GameStop’s new NFT marketplace took in some $44,500 in transaction fees in the first 24 hours after it launched via public beta on Monday.
GameStop NFT would have generated sales worth USD 1.98 million in its first full day of activity. Since the platform charges a 2.25% commission on NFT sales, this equates to around $44,500 in commissions.
While that sum may seem insignificant, considering it would represent just 0.27% of GameStop’s daily revenue for 2021, it depends on your perspective. According to video game news outlet Kotaku, GameStop had 4,816 stores across the United States as of early 2021, which averaged $3,426 in daily net sales for the company.
To further contrast, despite the high hype surrounding its launch in May, Coinbase NFT only generated $75,000 worth of sales on its first day, and it took roughly a month to generate $1 million in sales volume. Coinbase NFT was also offering zero fees to attract new users that month.
GameStop NFT, which employs Ethereum’s layer 2 solution Loopring, currently hosts a long list of new and unknown NFT projects. However, it will soon host several projects from the other layer 2 scaling solution, Immutable X, such as Gods Unchained and Guild of Guardians. The duo partnered up in February to develop NFT games together.
Right now, the MetaBoy NFT project depicting animated avatars of GameBoy-like consoles is the best-selling collection on the market so far, generating a volume of 989,597 ETH, or $1.1 million at current prices.
When Video Game Developers Strike: “Why NFTs Are a Nightmare”
Video game developer Mark Venturelli launched a surprise attack on NFTs during the Brazilian International Video Game Festival on Friday. The event was sponsored by multiple NFT/blockchain companies like Lakea and Ripio.
Venturelli, known for his work on Chroma Squad, was scheduled to give a virtual presentation on the future of gaming, however, after showing up, he quickly changed his mind, launching into a tirade about “why NFTs are such a nightmare.”
Venturelli’s presentation, which also has an English version, essentially argues that the introduction of speculative economic activity through NFTs will end up ruining the experience for people who just want to play for fun.
During an interview with PC Gamer on July 11, Venturelli said:
“What’s really going to happen is organized groups are going to operate and scale with shrinking margins, and they’re just going to drive everyone else out. Because that’s what happens. If you play EVE Online or Runescape or any other game that simulates the economy, that’s what happens.”
“The organized groups are going to destroy you and screw you. What is really going to happen is that if you just naively play a game and have fun – imagine that – and then you want to sell your things, your things are not going to be worth anything,” he added. .
Tony Hawk arrives in the metaverse
Skateboarding legend Tony Hawk has teamed up with The Sandbox to build the “biggest skatepark” in the metaverse.
The initiative was announced on July 13, and early trailers show users socializing at Hawk’s skatepark and the ability to build custom tracks that their avatars can skate on.
Details are scarce at the moment, but Hawk noted that it will be the “biggest skatepark” to come to the metaverse. The deal marks another notable partnership for The Sandbox this week, after Playboy announced it was launching the MetaMansion on the platform.
Coming soon to The Sandbox: alongside @AutographI’m helping to create the biggest skatepark in the #metaverse. Stay tuned for updates. pic.twitter.com/0R2ODsR4qt
— Tony Hawk (@tonyhawk) July 13, 2022
Limewire returns repowered
Limewire, the brand famous for offering file sharing/pirated music between 2000 and 2010, was trending on Twitter this week after its relaunch as an NFT platform focused on music and entertainment.
Limewire is trending, and no it’s not the Limewire that used to give your computer viruses. The company has now rebranded as a music NFT marketplace. Now that Limewire has released its new promo, the internet has some thoughts (: @limewire) pic.twitter.com/RB4Gp7o2XE
— What’s Trending (@WhatsTrending) July 13, 2022
The platform was launched on July 7 and has nothing to do with torrent file software apart from purchasing the rights to use the name. It has teamed up with iconic 2000s musicians like Soulja Boy to further its reach.
Since then, many people on Twitter have had fun pointing out the irony of Limewire going from being a music piracy platform to selling NFTs where you can easily “steal” your artwork via right click and save as. However, Limewire has joined in on the fun by retweeting these memes.
https://t.co/b7jS5TLhY9 pic.twitter.com/ycuZEbddXN
— LimeWire (@limewire) July 13, 2022
In other news:
Blockchain analytics service Nansen published its NFT Indexes Report for the second quarter of 2022, and the data shows that June saw the lowest figure for the calendar year despite buyers holding steady.
China’s largest city, Shanghai, officially intends to boost the development of innovations such as Blockchain technology, NFTs, the metaverse, and Web 3.0 during its upcoming five-year plan.
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