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Gaming NFTs may save the NFT market from Blockchain instability

Gaming NFTs may save the NFT market from Blockchain instability

Game Review 

NFT trading volume continues to struggle due to unstable blockchain and cryptoccurency market, but gaming NFTs gave hope to gamers

According to a recent analysis by DappRadar, the NFTs market experienced some of the lowest sales figures in July 2023. When compared to the previous months, the volume of NFT trading fell by 29%, while the number of sales fell by 23%. Apart from a continuous downfall, NFT gaming showed some positive signs at the end of July 2023.

Diversity in NFTs

DMarket’s Go skins, Gods Unchained’s gaming NFT cards, Sorare’s NFTs for fantasy sports, and the novel Watch2Earn program backed by NFTs are all examples of the diversity and rapid expansion of the NFT industry in recent years. These NFTs are not limited to the Ethereum blockchain; they are also available on Mythos Chain, ImmutableX and Binance.

We know it’s never easy to step into it without proper research, but we urge you to take a step back and have a look at how far NFTs have come. Even in the midst of this severe market downturn, this is a great moment to invest in NFTs.

The market itself is badly struggling, but slowly it will show some recovery. Since the CyberKongz Genkai mint was unable to sell all 9,000 NFTs on Ethereum, it went down to 3,000. Any customer who bought a Genkai was eligible to receive the remaining NFTs as a free bonus. However, the Ronin faction sold all 3,000 of their NFTs within an hour, indicating that there are still potential collectors.

Cryptocurrencies Volatility Created Issues for Market

Ordinals issued by Bitcoin are struggling to sell in this market and are currently ranked below number five on the blockchain. With only US$4.2 million in secondary sales for the week, the blockchain industry as a whole has declined from second to seventh place.

Bitcoin’s restrictions are becoming a major bottleneck. Collectors have no incentive to trade on Bitcoin unless it has some function or associates with remarkable art. But lately, an unprecedented 442,000 ordinals were created in a single day. Ordinals may not be collected on secondary, but the trading community is still highly active.

$493 million in sales posted in July was the lowest monthly total since June 2021, when sales were $404 million. Even though the market was down from the previous week, it still ended up quite close to previous week’s totals.

NFT Collections Market Analysis

We have conducted a critical analysis of some major NFT collections, how they are performing and what we can expect.

DMarket has had a phenomenal week, with sales of nearly US$5.2 million from skins for Counter-Strike: Global Offensive and Team Fortress 2.

Sales of US$4.8 million have been impressive for ImmutableX’s massively popular NFT game, Gods Unchained, as players discover its rich gameplay.

Vera Molnar’s NFT drop marked the debut of Sotheby’s new generative art platform. Collections price increased to roughly 5 ETH from the auction’s sale price of around 1 ETH due to market demand.

With PLAYNFT, Binance has risen to the top of the collection rankings, earning $1.7 million in revenue. Their novel Watch2Earn platform for creators and their audiences exemplifies a novel application of NFTs.

While the 18% increase in Ethereum sales is encouraging, July’s US$271 million is the lowest monthly total since June 2021.

With US$6 million in sales, Binance stormed into third place, just behind AIWorld Nodes and PLAYNFTs.

The US$5 million in sales that Polygon reported before the announcement that the Palm blockchain will transition to Polygon have not yet been reflected in volume.

The fifth and sixth slots are taken by Mythos and ImmutableX, respectively. They are proving that gaming NFTs can hold their own against the other main blockchains.

With weekly sales of less than $5 million USD, Bitcoin is now the ninth most lucrative cryptocurrency.

To the largest holder of their new series of four NFTs, CryptoDickButts, one of the ultimate memes NFT collections of 2021, will hand over the project. The victor will assume administration of the official accounts for Twitter, Discord, and the shared keychain wallet.

Wrapping Up

To put it in a nutshell, NFTs are facing a crucial time due to market crisis or some irregularities; however, they are expected to bounce back as they did so in previous years. Additionally, gaming NFTs are also predicting a promising future, considering the rapid launch of exciting and immersive games.

NFT trading volume continues to struggle due to unstable blockchain and cryptoccurency market, but gaming NFTs gave some hope to gamers
Gaming NFTs may save the NFT market from Blockchain instability 2

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Gaming NFTs may save the NFT market from Blockchain instability

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Best P2E Games list 2024

Gaming NFTs may save the NFT market from Blockchain instability

P2E News, short for “Play-to-Earn News,” is a category of updates and information within the broader spectrum of Crypto News, Web3 News, NFT News, and Blockchain News. These terms are all interconnected and represent various facets of the rapidly evolving digital landscape.

Play-to-Earn (P2E) is a gaming model that has gained immense popularity within the crypto and blockchain communities. In P2E games, players can earn cryptocurrencies or NFTs by participating in the game, often through activities like completing quests, collecting items, or trading assets. P2E News covers developments, announcements, and trends related to these innovative gaming experiences that allow players to monetize their in-game efforts.

Crypto News, on the other hand, focuses on the broader world of cryptocurrencies, including Bitcoin, Ethereum, and a multitude of altcoins. This category encompasses news about market trends, regulatory changes, new blockchain technologies, and updates related to various tokens. Crypto News is a fundamental aspect of the blockchain ecosystem, as cryptocurrencies serve as the primary means of value transfer and exchange within the Web3 space.

Web3 News is an umbrella term that refers to the next-generation internet, often characterized by decentralized applications, blockchain technology, and smart contracts. The Web3 ecosystem seeks to provide a more user-centric and decentralized internet experience. This category of news covers developments in decentralized finance (DeFi), non-fungible tokens (NFTs), and various other applications built on blockchain technology. For the ultimate and best play to earn games list, check our friends of playtoearngames.com.

NFT News focuses on Non-Fungible Tokens, unique digital assets that are indivisible and represent ownership of a specific item, artwork, or collectible. NFTs have gained prominence in the art world, gaming industry, and entertainment sector. NFT News keeps enthusiasts informed about NFT sales, new projects, and partnerships within the NFT space.

Blockchain News pertains to the foundational technology behind cryptocurrencies and Web3 applications. Blockchains are decentralized ledgers that record transactions across a network of computers, ensuring transparency and security. Updates in this category might include innovations in blockchain consensus mechanisms, interoperability between different blockchain networks, and industry applications beyond cryptocurrencies.

In summary, P2E News is a niche subset of Crypto News, Web3 News, NFT News, and Blockchain News. It focuses on gaming experiences where players can earn cryptocurrencies or NFTs, while the other categories encompass a broader range of topics within the decentralized digital landscape, including cryptocurrencies, web3 technologies, NFTs, and blockchain advancements. Collectively, these categories shape the landscape of the digital economy, offering insights into how technology is revolutionizing various aspects of our lives.