Blockchain play-and-earn games focus on building even as NFT prices fall

Nonfungible tokens (NFTs) were in a strong bull run from January 1 to mid-February. During this time, OpenSea volumes reached more than $5 billion and then fell to $3.6 billion by the end of February. This could be a sign that the general sentiment of the crypto and NFT market was correcting.

As the second quarter approaches, overall volumes and sales for NFTs have fallen, leaving new entrants and investors wondering if the industry is on the brink of death. According to data from DappRadar, OpenSea’s trading volumes are almost 11% down over the past week and so far, the overall volume in the market continues to cool as the number of users has fallen by 13% in the past 30 days. It appears that the NFT community has realized that blue chip derivative options have been exhausted and that investors are looking for a more sustainable and less speculative 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 (P2E) blockchain game Axie Infinity surpassed $4 billion in NFT sales in February. This marks it as the third largest NFT platform in terms of sales and the first NFT collection to do so.

Created in 2018, Axie Infinity is a clear testament to what is possible in a bear market. Axie Infinity has built a minimum viable product (MVP) that has brought millions on board for Web3, blockchain and cryptocurrency.

Blockchain games are development focused and bunker this bearish market to resist the negative trend. These three blockchain games are aimed at increasing capital flows, expanding their infrastructure and establishing stable user bases.

New Funding Could Boost Guild of Guardians Growth

Blockchain games are situating their positions through strategic partnerships to further develop their products. As made clear by NFT game developer, Immutable X at the recent close of a $200 million funding round. In light of this news, a “large portion” of his financing goes to ongoing projects, including Guild of Guardians.

According to the Guild of Guardians’ disagreement, this news comes at a difficult time where the war in Ukraine has caused development delays. Since Guild of Guardians is partially developed by Ukrainian development studio Stepico Games, overall game development has inevitably encountered delays.

Like the crypto market, the Guild of Guardians in-game GOG token has collapsed and is currently valued at $0.37, nearly 87% below its all-time high of $2.81.

Guild of Guardians GOG/USD 24 Hour Price Chart. Source: CoinGekko

The Guild of Guardians will allocate the newly raised funds to marketing initiatives and scaling solutions for the game and the community. The new funding should ensure the sustainability of the project through a bear market and target the project’s ambitious goal of hiring 200 employees over the next 12 months.

Guild of Guardians has prepared and posted applications for its pre-alpha game demo as a testament and commitment to community insights.

Other NFT projects are also moving their communities into a gaming ecosystem by partnering with other networks to facilitate the change.

CyberKongz Pushes “Play & Kollect” To Polygon

The NFT CyberKongz collection started out as a traditional PFP on the Ethereum network and while it still functions as such, it has moved on to the Polygon network for its Play & Kollect gamification feature.

While the implementation has encountered some minor delays, the team is currently preparing the community for a soft launch with a bridge to the Polygon network. CyberKongz also announced its integration with the Oracle decentralized network ChainLink and its verifiable random function (VRF) in the Play & Kollect ecosystem.

The VRF function will randomize in-game functions via the oracle node’s predefined private key, generating a random number and cryptographic proof along with unknown block data. Through this collaboration, the integration of advanced technological functions has improved and safety has been put first.

Currently, the in-game characters required to play CyberKongz VX are 2.59 Ether (ETH), or $6,674.09, on the Polygon network via OpenSea. Interestingly, the assets on the Ethereum network that have not yet been bridged are cheaper at 1.95 ETH or $5,024.90.

Related: 5 NFT-Based Blockchain Games That Could Soar in 2022

Galaxy Fight Club focuses on gaming and web3 development

In the 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).

GFC’s native token GCOIN is also slated to launch on Huobi exchange, potentially giving it the boost it needs to reverse the current downtrend. Over the past week, GCOIN has fallen 11% and the token is close to 85% from its all-time high at $2.16.

Galaxy Fight Club GCOIN/USD 24 Hour Price Chart. Source: CoinGekko

As with both Guild of Guardians and CyberKongz, GFC has also faced some setbacks as a result of a discord exploit. However, it seems to overcome adversity by staying focused on results.

The team has been developing new features for the beta and plans are underway to integrate the play-to-earn mechanics within the next two weeks. To unlock GCOIN merit in-game, players must own Genesis Galaxy Fighters. The cheaper fighters and lowest earning level are currently priced at 0.47 ETH, or $1,271.60, and the bottom for the highest earning level is 3.99 ETH, or $10,795.10.

Despite the uncontrollable setbacks and challenges, blockchain games seem to understand that growing pains are inevitable, but to be successful, they must keep one thing in mind: developing a fun game. As the market steadily approaches the second quarter, investors will be watching closely to see who has used this rest period wisely.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Coin-Crypto.com. Every investment and trading move involves risks, you should do your own research when making a decision.

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