GameStop’s new Ethereum-based NFT marketplace has been live in beta for a little over 48 hours. It isn’t even offering gaming NFTs yet, which will be the marketplace’s planned core offering.
Even so, the video game retailer’s new platform has already seen nearly twice the all-time trading volume of Coinbase’s NFT marketplace, which has been open since May.
Since Monday’s launch, GameStop NFT has seen at least 3,167 ETH in trading volume, according to data published on the marketplace website. That figure, equalling almost $3.5 million, represents the trading volume for the marketplace’s top 50 collections, the only data publicly available, which means GameStop’s total trading volume marketplace-wide is likely higher.
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In contrast, since its lackluster launch, Coinbase’s NFT marketplace has generated a total of 1,704 ETH in trading volume, or roughly $1.8 million, according to the latest data from Dune Analytics.
Of course, GameStop NFT’s early performance pales in comparison to that of leading NFT marketplaces like OpenSea, which did $16 million in trading volume on Wednesday alone.
But the fact that the video game retailer has so quickly eclipsed the all-time volume on a $12 billion Web3-native company like Coinbase in the NFT space is not insignificant.
Since launching the marketplace on Monday, GameStop stock (GME) has risen 10%, closing on Wednesday at $141.28. (The notorious meme stock is still down 26% over the past 12 months.)