Daily revenue for GameStop’s non-fungible token (NFT) marketplace has fallen below $4,000, indicating that interest in the platform has waned significantly since its launch in mid-July.

According to data from DappRadar, the GameStop NFT generated approximately $166,800 in sales volume over the past 24 hours. Since the platform only charges a 2.25% fee for NFT sales, the figure equates to just $3,753 in revenue over that period.

DappRadar’s limited data on GameStop seems to confirm that the numbers have indeed eased back to around $2,000 as volume pumped 91.23% over the past day.

The latest numbers represent a significant drop from the project’s first full business day on July 13, when NFT sales amounted to $1.98 million, equating to roughly $44,500 in fees.

At the time of writing, the HyperViciouZ project on GameStop had the largest 24-hour turnover of 29.78 Ether.

pointers down

It is worth about $47,841 USD. In comparison, the best-selling OpenSea project during that time frame is Pudgy Penguins with a value of 860.8 ETH, or $1.37 million.

wider doom and gloom
GameStop isn’t the only part of the NFT world that’s struggling nowadays. According to data from NFT Price Floor, the Bored Ape Yacht Club (BAYC) floor price is down a whopping 19% since the start of August to sit at 68.48 ETH, or $109,900 as of Monday while the Mutant Ape Yacht Club (MAYC) floor price is down 28.6%. to 11.2 ETH, or $17,986.

Since the prices of BAYC and MAYC double floors rose to 153.5 ETH and 41.2 ETH in May and April, the two floors are down 55% and 72% each.

NFT analysts warned that $55 million in blue chip NFTs were at risk of liquidation in the BendDAO last week.

The BendDAO platform allows users to deposit their NFTs and get ETH loans for the lowest price of their assets. Total loans are around 30-40% of the minimum deposited NFT price. However, if the price drops so much that the loan equals 90% of the lower price, the depositor has 48 hours to pay off the loan to avoid the NFT being liquidated and sold by auction.

The platform represents this threshold as a healthy indicator where a score less than one triggers NFT liquidation actions. As of last week, there were at least 20 Loans for BAYC NFTs that had a Health Index dropping dangerously low, below 1.01, and a lot more for Mutant Ape Yacht Club NFTs as well.

At the time of this writing, two BAYC NFTs have been liquidated this week and put up for auction, while 10 of them are playing with fire with health indicators ranging from 1.01 to 1.06. But this is half the figure from last week, which indicates an improvement in the situation.

In terms of loans against MAYC NFTs, there are currently 14 at high risk of liquidation, with health indicators ranging from 1.01 to 1.03. There are also 13 recently liquidated ones that are up for auction on BendDAO.

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So far this month, the bottom price of other NFT projects like CryptoPunks has dropped by a decent amount as well. Despite rising from 68.3 ETH on August 1 to 77.4 ETH on August 4, CryptoPunk’s floor has since fallen to 66.45 ETH, or $106,518.

Source: CoinTelegraph