T

he daily revenue for GameStop's nonfungible token (NFT) marketplace has dropped below $4,000, indicating that curiosity about the platform has waned significantly since its launch in mid-July.

Its NFT has generated approximately $166,800 in sales volume over the last 24 hours, according to DappRadar data. With the platform charging only a 2.25% fee on NFT sales, that equates to only $3,753 in revenue during that time.

DappRadar's limited information on GameStop shows that figures have dropped to around $2000, with trading volume increasing by 91.23% in the last day.

The recent stats represent a significant decline from the project's first full day of business on July 13, with an NFT sales volume of $1.98 million, amounting to approximately $44,500 in fees.

On GameStop, the HyperViciouZ project generated the highest 24-hour sales revenue of 29.78 Ether (ETH), worth approximately $47,841. Pudgy Penguins, OpenSea's most popular project, obtained 860.8 ETH, or $1.37 million.

The platform 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% since 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 fallen 28.6% to 11.2 ETH, or $17,986.

Since BAYC and MAYC's all-time spikes to 153.5 ETH and 41.2 ETH in May and April, the floors have declined 55% and 72%.

Last week, NFT analysts warned that $55 million in blue chip NFTs were in danger of liquidation on BendDAO.

Users can deposit NFTs and borrow ETH against the asset's floor price on the BendDAO platform. The loans amount to approximately 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 loan, or their NFT will be liquidated and auctioned off.

It represents this threshold as a health indicator, with one score triggering the NFT liquidation discussions. 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 varying from 1.01 to 1.06. However, this is half of last week, indicating that the situation has improved.

There are currently 14 loans against MAYC NFTs in severe jeopardy, with health indicators spanning from 1.01 to 1.03. There are also 13 that were recently liquidated and are now available for bidding on BendDAO.

This month, the floor price for several other top NFT projects, 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.

Posted 
Aug 22, 2022
 in 
Crypto News
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