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GameStop\u2019s new Ethereum-based NFT marketplace has been live in beta for a little over 48 hours. It isn\u2019t even offering gaming NFTs yet, which will be <\/span>the marketplace\u2019s planned core offering<\/span><\/a>.<\/span><\/p>\n Even so, the video game retailer\u2019s new platform has already seen nearly twice the all-time trading volume of Coinbase\u2019s NFT marketplace, which has been open since May.<\/span><\/p>\n Since Monday\u2019s 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\u2019s top 50 collections, the only data publicly available, which means GameStop\u2019s total trading volume marketplace-wide is likely higher.\u00a0<\/span><\/p>\n <\/p>\n In contrast, since its <\/span>lackluster launch<\/span><\/a>, Coinbase\u2019s NFT marketplace has generated a total of 1,704 ETH in trading volume, or roughly $1.8 million, according to the latest data from <\/span>Dune Analytics<\/span><\/i><\/a>.<\/span><\/p>\n Of course, GameStop NFT\u2019s early performance pales in comparison to that of leading NFT marketplaces like OpenSea, which did <\/span>$16 million in trading volume on Wednesday alone<\/span><\/a>. <\/span><\/p>\n 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.\u00a0<\/span><\/p>\n 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.)<\/span><\/p>\n <\/p>\n NFTs<\/a> are blockchain-based tokens that show ownership over digital or physical assets, and GameStop’s NFTs are on the Ethereum blockchain. The company is taking a 2.25% commission on its NFT sales, so as\u00a0Ars Technica<\/a>\u00a0<\/i>notes, the actual revenue for GameStop thus far is small.<\/span><\/p>\n GameStop NFT currently offers only artwork NFTs, but intends to launch a suite of gaming NFTs, which can be used as interactive items within video games. In February, GameStop <\/span>launched a $100 million token incentive fund<\/span><\/a> with Ethereum layer-2 scaling solution Immutable X<\/a> to support development of NFT-compatible video games and products. The marketplace website notes that gaming NFTs on Immutable X are \u201ccoming soon,\u201d and currently teases 13 NFT-compatible games that will have products available on the platform for purchase.\u00a0<\/span><\/p>\n <\/p>\n Coinbase\u2019s NFT marketplace, meanwhile, has struggled mightily to attract business, after <\/span>garnering 150 active users on its first day<\/span><\/a>. The platform has <\/span>added a number of new features to the site since launch<\/span><\/a>, but those have largely failed to attract a sizable customer base.<\/span><\/p>\n In the time since GameStop NFT launched on Monday, for example, Coinbase NFT <\/span>has processed $31,000 in sales<\/span><\/a>: that\u2019s less than 1% of GameStop NFT\u2019s business.<\/span><\/p>\n\nWant to be a crypto expert? Get the best of Decrypt straight to your inbox.<\/h3>\n
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