GameStop’s daily revenue from its NFT marketplace is drying up, with the fee revenue totalling under $4K over the past 24 hours, while NFT liquidations on BendDAO carry on.
) worth roughly $47,841. In comparison, OpenSea’s top-selling project during that time frame is Pudgy Penguins with 860.8 ETH, or $1.37 million.GameStop isn’t the only part of the NFT world struggling at present. According to data from NFT Price Floor, the Bored Ape Yacht Club floor price has dropped a hefty 19% since the start of August to sit at 68.48 ETH, or $109,900 as of Aug. 22, while the Mutant Ape Yacht Club floor has plunged 28.6% to 11.2 ETH, or $17,986.
Since the BAYC and MAYC’s respective all-time floor price highs of 153.5 ETH and 41.2 ETH in May and April, the floors have dropped 55% and 72% each.were at risk of liquidation on BendDAO last week. The BendDAO platform enables users to deposit their NFTs and take ETH loans out against the floor price of their assets. The loans total around 30-40% of the deposited NFT floor price. However, if the price drops so low that the loan equates to 90% of the floor price, the depositor has 48 hours to pay the loan down to avoid their NFT being liquidated and sold off via auction.
The platform represents this threshold as a health indicator in which a score below one triggers the NFT liquidation proceedings. As of last week, there were at least 20 loans against BAYC NFTs that had a health indicator fall perilously close, below 1.01, and a lot more for Mutant Ape Yacht Club NFTs as well.
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