GameStop's NFT Marketplace Leapfrogs Coinbase's In Less Than 48 Hours

OpenSea Makes Job Cuts and Art Blocks Rebounds

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GameStop's NFT Marketplace Leapfrogs Coinbase's In Less Than 48 Hours

When GameStop said that it would launch an NFT marketplace earlier this year, many in the web3 community were sceptical of the meme stonk retailer’s plans.

Yet, in just two days since going live, GameStop’s NFT marketplace has seen more sales activity than the much-vaunted Coinbase NFT has managed in the two months since it launched.

The top 50 collections have generated over 3,500 ETH ($4M) in sales volumes, according to the website. The action is dominated by the MetaBoy collection, which accounts for just under a third of the total volume.

MetaBoy #9928

Meanwhile, Coinbase NFT has only seen 1,710 ETH ($2M) of trading volume since its inception, according to data from Dune Analytics. Marketplace leader OpenSea did $17M in volume on July 13 alone.

Layoffs At OpenSea

On July 14, OpenSea CEO Devin Finzer announced that the company is scaling back its team by 20%, citing “an unprecedented combination of crypto winter and broad macroeconomic instability”.

The company seems to be preparing for a protracted winter of lackluster demand, as it’s unlikely that the move was made for financial reasons. OpenSea has earned nearly $1B from trading fees since 2021 and raised $300M in Series C funding just six months ago.

Competing NFT marketplace LooksRare was quick to respond to Finzer’s tweet with a list of job openings that it’s looking to fill.

Art Blocks Renaissance

Remember Art Blocks? It was nearly impossible to mint an NFT from the generative art collection during last summer’s bull run.

Since those heady days, most Art Blocks saw their floor prices crash by 80% and sales dropped off to nearly nothing.

Activity has been picking up over the past few weeks, however. With nearly $16M traded, Art Blocks are in fifth place on OpenSea’s volume leaderboard over the last 30 days, just behind CryptoPunks and Yuga Labs’ collections.

On July 13, the latest Curated collection, Running Moon by Licia He, sold out in a matter of minutes in a Dutch auction that started at 3 ETH. The current floor price is 3.9 ETH.

Running Moon #322

State Of The Market

Nearly 480,000 NFTs worth $183M changed hands in the week ending July 11. Volume was $20M higher than the prior week while the number of transactions rose by 20%.

Source: Dune Analytics

Floor Prices

  • Bored Ape Yacht Club – Up 5% this week to 95 ETH
  • CryptoPunks – Up 15% to 78 ETH. Punk 4464 was sold for 2,500 ETH on July 12.
  • Otherdeeds – Flat at 2.8 ETH
  • Moonbirds – Flat at 26 ETH
  • Doodles – Up 5% to 13.6 ETH
  • Clone X – Down 5% to 10 ETH
  • Chromie Squiggles – Down 13% to 12.7 ETH