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