Crypto Gets a Lesson in Macroeconomics

Some data points in crypto really just stump you. Here’s one: Since Coinbase opened its NFT Marketplace to the public on May 4, it has processed roughly $3.1 million in transactions, according to a dashboard on Dune Analytics. GameStop, on the other hand, launched its NFT marketplace nine days ago on July 11, and it has processed more than $8.2 million in transactions since then in its top 50 NFT collections alone, according to its website. 

The fact that GameStop’s NFT trading volume is more than twice that of Coinbase is a sign that the social media-inspired craze around NFTs is still alive and kicking. Remember, GameStop became synonymous with Reddit-inspired stock and crypto trading in early 2021. The GameStop launch shows the animal spirits in the NFT marketplace are alive and well.