GameStop’s non-fungible token (NFT) market daily revenue has plummeted below $4,000, suggesting that interest in the platform has waned considerably since its launch in mid-July.
According to data from DappRadar, GameStop NFT has generated a sales volume of approximately $166,800 in the last 24 hours. Since the platform charges only a 2.25% commission on NFT sales, the figure equates to just $3,753 of revenue during that time.
DappRadar’s limited data on GameStop seems to confirm that the numbers have dropped to around $2,000 as trading volume has soared 91.23% in the last day.
The latest figures represent a significant decline from the project’s first full day of activity on July 13, with NFT turnover of $1.98 million, which is equivalent to commissions of USD 44,500.
At the time of writing, the HyperViciouZ project at GameStop has generated the highest 24-hour turnover of 29.78 Ether (ETH) worth approximately $47,841. By comparison, OpenSea’s best-selling project during that time period is Pudgy Penguins at 860.8 ETH, or $1.37 million.
In perspective
GameStop isn’t the only part of the NFT world that’s in trouble right now. According to NFT Price Floor data, the Bored Ape Yacht Club (BAYC) floor price is down 19% since the beginning of August to stand at 68.48 ETH, or $109,900 as of Monday, while the Mutant Ape Yacht Club (MAYC) floor is down a 28.6% up to 11.2 ETH, or $17,986.
From the BAYC and MAYC price floor all-time highs of 153.5 ETH and 41.2 ETH in May and April, the lows have fallen 55% and 72% each.
NFT analysts warned that $55 million of blue chip NFTs were at risk of liquidation on BendDAO last week.
The platform BendDAO allows users to deposit their NFTs and borrow ETH against the floor price of their assets. The loans add up to around 30-40% of the minimum price of the deposited NFT. However, if the price falls so low that the loan is equal to 90% of the minimum price, the depositor has 48 hours to repay the loan and prevent their NFT from being liquidated and sold by auction.
The platform represents this threshold as a health indicator where a score below one triggers the NFT settlement procedure. As of last week, there were at least 20 loans against BAYC NFTs that had a health indicator dangerously close, below 1.01, and many more for Mutant Ape Yacht Club NFTs.
At the time of writing this article, this week two BAYC NFTs have been liquidated and put up for auction, while 10 are playing with fire with health gauges ranging from 1.01 to 1.06. However, this figure is half that of last week, suggesting that the situation has improved.
As for MAYC’s NFT loans, there are currently 14 in serious danger of liquidation; health indicators range between 1.01 and 1.03. There are also 13 that have recently been liquidated and are up for auction on BendDAO.
So far this month, the floor price of other top NFT projects such as CryptoPunks have also sunk quite a bit. Despite rising from 68.3 ETH on August 1 to 77.4 ETH on August 4, the CryptoPunk low has since fallen back to 66.45 ETH, or $106,518.
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