In recent days, the market has not been favourable to GameStop NFT. The NFT trading volume has drastically reduced from $1.98 million on the first full day to $166,800 in the past 24 hours, with the revenue generated being $44,500 and $3,753 respectively.
For a project that got off to a surprisingly good start, it has not been able to maintain the initial level of interest it got. The hype before the project’s release effectively amassed a very high trading volume. As per trading volumes, this platform performed way better than projects before it, such as the Coinbase NFT platform.
With its impressive performance in the market relative to when it was released, it seemed as if it would not conform to a market that is generally fairing badly. However, since its release, it has joined a growing number of struggling NFT projects. Examples include Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC). Via data from the NFT price floor, BAYC and MAYC have undergone massive price plummeting.
50 NFT creators generated about $10 million worth of trading volume, with revenue generated per year reaching around $3 million. This revenue generated is not enough to balance the investment devoted to the GameStop NFT platform. A higher amount of income is needed per year to turn a profit.
It should be noted that the GameStop community is not giving up, and they are coming up with features that can attract interest in their project.
GameStop developers have mentioned the addition of features such as web3 gaming, a Pay-to-earn model that will be welcomed by the gaming community. While this feature will positively influence trading volume, it cannot singlehandedly solve the falling volume of GameStop NFT. The addition of new creators to their platform has also been discussed.