GameStop NFT marketplace’s daily income has fallen to below $4,000, indicating a sharp decline in interest as gloom infects markets.
GameStop NFT has produced almost $166,800 in sales volume during the last 24 hours, according to data from DappRadar. With the platform only taking a 2.25 percent cut of NFT sales, that only amounts to $3,753 in earnings over that time period.
Since trading volume has increased by 91.23% in the last day, DappRadar’s scant information on GameStop appears to suggest that figures truly fell to about $2000.
In comparison to the project’s first full business day on July 13, the most recent numbers show a dramatic decline, with an NFT sales volume of $1.98 million equaling roughly $44,500 in fees.
Currently, the HyperViciouZ project on GameStop has the highest 24-hour sales volume with 29.78 ETH, or about $47,841 in transactions. In contrast, Pudgy Penguins, which sold 860.8 ETH, or $1.37 million, during that time period, was the most popular project on OpenSea.
NFT industry faces decline
The NFT industry as a whole isn’t doing well right now only because of GameStop. The BAYC floor price has fallen by a significant 19% from the beginning of August to sit at 68.48 ETH ($109,900) as of August 22, according to data from NFT Price Floor, while the MAYC floor has fallen by a significant 28.6% to 11.2 ETH ($17,986).
The floors have fallen by 55% and 72%, respectively, from the BAYC and MAYC’s respective all-time floor price highs of 153.5 ETH and 41.2 ETH in May and April. Blue chip NFTs worth $55 million, according to NFT analysts, were in danger of being liquidated on BendDAO last week.
Users can deposit their NFTs on the BendDAO platform and borrow ETH against the floor price of their assets. The loans are around 30–40% of the floor price of the deposited NFT, but if the price falls below that level—90% of the floor price—the depositor has 48 hours to pay the loan off to prevent their NFT from being liquidated and sold at auction.
A score below 1 on the platform’s health indicator for this level initiates the NFT liquidation process. As of last week, at least 20 loans secured by Mutant Ape Yacht Club (MAYC) NFTs and at least 20 loans secured by BAYC NFTs each had health indicators that were dangerously near to falling below 1.01.
Currently, 10 BAYC NFTs are playing with fire with health indicators ranging from 1.01 to 1.06, while two have been liquidated this week and put up for auction. However, that’s a reduction from last week’s total, indicating that things have changed for the better.
There are now 14 loans secured by MAYC NFTs that are in imminent danger of being liquidated, with health indices ranging from 1.01 to 1.03. 13 have also recently been liquidated and are currently being put up for sale on BendDAO.
The floor price for other notable NFT ventures, such CryptoPunks, has fallen significantly thus far this month. The CryptoPunk floor rose from 68.3 ETH on August 1 to 77.4 ETH on August 4 but has now fallen back to 66.45 ETH ($106,518).
