Gamestop NFT marketplace opening week sales dwarfs Coinbase NFT. Only one week after its launch, Gamestop new NFT marketplace was able to successfully reach $7.2 million in weekly sales volume while Coinbase’s NFT marketplace fails to catch up after 2 months of its launch.
GameStop vs Coinbase Sales
Gamestop launched its beta NFT marketplace on July 11th, and since then has been proving itself to be rather successful, seeing a trading volume of more than 5,000 ETH or around $7.2 million within one week, according to data compiled by CoinDesk. This is made even more impressive by the fact that the $7.2 million figure was the calculated volume for the marketplace’s top 50 collections, the only data publicly available, which means GameStop’s total volume sales is most likely higher than that.
Unfortunately, Coinbase’s NFT marketplace bears very different results. Since its launch 2 months ago on May 4th, Coinbase NFT has only been able to see a total of 1,913 ETH (or around $2.8 million) in sales volume.
GameStop’s NFT marketplace doing $1,000,000+ volume in 24hrs proves CoinBase is the biggest NFT failure ever
— ThreadGuy.eth 👑 (@notthreadguy) July 12, 2022
Why Coinbase NFT Failed
The difference in results between the launch of these two new NFT marketplaces seem to have caused a lot of confusion in the community. Since before it launched, many had expected Coinbase’s NFT marketplace to be a big success, with the platform even offering users zero trading fees.
Coinbase NFT was supposed to bring NFTs to the mainstream.
With a $600M budget and over 2M waitlist applications it seemed destined to become the marketplace.
Instead it's a ghost town with less volume all time than GameStop has done in 24 hours?
So why did it fail? 🧵
— austin (@austin_hurwitz) July 19, 2022
So just why did Coinbase NFT fail to garner results like GameStop’s NFT marketplace? Twitter user @austin_hurwitz made a great thread theorizing why Coinbase failed to live up to the community’s expectations, with some of the reasons being the fact that Coinbase lacks exclusive content and the lack of sellers present at the beginning of the platforms launch.