New Daps report reveals key insights into the GameStop NFT marketplace
New Dapps Report focused on GameStop by analyzing the company’s performance since moving to Web3 on July 11m 2022.
Formerly the world’s largest video game retailer, GameStop has reinvented itself as an NFT gaming marketplace.
In a fiercely competitive market, GameStop currently holds a top ten position, according to the NewDapps report.
As of August 2022, GameStop is ranked 9thm The largest NFT marketplace with a total trading volume of $6,387,516.
Moreover, GameStop’s best day in business was on its second day of launch, when its trading volume reached $2 million.
Overall, the platform’s total trading volume was just over $22 million, 58% of which was achieved in the first trading month of July.
In total, GameStop has earned an estimated $496,506 since its launch.
OpenSea leads the pack
Make no mistake, the vast majority of this market is with OpenC.
In fact, OpenSea has a daily trading volume of $10 million and an average of 33,474 unique traders in the marketplace.
Although it’s early days of GameStop’s tenure, they currently lag well behind OpenSea with a total of 21,878 unique merchants.
Among other competitors, Magic Eden controls 7% of the total market share with GameStop currently estimating 0.7% of organic NFT sales.
Just above GameStop in the pack is NBA Top Shot, who handled a total of $6,752,696 in August – 5% more than GameStop.
Despite GameStop’s focus on NFT gaming, a growing market, GameStop’s launch timing was unfortunate.
At the time, Coinbase, Warner Bros., and Disney all launched their own NFT marketplaces – likely blocking GameStop’s entry into the Web3 space.
Disputes are bad for business
As pointed out in the New Dapps report, some bad publicity may have hindered GameStop’s progress thus far.
In July, GameStop had issues with a fake NFT, which turned out to be a Photoshop version of a famous photograph.
The NFT sold multiple times and reached a price of 5 ETH / $7,492 before being pulled from the market.
What’s more, another collection was caught selling unlicensed works and was removed after significant community backlash.
As a new player in the space, these events did GameStop no favors.
Social awareness and engagement
GameStop made one Twitter The account and profile currently have 84,933 followers as of March 2022, with a 40% increase in followers in May.
Since May, the average daily growth over the past 30 days has dropped to 142 new followers. In fact, this trend follows the same pattern as GameStop’s merchant count, which has recently declined.
It’s important to put all of this in context, and the general growth of the NFT market has fallen off a cliff in recent times.
In fact, the NFT market’s trading volume fell 85% in August, compared to its peak of $5.7 billion in January.
The Terra Luna debacle and the resulting devaluation of Bitcoin cannot be discounted in this analysis.
Of course, these events created a huge ripple effect in the market and contributed to an overall decrease in appetite for NFTs.
Collecting and trading
GameStop’s flagship NFT collection in the last 30 days is GMERICA 1, with a total volume of 664 ETH or $996,000.
Currently, the collection floor price is 0.11 ETH or $165, five different types of NFT and 532 in total.
In contrast, a newly minted collection called ‘Renga’ on OpenSea has a floor price of 0.84 ETH, a volume of 2700 ETH and a total supply of 6900 assets in the collection.
As highlighted by the New Dapps report, GameStop needs to find ways to attract prominent creators to the marketplace.
Tweaks will be made
As it stands today, despite its sleek design, GameStop is missing a few key features.
Namely, buyers must be able to filter and sort individual assets within collections and filter different collections based on their performance.
Currently, the sorting tools are limited compared to many of its competitors.
Additionally, GameStop will also benefit from trading performance tracking and statistical support for many collections.
According to the New Dapps report, statistics such as average price, trading history of an NFT and historical progress of floor price will be welcomed by users.
Additionally, Etherscan links for a given collection, or social links, are currently missing for most of GameStop’s collections.
Without these features, it will be difficult for GameStop to attract the talent it needs to sell on its platform.
Banking on Blockchain Gaming
Despite its stuttering start, GameStop may yet enter the blockchain gaming space.
After all, it is estimated that the industry could reach a valuation of $50 billion in the next three years.
Therefore, GameStop is well positioned to capitalize if it can make the necessary adjustments highlighted in the new Daps report.
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