Home
News
Amidst the situation created by a tightened economic environment, crypto space showing unusual behaviors
Ongoing has created skepticism in the market regarding potential economic downfall and a high rise in inflation globally. While such doubts about market sentiments also affected, which resulted in the dipping of the market, crypto still performed comparatively better. On top of that, unusual behavior didn’t stop there. Two parallel sectors also seem not to follow along in the crypto space. For instance, take NFTs and the blockchain-based NFT gaming sector.
On the one hand, where NFT trades have seen huge corrections lately, on the other side, gaming companies are getting funded, developing infrastructure, and attracting users.
NFTs have seen strong bull right with the start of this year which continued till mid Feb. In this whole period trading volume of the NFT marketplace OpenSea reached upto $5 billion but by the end of Feb fell to $3.6 billion. The second quarter of the year is there to come, but NFTs are still showing a decline in total volumes and sales.
As per DappRadar data, the trading volume of OpenSea dropped nearly by 11% last week, and the inactivity on the marketplace continues as the number of users also dropped by 13% in last month. Such continuous happenings indicate that maybe investors and users are looking towards less speculative and more sustainable means of value.
Yet blockchain games developers and belonging community building gradually. For instance, one of the prominent blockchain-based play-to-earn games, Axie Infinity, saw all-time NFT sales of $4 billion last month. The sales made it the NFT platform’s third most significant in terms of sales while first in terms of NFT collection to do so.
Despite the market correction, other than Axie Infinity, gaming projects have also performed like a charm. Blockchain based game Guild of Guardians’ developer Immutable X has raised a funding of around $200 million in a recent funding round. The funds will be allocated to develop such projects as Guild of Guardians. Like much of the crypto market, a native game token of Guild of Guardians, GOG token has fallen in its price till $0.37, which is approximately 87% less than its ATH of $2.8.
NFT CyberKongz is looking towards development as it began as a traditional proof of profile on the Ethereum network. Although it still functions the same, it has bridged with the Polygon network for its gamification feature of Play and Kollect. The developer’s team is currently preparing to soft launch it with the Polygon network bridge. The collection has also announced integration with Chainlink, decentralized oracle network, and its VRF to Play and Kollect ecosystem.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
