Aug 27
DeFi 101

Play and Earn: NFT Projects Going Through The Roof!

Play and Earn: NFT Projects Going Through The Roof!

5 min read

Earlier this year, the world of NFTs witnessed an explosive growth in popularity. The craze was no small thing as it cut across different sectors ranging from art to gaming.

It’s getting wild but in a good way for the NFT space as mainstream investors are actively getting in on the trend. In recent news, Gary Vaynerchuk spent about $3.7 million purchasing a CryptoPunks NFT.

CryptoPunks stand as one of the earliest and oldest NFTs inspiring the growing NFT art movement.

A recent tweet also confirmed, hedge fund manager, Three Arrows Capital purchased a hundred CryptoPunks.

NFT gaming in particular has also been one of the major drivers of growth in the industry. Transforming the gaming experience and giving players opportunities to earn while having fun is no small joke. Fusing NFTs and gaming has proven to be revolutionary and as termed by Nasdaq, “a match made in heaven”.

However, the journey didn’t start just now. Back in 2017, the blockchain game Cryptokitties topped the charts via its digital collectibles game. It’s popularity hit the roof so much it nearly halted operations on the Ethereum blockchain according to BBC news. In a statement to BBC, one of the commenters from University of Cambridge, Garrick Hileman noted, “CryptoKitties has become so popular that it’s taking up a significant amount of available space for transactions on the Ethereum platform.” Gamers spent over $1m purchasing virtual cats on Ethereum back then.

Today, history continues as other blockchain companies have also tapped into the NFT gaming space. Sky Mavis, an indie studio, currently leads the market in the NFT gaming industry with its blockchain game Axie Infinity. Based on the Pokemon series, players can own NFTs (Axies) and can choose to exchange them for crypto.

Other popular NFT games rising in popularity include Sorare, F1 Delta Time, Evolution Land, The Sandbox, Decentraland and a host of others.

Yet in the midst of a slow crypto market, gaming NFTs have gained steady rise in prices. According to BeInCrypto, Axie Infinity (Axies) reached an all time high price of $53.50 as of late July. Cryptokitties hits a weekly sales of over $30k according to data from NonFungible.

The surge in popularity of these NFT games is what continues to drive their demand. In their Series A funding, Sky Mavis raised $7.5 million with Mark Cuban, billionaire investor and NBA team owner, being one of the key investors.

Mainstream investors are gradually recognizing the potentials of NFTs which is why attention seems to be turning that way. Moreso, gamers also get a chance to earn while they seemingly catch their fun. Gamers can now truly own their collectibles and monetize them in ways never done before.

While this may appear as just some fad to some, the current traction points in one direction, NFT gaming is set to grow. Blockchain plus gaming appears to be one of the best things to happen for both investors and gamers alike. There may be some hurdles or challenges but those would only help to continue innovating the industry.

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