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Top NFT News: GameStop NFT Daily Fee Revenue Plunges Under $4K as Market Anxiety Grows

22-Aug-2022 By: Ashish Sarswat
Top NFT News: GameSt

Daily revenue for GameStop's nonfungible token (NFT) marketplace has dropped under $4,000, indicating that interest in the platform has decreased dramatically since its introduction in mid-July.

According to DappRadar statistics, GameStop NFT has generated around $166,800 in sales volume in the last 24 hours. With the platform only charging a 2.25% charge on NFT purchases, the figure equates to only $3,753 in revenue during that time.

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

The latest figures represent a considerable drop from the project's first full day of operation on July 13, with an NFT sales volume of $1.98 million, equating to around $44,500 in fees.

At the time of writing, the HyperViciouZ project on GameStop has the highest 24-hour sales volume of 29.78 Ether (ETH) valued at around $47,841. In comparison, OpenSea's top-selling project during that time period is Pudgy Penguins with 860.8 ETH, or $1.37 million.

Broader doom and gloom

GameStop isn't the only retailer struggling financially 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 sit at 68.48 ETH, or $109,900 as of Aug. 22, while the Mutant Ape Yacht Club (MAYC) floor price has fallen 28.6% to 11.2 ETH, or $17,986.

The BendDAO platform allows users to deposit their NFTs and loan ETH against the asset's floor price. The loans equal to around 30-40% of the deposited NFT floor price. However, if the price falls so low that the loan equates to 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.

The platform represents this threshold as a health indicator, with a score of one activating the NFT liquidation operations. As of last week, there were at least 20 loans against BAYC NFTs with a health indicator that was perilously close to, or below, 1.01, and many more against Mutant Ape Yacht Club NFTs.

At the time of writing, two BAYC NFTs had been liquidated and auctioned this week, while ten others were playing with fire with health indicators ranging from 1.01 to 1.06. However, this is half of what it was last week, indicating that the situation has improved.

So far this month, the floor price for other major NFT ventures, such as CryptoPunks, has also dropped significantly. Despite increasing from 68.3 ETH on August 1 to 77.4 ETH on August 4, the CryptoPunk floor has subsequently fallen back to 66.45 ETH, or $106,518, at the time of writing.

This bear market has affected not only the market cap or trading volume of cryptocurrency but also affected the metaverse and NFTas well. Over the last two months, we have seen multiple sharp declines in the NFT market cap and trading prices. But it appears that this massacre will soon come to an end and the NFT market will rise again since prominent musicians like Eminem and Snoop Dogg utilize these NFTs in their music albums, encouraging the popularity of NFTs among fans.

Read also: Top Cryptocurrency News: Hackers Exploit Zero-Day Bug to Steal From General Bytes Bitcoin ATMs

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