NounsDAO on the Brink of Treasury Division Split Amidst 'Rage Quit' Uprising by NFT Holders
Web3 Developers Remain Enthusiastic Despite the Chilly NFT Trading
Reddit Unveils Exciting New NFTs while Crypto Twitter Leaves Threads Unread
Since the platform's mid-July introduction, GameStop's nonfungible token (NFT) marketplace's daily income has fallen to below $4,000, indicating a sharp decline in interest.
GameStop NFT has produced almost $166,800 in sales volume during the last 24 hours, according to data from DappRadar. With the platform only taking a 2.25 percent cut of NFT sales, that only amounts to $3,753 in earnings over that time period.
Since trading volume has increased by 91.23% in the last day, DappRadar's scant information on GameStop appears to suggest that figures truly fell to about $2000.
The most recent numbers represent a dramatic decline from the project's first full business day on July 13, when NFT sales volume was $1.98 million, or almost $44,500 in fees.
At the time this article was written, the HyperViciouZ project on GameStop had the highest 24-hour sales volume at 29.78 ETH, or roughly $47,841 in sales. In contrast, Pudgy Penguins, which sold 860.8 ETH, or $1.37 million, during that time, was the most popular project on OpenSea.
Broader doom and gloom
The NFT industry as a whole isn't doing well right now only because of GameStop. The Mutant Ape Yacht Club (MAYC) floor price has fallen by 28.6% to 11.2 ETH, or $17,986, according to data from NFT Price Floor, while the Bored Ape Yacht Club (BAYC) floor price has fallen by a significant 19% to 68.48 ETH, or $109,900, as of August 22.
The floors have fallen by 55% and 72%, respectively, from the BAYC and MAYC's respective all-time floor price highs of 153.5 ETH and 41.2 ETH in May and April.
Blue chip NFTs worth $55 million, according to NFT analysts, were in danger of being liquidated on BendDAO last week.
Users can deposit their NFTs on the BendDAO platform and borrow ETH against the floor price of their assets. The loans make for roughly 30–40% of the NFT floor price that was deposited. However, the depositor has 48 hours to pay off the loan if the price falls so low that it equals 90% of the floor price. Failing to do so will result in their NFT being liquidated and auctioned off.
This cutoff is shown on the platform as a health indicator, and a score of zero starts the NFT liquidation process. As of last week, at least 20 loans secured by BAYC NFTs and many more against Mutant Ape Yacht Club NFTs had health indicators that were dangerously close to falling below 1.01.
Currently, 10 BAYC NFTs are playing with fire with health indicators ranging from 1.01 to 1.06, while two have been liquidated this week and put up for auction. However, that's a reduction from last week's total, indicating that things have changed for the better.
There are now 14 loans secured by MAYC NFTs that are in imminent danger of being liquidated, with health indices ranging from 1.01 to 1.03. 13 have also recently been liquidated and are currently being put up for sale on BendDAO.
The floor price for other notable NFT ventures, such CryptoPunks, has fallen significantly thus far this month. The CryptoPunk floor has already retraced back down to 66.45 ETH, or $106,518 despite rising from 68.3 ETH on August 1 to 77.4 ETH on August 4.
---------
