The launch of its own NFT marketplace by GameStop highlighted the depth of Coinbase’s failure in this area. The owner of a chain of stores selling game discs has twice surpassed the record of the largest cryptocurrency exchange, which promised its shareholders that it would make big profits on the sale of NFTs.
GameStop’s success stems
GameStop’s success stems from the company’s iconic status as a symbol of traders’ struggles with hedge funds that managed to reverse a downtrend by coordinating purchases in the wallstreetbets community.
Later, this scheme worked on cryptocurrencies, spinning the Shiba Inu meme token, which entered the top 10 rating. Many traders remained grateful to GameStop for thousands of percent of the profit, despite the subsequent drop in stocks. Online disc stores have outlived their usefulness with the advent of online gaming services and streaming platforms.
GameStop chose the NFT marketplace as a new type of business and a week of trading brought him a turnover of $7.2 million. Coinbase’s best indicator for the sale of unique tokens was at the level of $2.7 million. The record had a positive effect on the company’s shares, which grew in five days by 11.68%.
OpenSea is still the leader in the NFT marketplace segment, with a turnover of $120 million last week. However, GameStop is actively developing in a new direction, launching its own wallet and creating a fund for investing in blockchain games, in the amount of $100 million.
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