Video Game Giant GameStop’s NFT Marketplace Collects $45K in Its First 24 Hours

The video gaming giant GameStop’s recently rolled out new non-fungible token (NFT) marketplace has collected around $45k in transaction fees on its opening day.

The news comes after the company launched its crypto-driven beta initiative back on Monday. Currently, users of GameStop's NFT marketplace are able to choose from over 54k different NFTs that are all part of one of about 250 collections.

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GameStop NFT, based on ETH Layer-2 Loopring, is reportedly charging 2.25% on commission, however, it still managed to generate almost $2M worth of NFT sales in the first 24 hours after its launch.

In fact, GameStop followed in the footsteps of the crypto exchange Coinbase, which launched its own NFT platform earlier this year. The Coinbase NFT, which was offering zero fees for its first month, managed to collect $75K worth of NFT sales on its rollout and generate $1M worth of sales volume in the first month.

On top of that, investors have already started questioning whether GameStop's highly-anticipated project will be able to come through in the clutch, as bears are still reigning supreme in the crypto market. However, it is a little too early to make any assumptions, as the marketplace was launched only a few days ago.

According to some data, at the beginning of 2021, GameStop had 4816 stores in the United States, meaning that the company managed to average $3426 worth of daily net sales.

Currently, the most popular NFT on the marketplace is a set of 10k animated GIFs dubbed the Metaboy NFT project which has already generated 989.597 Ether (ETH) worth of volume, estimated at $1.1M.

On top of that, GameStop NFT also includes a number of other different NFT-based initiatives, with many more to come. For instance, Gods Unchained and Guild of Guardians are expected to be the backbone of the NFT marketplace in the upcoming future.