GameStop NFT Daily Fee Revenue Falls Under $4K

GameStop NFT daily fee revenue has fallen under $4,000 as problems infect the broader market. This has indicated that interest in the platform has dropped significantly since its introduction just last month.

According to DappRadar statistics, GameStop NFT has produced around $166,800 in sales volume in the last 24 hours. With the platform only collecting a 2.25% charge on NFT purchases, the statistic corresponds to only $3,753 in income during that time.

GameStop NFT Daily Fee Revenue Falls Under $4k

DappRadar’s limited data on GameStop appears to corroborate that prices have dropped to roughly $2000, with trade volume increasing by 91.23% in the last day.

The current data represent a considerable decline from the project’s first full day of business on July 13, when an NFT sales volume of $1.98 million was recorded, equal to around $44,500 in fees.

At the time this article was written, the HyperViciouZ project on GameStop had the highest 24-hour sales volume at 29.78 ETH, or around $47,841 in sales. Pudgy Penguins, OpenSea’s top-selling project during that time period, received 860.8 ETH, or $1.37 million.

Broader Problems

GameStop isn’t the only retailer experiencing financial difficulties right now. According to NFT Price Floor statistics, the Bored Ape Yacht Club (BAYC) floor price has fallen 19% from the beginning of August to 68.48 ETH, or $109,900 as of Aug. 22, while the Mutant Ape Yacht Club (MAYC) floor price has decreased 28.6% to 11.2 ETH, or $17,986.

Since the BAYC and MAYC’s all-time highs of 153.5 ETH and 41.2 ETH in May and April, respectively, the floors have plunged 55% and 72%.

Last week, NFT experts warned that $55 million in blue chip NFTs were at risk of liquidation on BendDAO.

The BendDAO platform allows users to deposit their NFTs and borrow ETH against the asset’s floor price. The loans amount to around 30-40% of the deposited NFT floor price. However, if the price falls so low that the loan equals 90% of the floor price, the depositor has 48 hours to pay off the debt or their NFT would be liquidated and sold at auction.

This threshold is represented by the platform as a health indicator, with a score of one triggering the NFT liquidation processes. As of last week, there were at least 20 loans against BAYC NFTs with a health indicator that was dangerously near to, or below, 1.01, and many more for Mutant Ape Yacht Club NFTs.

At the moment the situation is looking at small improvements, but it’s too early to predict a trend.

Read the latest crypto news.