GameStop NFT Marketplace earns US$44,500 ($61,775) on day one
What could be more sinister? Whether GameStop downsized to cut costs just before launching an NFT Marketplace, or that the NFT Marketplace the company spent millions on only grossed around US$44,500 ($61,775) during its great beginnings? For those who keep accounts at home, it’s less than the price of a new truck.
GameStop’s new crypto-based store shows continuous statistics for NFT sales and has been transparent about charging a total commission of 2.25%. While we don’t know the total overhead or initial investment, that’s enough information to get a rough idea of the store’s daily revenue, and so far it’s practically nothing. As Ars-Technica reports, day one sales totaled 1,835 Ethereum, or about $1.98 million ($3 million) in real money. This translates to US$44,500 ($61,775) in estimated commissions for GameStop, or approximately 0.27% of its daily net sales in 2021.
To take the math a step further, GameStop had 4,816 stores globally at the start of 2021. Dividing daily net sales by this number means approximately US$3,426 ($4,756) in business at each store each day. Opening the NFT Marketplace was actually like opening a dozen more GameStop stores, but with the added bonus of not having to hire low-paid hourly workers.
As the market nears its second day of trading, there was only an estimated incremental selling volume of $823,484 ($1,143,160), or about US$18,578 ($25,790) in additional fees. While it’s too early to tell if things are already slowing down after the first day rush, they certainly don’t seem to be picking up speed. As Ars-Technica points out, the NFT market in general has fallen dramatically over the past six months, with daily sales volume on established platforms like OpenSea dropping by 90%.
But GameStop meme stock enthusiasts only see the bright side, and are already talking about the potential for exponential growth and lucrative new fee structures attached to GameStop’s proprietary NFT wallet. Others have become obsessed with Easter eggs embedded in one of GameStop’s own NFTs.
A not-for-sale NFT commemorating the launch begins with a loading screen that eventually turns into an arcade cabinet. GameStonks aficionados found a reference to a secret file in the metadata and discovered that entering the classic Konami cheat code would lead to a rocket animation and later an ASCII skull. This rabbit hole is currently having them analyze a photograph of a rug. Naturally, GameStop stock price is up 10% this week.