In a telltale sign of waning interest in NFTs, GameStop’s NFT marketplace has recorded its daily fee revenue from the sale of NFT plummeting below $4,000.
According to dappradar.com, the NFT marketplace has generated roughly $177k in sales volume in the last 24 hours, and with the platform charging 2.25% as a commission fee, the platform earned close to $3,980 worth of revenue.
At the time of writing, OpenSea remains the top NFT marketplace with $14.92 million in volume, which is also witnessing a steady downward trend. At its peak, OpenSea witnessed a consistent sales volume of over $150 million.
Other popular NFT projects are too witnessing soured investor sentiment on the backdrop of a drop in the prices of leading crypto assets. Fears of liquidation have resulted in a drop in the value of BAYC NFTs. Several BAYC holders who have borrowed against the NFTs on BendDAO are up for liquidation auction resulting in pressure on the price of BAYC NFTs.
As per estimates, NFTs used as collateral on BendDAO protocol are worth over $59 million, and close to 272 BAYC NFTs or 2.72% of the collections are kept as collateral in the platform.
Many NFT analysts have warned that the NFTs kept as collateral in BendDAO is at higher risk of liquidation. BendDAO allows users to borrow up to 30-40% of the value of NFTs as loans keeping them as collateral. If the price of NFT drops so much that the loan equates to 90% of the value of NFT, the depositor either needs to provide additional collateral or the protocol will auction the NFTs to recover dues.
At present, 10 BAYC NFTs are in danger of getting liquidated, while the count for MAYC NFTs stands at 14. In the last 30 days, the floor price of BAYC NFTs has fallen by close to 30%.
