Home » Gamestop’s daily NFT fee income dips below $4,000 as market crash grows

Gamestop’s daily NFT fee income dips below $4,000 as market crash grows

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GameStop NFT produced over $166,800 in sales volume in the last 24 hours; despite the platform only charging a 2.25% fee for NFT purchases, the statistic corresponds to an income of only $3,753. Daily revenue on GameStop’s non-fungible token (NFT) market has fallen to less than $4,000, indicating that interest in the platform has dropped dramatically since its introduction in mid-July.

At the time of writing, the HyperViciouZ project on GameStop has the highest sales volume in 24 hours of 29.78 Ether (ETH), worth around $47,841. Pudgy Penguins, OpenSea’s top-selling project, received 860.8 ETH or $1.37 million during this period.

Wider doom and gloom for the Gamestop NFT

According to DappRadar statistics, GameStop has NFT created around $166,800 in sales volume in the last 24 hours. Since the platform only charges 2.25% for NFT transactions, the data equates to an income of only $3,753 over this time period. According to DappRadar’s limited data on GameStop, prices have dropped to more than $2,000, with trade volume up 91.23% over the last day. Current figures show a significant drop from the first full day of operation of the project On July 13, NFT sales volume of approximately $1.98 million was reported, equivalent to approximately $44,500 in fees.

GameStop isn’t the only retailer struggling financially right now. Statistics from NFT Price Floor also showed that Bored Ape Yacht Club’s (BAYC) minimum price since early August fell 19% to 68.48 ETH, or $109,900, as of Monday, while Mutant Ape Yacht Club’s (MAYC) minimum price fell . down 28.6% to 11.2 ETH, or $17,986.

Last week NFT experts warned that $55 million in blue chip NFTs were threatened with liquidation on BendDAO. Users can deposit NFTs and borrow ETH at a minimum asset price on the BendDAO platform. Credits range between 30 and 40% of the NFT minimum price imposed. If the price drops so low that the loan equals 90% of the minimum price, the depositor has 48 hours to repay the debt, or their NFT will be liquidated and sold at auction. From BAYC and MAYC all-time highs of 153.5 ETH and 41.2 ETH in May and April, respectively, the floors have fallen by 55% and 72%.

The platform represents this threshold as a health indicator, with a score of one triggering NFT liquidation processes. In the past week alone, there have been at least 20 loans against BAYC NFT with a health indicator that was dangerously close to or below 1.01 and many more for Mutant Ape Yacht Club NFT.

At the time of writing, there were two BAYC NFTs liquidate and auction this week, while ten others played with fire with health scores ranging from 1.01 to 1.06. However, last week it is half, which indicates that the situation has improved. Currently, 14 loans are seriously compromised against MAYC NFT 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.

So far this month, the minimum price for other top NFT projects such as CryptoPunks has also dropped significantly. Despite surging from 68.3 ETH on August 1 to 77.4 ETH on August 4, CryptoPunk subsequently bottomed out back to 66.45 ETH, or $106,518.

Featured image: Megapixl @Rafaelhenriquepress

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