425-821-4945
425-821-4945

Analysis: GameStop’s NFT marketplace earns the company just $45K in first day

Enlarge / Is GameStop’s “power to the players” NFT marketplace bringing any power to GameStop itself?

GameStop’s new NFT marketplace—which finally launched in beta on Monday after months of teases and hype among some retail traders—has brought the game retailer about $45,000 in transaction fees in its first 24 hours, according to an Ars-exclusive analysis. 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.

Ars’ analysis is based on publicly available data from the Gamestop NFT marketplace webpage. So far, that marketplace is sorted into nearly 54,000 distinct NFTs (many of which are available in multiple limited “editions”) that are all part of one of about 250 collections. The combined, displayed “total volume” for those NFTs—which includes both initial sales by the creator and subsequent sales by secondhand purchasers—totaled about 1,835 ethereum (ETH) as of Tuesday afternoon (roughly $1.98 million at current ETH market prices).

GameStop takes a 2.25 percent marketplace fee on all those transactions (broadly in line with competing marketplaces), which translates to about $44,500 at current market rates. The rest of that sales volume goes to the people selling the NFTs, after crypto network fees and a variable creator royalty fee are taken into account.

Read 14 remaining paragraphs | Comments

Generated by Feedzy