GameStop suddenly enters the top 4 NFT marketplaces a day after launch: what are people even buying and should you join them?

What is the GameStop NFT marketplace?

The world’s largest gaming retailer and trade-in destination, GameStop, which in recent years has fallen on hard times and cannot boast of good profits after months of teasing, finally opened the beta of its NFT marketplace on July 12. Many doubted it was a good idea amid the collapse of the crypto market and the withering interest in NFTs.

But it turns out the company earned $45K in commissions on the first day only (it takes a 2.25% fee). This is a lot. And this is only the beginning. The project can still either become even bigger or disappear forever. Sales on the platform are estimated at $1.98M, according to Ars Technica. It makes GameStop’s marketplace the fourth largest in the world right now in 24 hours. According to DappRadar data, OpenSea tops the list of the most popular marketplaces for the last 24 hours with a total volume of $13.48M, next follows CryptoPunks ($4.3M), and Magic Eden ($2.16M). 

What are people buying on GameStop? The most popular collections are:

MetaBoy

The best-seller among 266 collections on GameStop is GIF NFTs of the MetaBoy collection. It accounted for 25% of GameStop’s NFT trading volume. MetaBoy is a 10K algorithmically generated animated pictures. The most expensive ones cost up to 2,000,000 ETH (about $2,153,298,552).

Ordinary NFT Cards

Ordinary Adam’s parody NFT cards consist of regular cards (150 editions), rare edition (5 editions), and special edition — only one card 026: Ordinary Adam. This is the most expensive NFT in the collection, costing 741.42 ETH ($797,390). The total number of NFTs for sale now is 71.

Bombatomics

The NFT collection features 5K images of the “badass women” created by graphic designer and illustrator under the alias Atómika (Monterrey, Mexico). She donates 20% of all revenue towards a non-profit helping end abuse against women, NFT holders will have early access to future projects. The most expensive unique NFT, Bombatomic 3831, costs 1,000 ETH (about $1,074,662)

From love to hatred

Users met the launch of the NFT marketplace by Reddit’s favorite company with a mixed reception. Some users see no point in another NFT marketplace and the NFT as a whole because of the drop in the market. Others are confident that the bottom has reached and that things will soon improve.

• “Isn’t that life in a nutshell? Why invest in a home when your city decides to bulldoze it or a tornado tears it apart? Why buy and build Legos when your kid is just gonna blow it up?”
• “CSGO skins are a great example. The game is not nearly as popular as it was, but skins just keep going up. Really one of the better investments you could have made.”
• “Watching the NFT space go on an acid trip with all the bored apes and $2m GIFs has been awful.”
• “I’m glad that phase seems to be over. The low gas fees and L2 will enable scalability to implement NFTs for more practical uses. This is exciting.”
• “$16 million a year isn’t that material when GameStop’s revenue is in the billions. They’d be hoping for it to increase from here.”
• “Unless collections on OpenSea move to the GameStop marketplace because it has far lower fees, lower barrier to entry for new collectors, and brand that has broader recognition and credibility with the mainstream.”
• “You’re also hoping that 45k is a daily average, but it’s possible they got more sales than normal because it was the first day it was open, and there were a lot of news stories about it.”
• “And they lose over $100m each quarter.”
• “To put in perspective: GameStop loss 168 million last quarter alone, so there is that.”
• “45k on launch is a catastrophic failure.”
• “It could fall off significantly over the next few weeks. “