Nonfungible tokens were on a strong bull market from January 1 through mid-February. OpenSea volumes reached $5 billion during this period, but then dropped to $3.6 billion towards the end February. This could have indicated that the overall sentiment in the crypto market and NFT market was improving .. As Q2 approaches, total volumes and sales of NFTs are in decline. This has led investors and new entrants to question whether the sector is dying. According to data from DappRadar, OpenSea trading volumes have dropped nearly 11% in the last week and so far, the total volume on the marketplace continues to cool off as the number of users dropped by 13% in the last 30 days. The NFT community seems to have exhausted all options for blue-chip derivatives. Investors are now looking towards a more sustainable and less speculation-based placement of value.
Regardless of where the proof of profile movement (PFP) goes, blockchain game developers and communities are steadily building.
For example, the play-to-earn blockchain game AxieInfinity reached $4 billion in total NFT sales for February. It is the third-largest NFT platform by sales, and the first NFT collection to achieve this feat.
The @AxieInfinity has become the first #NFT series to exceed $4B in all-time sales. #CryptoPunks is the next collection to make impressive gains, reaching $2B as all-time sales volume. 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 testament to what is possible in a bear market. Axie Infinity created a minimum viable product (MVP), which was able to be accessed by millions of people via Web3, blockchain, and cryptocurrency.
Blockchain games are focused on developing and are bunkering down this bearish market to resist the negative trend. These three blockchain games have a focus on increasing capital flows, expanding infrastructure and stabilizing user-bases.
New funding could jumpstart growth in Guild of Guardians
Blockchain games are situating their positions through strategic partnerships to further develop their products. As made evident by NFT game developer, Immutable X in its recent close of a $200 million funding round. In light of this news, a “large portion” of its funding will go to current projects, including Guild of Guardians.
According the Guild of Guardians discord this news comes at an unfortunate time when the war in Ukraine has caused development setbacks. The game is being developed in part by Stepico Games, a Ukrainian development studio. This has led to delays in overall game development.
Much like the crypto market itself, the Guild of Guardians’ native GOG token is now worth $0. 37, nearly 87% down from its all-time high of $2.81.
The Guild of Guardians will allocate the newly raised funds toward marketing initiatives and scaling solutions for the game and community. The fresh funding should ensure the project’s sustainability through a bear market and focus on the projects’ ambitious goal of hiring 200 employees in the next 12 months. Guild of Guardians placed applications for its prealpha game demo to demonstrate its commitment and dedication to community insight.
Other NFT project are also transforming their communities to a game ecosystem by partnering up with other networks.
CyberKongz pushes forward “Play & Kollect” on Polygon
The NFT CyberKongz collection began as a traditional PFP on the Ethereum network and while it still functions as such, it has bridged over to the Polygon network for its Play & Kollect gamification feature. The team is currently preparing for the community with a soft-launch with a bridge to Polygon. Although deployment was delayed by some issues, it has been successful. CyberKongz also announced its integration to decentralized oracle network ChainLink as well as its verifiable random functions (VRF), to the Play & Kollect eco-system.
— Polygon Daily (@PolygonDaily) March 8, 2022
The VRF function will randomlyize in-game features using the pre-committed key of the Oracle node. This generates a random number as well as a cryptographic prove in combination with unknown blocks data. This collaboration has allowed for more sophisticated technological features to be integrated while ensuring security.
Currently, the in-game characters that are needed to play CyberKongz VX are 2. 59 Ether (ETH), or $6,674. 09, on the Polygon network through OpenSea. The assets that have not been bridged yet on the Ethereum network are priced at 1. 95 ETH, or $5,024.90.
Galaxy Fight Club is zoning in on gaming and Web3 development
In its latest update, P2E game Galaxy Fight Club announced a partnership with Vaynerchuk Sports and Gary Vee’s brother, AJ Vaynerchuk, to introduce the game to the athletes in the Ultimate Fighting Championship (UFC). GCOIN,
GFC’s native currency, is also due to launch on Huobi. This could give it the boost it needs in order to reverse the downtrend. In the last week, GCOIN fell 11% and the token is nearly 85% from its all-time-high at $2.16.
Similar to both Guild of Guardians and CyberKongz, GFC has also faced some setbacks due to a discord exploit. It seems to be able to overcome adversity and remain focused on its deliverables.
The team has added new features to the beta version. They also plan to incorporate the play-to earn mechanics in the next two weeks. Players must have genesis Galaxy Fighters to unlock GCOIN earning in game. At the moment, fighters with lower earnings and those who are less expensive than others are 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 setbacks and challenges that blockchain games face, they seem to realize that these are normal. However, to succeed, they must remember one thing: To make a game fun. Investors will closely watch this market as it approaches Q2.
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