The new Dapps report has shifted its focus to GameStop, analyzing the company’s performance since its move to Web3 on July 11.i.e 2022.
GameStop, once the world’s largest video game retailer, has reinvented itself as an NFT game marketplace.
In a fiercely competitive market, GameStop currently holds the top ten position, according to the New Dapps Report.
As of August 2022, GameStop is ranked 9thi.e the largest NFT market with a total trade of $6,387,516.
Moreover, GameStop’s best day of trading was on the second day after its launch, when its trading volume reached a cumulative $2 million.
Overall, the platform’s total trading volume is over $22 million, 58% of which was generated in the first trading month of July.
In total, GameStop has earned an estimated $496,506 since its launch.
OpenSea leads the pack
Make no mistake, the lion’s share of this market is with OpenSea.
In fact, OpenSea boasts a daily trading volume of $10 million and an average of 33,474 unique traders in the market.
Although it’s early in GameStop’s career, they currently trail OpenSea with 21,878 total unique merchants.
Among other competitors, Magic Eden commands 7% of the total market share, with GameStop currently taking 0.7% of organic NFT sales.
Just above GameStop in the pack is NBA Top Shot, which took in a total of $6,752,696 in August – 5% higher than GameStop.
Despite GameStop’s focus on NFT gaming, which is a growing market, the timing of GameStop’s launch was unfortunate.
During that time, Coinbase, Warner Brothers, and Disney all launched their own NFT marketplaces—perhaps taking the shine off GameStop’s entry into the Web3 space.
Disputes are bad for business
As noted in the New Dapps report, a little bad publicity may have hindered GameStop’s progress thus far.
In July, GameStop had a problem with a fake NFT, which turned out to be a photoshopped version of a famous photograph.
The NFT was sold multiple times, reaching a price of 5 ETH / $7,492, before being pulled from the market.
What’s more, another museum was caught selling unauthorized works and was removed after significant community backlash.
In terms of being a new player in the space, these events did GameStop no favors.
Social awareness and participation
GameStop created a Twitter account in March 2022 and the profile now has 84,933 followers, with 40% of its followers gained in May.
Since May, the average daily growth has decreased to 142 new followers in the last 30 days. In fact, this trend follows the same pattern as GameStop’s merchant count, which has also dropped recently.
It’s important to put this all into perspective, and the overall growth of the NFT market has fallen off a cliff recently.
In fact, NFT trading volume in the market fell by 85% in August, compared to a peak of $5.7 billion in January.
The Terra Luna flaw and the resulting Bitcoin devaluation cannot be discounted in this analysis.
Certainly, these events have caused enormous ripple effects in the market and contributed to a general decline in appetite for NFTs.
Collection and trading
GameStop’s flagship NFT portfolio in the last 30 days is GMERICA 1, with a total of 664 ETH or $996,000.
Currently, the portfolio floor price is 0.11 ETH or $165, with five different types of NFTs and a total of 532.
On the other hand, a newly constructed pool on OpenSea called ‘RENGA’ has a floor price of 0.84 ETH, a volume of 2700 ETH and a total supply of 6900 assets in the pool.
As noted in the New Dapps report, GameStop needs to find ways to attract high-profile creators to the market.
A proposal remains to be made
As it stands today, despite its cool design, GameStop is missing a few key features.
Namely, buyers need to be able to filter and sort individual assets within the portfolio and filter different portfolios based on their performance.
Currently, the sorting tools are quite limited compared to many competitors.
In addition, GameStop would also benefit from tracking business performance and statistical support for multiple collections.
Statistics such as average price, trading history of NFTs and historical floor price progress would be welcomed by users, according to the New Dapps Report.
Furthermore, Etherscan lacks links for a specific collection, or social media links, which represents most collections at GameStop.
Without these features, it will be difficult for GameStop to attract the necessary talent to sell on its platform.
Banking on blockchain games
Despite a stuttering start, GameStop can still make inroads in the blockchain gaming space.
After all, it has been estimated that the industry could reach a $50 billion valuation in the next three years.
Therefore, GameStop is well-positioned to capitalize if it can make the necessary changes as noted in the New Dapps Report.
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