As the NFT market experiences uncertainty and volatility, an intriguing trend has emerged within the NFT gaming sector. NFT games have gained significant traction and popularity. In fact, they are even bypassing the limitations of the PFP market! Let’s take a closer look at the gaming sector, and how it could save the NFT market.
We are still in a lengthy bear market, and even top NFT collections are feeling the effects. For example, following their recent release, Azuki has seen its floor price plummet. Additionally, Bored Ape Yacht Club’s floor price continues to decline. Now, as PFPs decline, the gaming-focused NFT market seems to be taking the lead!
So, why are in-game NFTs on the rise? Well, firstly, the utility-driven nature of NFT gaming assets has played a crucial role in their increased adoption. Notably, Epic Games Store has been instrumental in this growth. Epic Games fosters trust in the industry by welcoming several prominent NFT projects.
One such project, My Pet Hooligan, an anarchic bunny-themed open world game, recently announced its launch on the Epic Games Store. Other games like Blankos Block Party and Gods Unchained are already available on the platform. This influx of blockchain games, with a total of 35 expected on the Epic Games Store by the second half of 2023, signals a shift in the industry.
NFT Gaming as a Resilient Market
The appeal of NFT game assets lies in their inherent value derived from utility. This is unlike NFTs, whose value relies largely on speculative demand. As long as the games remain popular, the NFTs associated with them retain their value. Therefore, this unique characteristic has motivated many NFT gaming developers to continue building and innovating. So, while the PFP market faces uncertainty, the future of NFT gaming appears promising.