GameStop NFT Daily Fee Revenue Falls Below $4K As Markets Go Down

GameStop nonfungible token (NFT) marketplace’s daily income has fallen to below $4,000, since the platform’s mid-July introduction, indicating a sharp decline in interest.

iexclusivenews reports that GameStop NFT has produced almost $166,800 in sales volume during the last 24 hours, according to data from DappRadar.

With the platform only taking a 2.25 percent cut of NFT sales, that only amounts to $3,753 in earnings over that time period.

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 latest 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 of writing, the HyperViciouZ project on GameStop had the highest 24-hour sales volume of 29.78 Ether (ETH) valued at around $47,841.

Pudgy Penguins, OpenSea’s top-selling project during that time period, received 860.8 ETH, or $1.37 million.

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What You Need To Know

GameStop isn’t the only retailer experiencing financial difficulties right now.

According to NFT Price Floor data, 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%.

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Last week, NFT analysts 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.

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This threshold is represented by the platform as a health indicator, with a score of one triggering the NFT liquidation proceedings.

As of last week, there were at least 20 loans against BAYC NFTs with a health indicator that was dangerously close to, or below, 1.01, and many more for 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.

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There are presently 14 loans against MAYC NFTs in severe jeopardy, with health indicators ranging from 1.01 to 1.03.

There are another 13 that were recently liquidated and are now available for bidding on BendDAO.

Meanwhile, iexclusivenews Nigeria reports that so far this month. The floor price for other top NFT ventures, such as CryptoPunks, has also dropped significantly.

Despite rising from 68.3 ETH on August 1 to 77.4 ETH on August 4, the CryptoPunk floor has since fallen back to 66.45 ETH, or $106,518.