Is NFT Still A Thing?
This blog post will cover:
- Play-to-earn games
- NFT music
According to Dune Analytics, non-fungible tokens trading volumes fell from a record $17 billion in 2022 to $466 million, or 97%. Today, the NFT industry is actively losing its demand, primarily due to the global outflow of large capital and the associated decline in the overall capitalization of the crypto market.
Despite declining NFT sales, projects inseparably linked to them continue to develop and grow in number.
The ability to earn while playing games remains a very popular occupation. Many popular NFT games are a major source of income for users from poor countries. While the first P2E projects were simple games with low graphics, today developers are looking for opportunities to implement projects close to the level of PC games.
If interested, you might check out the following P2E projects:
- Axie Infinity (AXS). Create your Axies — creatures who will battle, build and look for treasures together with you. This game is probably one of the most popular P2E projects right now.
- Gods Unchained (GODS). It’s a trading card game which gives you an opportunity to earn. Moreover, this game gives players a total ownership over their in-game items.
- Illuvium (ILV) is a game for collecting creatures and battling. Illuvium was built on the Ethereum blockchain. What’s more, the graphics look really spectacular in their gameplay trailer!
Digital space gives users a chance to communicate via their avatars. The metaverses create various opportunities to develop everything from individual players to huge business and world-famous brands. NFT in the metaverses grant undeniable ownership of in-game objects, land, real estate, art, clothes etc. For popular brands, metaverses and NFT have become the new marketing direction, and for users it's a chance to purchase NFT that guarantees profit.
We might remember a few giants in the metaverse industry. Here they are:
Also, don’t forget that Mark Zuckerberg is getting ready to release his Metaverse. Will it be good enough to beat the already existing ones? Time will tell.
Music streaming services built on NFT, guarantee exclusive copyright to performers and small rewards to listeners. Also, you might have already heard of Metaverse music concerts. They are also popular not only amid the crypto community but also the youngsters who love live music and are ready to discover new ways to visit their idol’s performance.
Let’s get acquainted with a couple of NFT music marketplaces and Web3 streaming services:
- OpenSea — the largest web3 marketplace for NFTs and crypto collectibles.
- Rarible also allows trading NFTs on the platform. The main difference from OpenSea is that Rarible runs on its own RARI platform, and OpenSea uses Ethereum blockchain.
- Audius music. Its aim is to give artists better insights into who is streaming their music and better control over their tracks and how they are distributed. The service has its own token AUDIO.
The NFT market will continue to grow and show new record trading volumes, as non-interchangeable tokens are being accepted by an increasing number of large companies, celebrities, game fans and private artists. The industry can be considered stable in terms of development.