From January 1 to mid-February, nonfungible tokens (NFTs) soared.
OpenSea volumes peaked at $5 billion in late January and decreased to $3.6 billion in late February.
This could have been an indication that the crypto and NFT markets were correcting.
Total NFT volumes and revenues have been declining, leading new entrants and investors to question the sector’s viability.
DappRadar reports that OpenSea trade volumes have fallen roughly 11% in the last week, and that total volume on the marketplace has fallen 13% in the last 30 days.
Investors are looking for a more sustainable and less speculative way to deposit value.
Regardless of PFP’s fate, blockchain game developers and communities continue to grow.
For example, in February, the P2E blockchain game Axie Infinity sold over $4 billion in NFT.
This makes it the third largest NFT sales platform and the first NFT collection.
The @AxieInfinity has become the first #NFT series to exceed $4B in all-time sales. #CryptoPunks is the next collection to make impressive gains, reaching $2B as all-time sales volume.https://t.co/az7S9bV6aW#ethereum #gamefi #playtoearn $AXIE #NFTs pic.twitter.com/1Rl5B1atpC
— Ethereum Daily (@ETH_Daily) February 23, 2022
Axie Infinity was developed in 2018 and shows what is achievable in a bad market.
Axie Infinity created an MVP that introduced millions to Web3, blockchain, and cryptocurrencies.
Blockchain games are focused on creating and resisting the bear market.
These three blockchain games aim to increase cash flows, infrastructure, and user bases.
New funding could jumpstart growth in Guild of Guardians
To further enhance their businesses, blockchain games are forming strategic collaborations.
Immutable X, an NFT game developer, just closed a $200 million investment round.
A “large portion” of its money will now go to current projects like Guild of Guardians.
The war in Ukraine has hampered growth, according to the Guild of Guardians discord.
Because Stepico Games in Ukraine is working on Guild of Guardians, there have been delays.
Like the crypto market, the Guild of Guardians‘ native GOG token has plummeted to $0.37, about 85% below its all-time high of $2.81.
To further enhance their businesses, blockchain games are forming strategic collaborations.
Immutable X, an NFT game developer, just closed a $200 million investment round.
A “large portion” of its money will now go to current projects like Guild of Guardians.
The war in Ukraine has hampered growth, according to the Guild of Guardians discord.
Because Stepico Games in Ukraine is working on Guild of Guardians, there have been delays.
Like the crypto market, the Guild of Guardians‘ native GOG token has plummeted to $0.37, about 85% below its all-time high of $2.81.
CyberKongz pushes forward “Play & Kollect” on Polygon
A typical PFP on the Ethereum network, the NFT CyberKongz collection has now bridged over to the Polygon network for its Play & Kollect gamification feature.
While deployment has been delayed, the team is now preparing the community for a soft launch with a Polygon network bridge.
ChainLink’s verifiable random function (VRF) and CyberKongz’s Play & Kollect ecosystem integration are also disclosed.
@CyberKongz Integrates @chainlink VRF to Randomize In-Game Features on @0xPolygon
#CyberKongz now has access to a tamper-proof & auditable source of randomness to support randomized in-game features in their upcoming adventure game.
More details: https://t.co/PhuPaVo6N1 pic.twitter.com/bU7VflEYsC
— Polygon Daily (@PolygonDaily) March 8, 2022
The VRF function uses the oracle node’s pre-committed private key to generate a random integer and a cryptographic proof using unknown block data.
Because of this collaboration, complex technological aspects have been integrated with security.
The in-game characters required to play CyberKongz VX currently cost 2.59 ETH ($6,674.09) on the Polygon network via OpenSea.
Interestingly, unbridged Ethereum assets are cheaper at 1.95 ETH, or $5,024.90.
Galaxy Fight Club is zoning in on gaming and Web3 development
Galaxy Fight Club, a P2E game, established a deal with Vaynerchuk Sports and Gary Vee’s brother, AJ Vaynerchuk, to introduce the game to UFC competitors (UFC).
GFC’s native coin GCOIN will also be listed on Huobi, potentially giving it a boost to reverse the present downward trend.
GCOIN has lost 11% in the previous week, and is roughly 85% off its all-time high of $2.16.
Like Guild of Guardians and CyberKongz, GFC has suffered owing to a discord exploit.
But it seems to overcome obstacles by focusing on results.
The team hopes to implement the play-to-earn elements within the next two weeks.
Players must own Genesis Galaxy Fighters to earn GCOIN in-game.
The lowest-earning fighters are now priced at 0.47 ETH, or $1,271.60, and the highest-earning fighters are 3.99 ETH, or $10,795.10.
Despite the inevitable disappointments and hurdles, blockchain games appear to grasp that success requires one thing: creating an enjoyable game.
As the market nears Q2, investors will be monitoring to see who took advantage of the slowdown.
The author’s thoughts and opinions are entirely his or her own and do not necessarily reflect those of CoinNewsDaily. Each investing and trading action entails risk; before making a decision, you should conduct your own research.
