Gamestop Debuted it is new marketplace this week, and the sales are already at a run rate of over 620 million dollars. It immediately surpassed CoinBase NFT marketplace. They are still behind the largest marketplace OpenSea.
Although the topline numbers are staggering, the bottom line is considerably lower. NFT marketplaces operate on razor thin margins. ARS Technica pointed out that on 2 million in sales Gamestop generated only $45,000 in transaction fees.
Gamestop lost 136 million last quarter, which is around 1.5 million per day. $45,000 in fees offsets the number but it will take more to get the company profitable. Right before the launch of the market place they also announced cost cutting measures, so the true impact on the bottom line won’t be clear until this all settles in.
Decrypt pointed out in an article that the marketplace right now doesn’t actually have the gaming items. It is just focusing on art NFTs. The actual gaming items will come later.
