commissions as the marketplace is very close to finishing its second day of operations.

GameStop's NFT Projects

According to Cointelegraph, GameStop's NFT marketplace is hosting a plethora of new and undiscovered NFT projects that are based on the Ethereum Layer 2 Loopring.

Nevertheless, it will soon host most of the up and coming NFT projects from the Ethereum Layer 2 scaling solution, just like Guild of Guardians, Gods Unchained, and Immutable X.

As of the moment, the marketplace's top-selling collection so far is the MetaBoy NFT project.

This NFT, which depicts animated GameBoy-like console avatars, has produced 989.597 ETH worth of volume, which is equivalent to $1.1 million at current market prices.

GameStop might look like it is still looking to catch up, but the present volume traded during their launch definitely shows it is far from over.

In comparison, Coinbase NFT generated only $75,000 worth of NFT sales on its first day, and it took around a month to achieve $1 million worth of sales volume. This is despite the fact that there was a great deal of expectation leading up to its introduction.

Instead, Coinbase diverted its efforts into encouraging traders and investors to switch to their platform and deployed multiple marketing tactics to make the company known.

In an effort to draw in more customers during that particular month, Coinbase NFT did not charge any fees either.