Nonfungible tokens (NFTs) were in a strong bull run from January 1 to mid-February. During this time, OpenSea’s volume hit $5 billion and then dropped to 3.6 billion dollars at the end of February. This could be an indication of the overall sentiment of Cryptocurrency and NFT markets are correcting.
As Q2 approached, total NFT volume and sales fell, leaving new entrants and investors wondering if the industry was dying. According to data from DappRadar, OpenSea transaction volume has down nearly 11% in the last week and so far, the total volume in the market continues to decrease as the number of users has decreased by 13% in the last 30 days. It seems the NFT community has realized that they have run out of options for blue-chip derivatives and investors are moving towards a more sustainable and less speculative value position.
No matter where the proof of record movement (PFP) goes, the blockchain game developers and community is still building.
For example, the blockchain game play for money (P2E) Axie Infinity topped $4 billion in all-time NFT revenue in February. This marks it as the third largest NFT platform by sales and the the first NFT collection to do so.
The @AxieInfinity became the first #NFT exceed $4 billion in all-time sales. #CryptoPunks is the next collection to achieve impressive gains, reaching $2 billion in all-time sales.https://t.co/az7S9bV6aW#ethereum #gamefi #playtoearn $ AXIE #NFTs pic.twitter.com/1Rl5B1atpC
– Ethereum Daily (@ETH_Daily) February 23, 2022
Axie Infinity was created in 2018 and the game is a clear demonstration of what can happen in a bear market. Axie Infinity has created a minimum viable product (MVP) that has brought millions of people into Web3, blockchain and cryptocurrency.
Blockchain games are focusing on development and are studying this bearish market to counter the negative trend. These three blockchain games focus on increasing capital flow, expanding infrastructure, and establishing a stable user base.
New capital could kickstart huge growth in the Guild of Guardians
Blockchain Games is positioning themselves through a strategic partnership to further develop their product. As explicitly stated by the NFT game developer, Immutable X in closes $200 million funding round. Based on this news, “a big part” of it expense will move to current projects, including the Guild of Guardians.
According to the Guild of Discord Guardians, this news comes at a difficult time as the war in Ukraine has created obstacles to development. Since Guild of Guardians was developed in part by Ukrainian development studio Stepico Games, the overall game development inevitably faced delays.
Like the crypto market, the original in-game GOG token by Guild of Guardians has collapsed and is now worth $0.37, down nearly 87% from its all-time high of $2, 81 dollars.
The Guild of Guardians will allocate the newly raised funds to marketing initiatives and scaling solutions for the game and the community. The new funding must ensure sustainability of the project through the bear market and focus on the project’s ambitious goal of hiring 200 employees over the next 12 months.
Guild of Guardians has set up and booked apps for its alpha pre-game demo as a demonstration and commitment to community insights.
Other NFT projects are also transforming their communities into the gaming ecosystem by partnering with other networks to facilitate change.
CyberKongz promotes “Play & Kollect” on Polygon
The CyberKongz NFT Collection started as a traditional PFP on the Ethereum network, and while it still does, it has bridged the Polygon network for the Play & Kollect gambling feature.
While the rollout experienced some minor delays, the team is currently preparing the community for a bridged soft launch to the Polygon network. CyberKongz also announced its integration with the ChainLink decentralized network and its verifiable random function (VRF) into the Play & Kollect ecosystem.
#CyberKongz now have access to a tamper-proof and testable random source to support in-game randomness features in their upcoming adventure game.
– Polygon Daily (@PolygonDaily) March 8, 2022
The VRF function will randomize in-game features through the oracle node’s pre-committed private key, generating a random number and cryptographic proof combined with unknown block data. This partnership enhanced the integration of complex technology features while prioritizing security.
Currently, the in-game characters required to play CyberKongz VX are 2.59 Ether (ETH), or $6,674.09, on the Polygon network via OpenSea. Interestingly, assets on the unbridged Ethereum network are cheaper at 1.95 ETH, or $5,024.90.
Galaxy Fight Club is orienting game development and Web3
In its latest update, P2E game Galaxy Fight Club announced a partnership with Vaynerchuk Sports and Gary Vee’s brother, AJ Vaynerchuk, to showcase the game to athletes in the Ultimate Fight Championship. upper (UFC).
GFC’s native token GCOIN is also expected to launch on the Huobi exchange, potentially providing the boost needed to reverse the current downtrend. In the last week, GCOIN has dropped 11% and the token is almost 85% high from its all-time high of $2.16.
Similar to both the Guild of Guardians and CyberKongz, the GFC also faced some setbacks due to exploitative discord. However, it looks like it will face adversity when it comes to focusing on deliverables.
The team has been developing new features for its beta and plans to integrate the game mechanics for monetization within the next two weeks. To unlock in-game GCOIN, the player must own the Creative Galaxy Fighter. The cheaper warriors and lowest earning tier are currently priced at 0.47 ETH or $1,271.60, and the floor price for the highest earning tier is 3.99 ETH or $10,795.10.
Despite the failures and uncontrollable challenges, blockchain games seem to understand that increasing difficulties are inevitable but to succeed they must keep one thing in mind: The evolution of a game fun play. As the market approaches Q2, investors will be watching closely to see who has used this lull wisely.
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https://cointelegraph.com/news/blockchain-play-and-earn-games-focus-on-building-even-as-nft-prices-fall Blockchain Monetization Games Focus on Building Even as NFT Price Drops