It seems like gaming platforms like GameStop are struggling to generate sales revenues like before. GameStop’s NFT market has dropped drastically in value to under $4000 in less than 6 weeks since its launch in mid-July 2022. This drop happened in spite of the platform charging a minimal fee of just 2.25% on sales.
The sales data was gathered by an analytics firm and was related to its new project, HyperViciouZ. On the flip side, Pudgy Penguins, a project managed by OpenSea on its platform raised 1.37 million.
Most gaming NFTs are struggling to generate interest and sales in a tough crypto market. According to available data, the price of BAYC has dropped by a whopping 19% to its current value of 68.4 ETH as of the 22nd of August. The value of MAYC also dropped by close to 30% to a value of $17,986. Both of these NFTS have lost more than 50% and 70% of their values since May 2022.
In other news, NFT analysts offered dire predictions on liquidation for many NFTs which were considered blue chips. The prediction is that the liquidation value will amount to $55 million or more on the BendDAO.
BendDAO is a platform that helps users to take loans in ETH against their NFT assets. The loan value is 30% or 40% of the total deposited NFT value. If the price of the NFT drops and it equals 90% of the NFT’s value, depositors are expected to pay off their loan within 48 hours of the drop. This is required to stop their assets from being liquidated and sold off in auctions. This threshold is seen as an indication of overall NFT health. Quite a few depositors have been losing their investments as they drop in value.
