Nintendo (NTDOY) shares were falling 2.97% to $29.45 in Thursday afternoon trading as the Japanese company's "Super Mario Run" mobile game launches today on Apple's (AAPL) - Get Report iOS operating system to lofty expectations.

The 127-year-old company's first major foray into mobile gaming became available in 151 countries and regions through the App Store, with Jefferies estimating yesterday that the game could generate $500 million in revenue for Nintendo.

"Super Mario Run" is free to download, but will cost gamers a one-time charge of $9.99 to unlock the full experience, which doesn't include offline gaming.

The first game from Nintendo's "Super Mario Bros." franchise, "Super Mario Run" follows the iconic plumber through three different modes, called World Tour, Toad Rally and Kingdom Builder.

Nintendo's willingness to put some of its best intellectual property on mobile underscores its commitment to the platform, Jefferies analyst Atul Goyal wrote in a note published yesterday.

The mobile gaming market is estimated to be worth $38 billion this year, according to gaming industry tracker SuperData Research.