The chilling crypto winter has created a massive setback with industries depending on blockchain, cryptocurrency, and NFTs. Though there were no signs of it showing in regard to NFTs, the signs are appearing slowly. The first quarter of 2022, which started the crypto downturn, hasn’t given any signs of backlash with respect to NFTs. To be honest, the stats proved there is still a strong demand for NFTs, and people do buy NFTs during the crypto market crash. Opensea- the o popular NFT trading platform, was stable with many daily active wallets. But the stats from June 2022 at the end of the second quarter says otherwise. What is happening in the world of NFTs, and how well can they do with the future of the gaming industry?
Here are a few short insights on the recent news surrounding Non-Fungible Tokens. And you will also learn more about the predictions for the future of NFTs.
Are NFTs taking their downturn?
The overall NFT sales volume for the month of June ’22 shows the signs of NFT’s first fall in the last 12 months. It has been recorded that the sales volume was recorded to the maximum of $1 billion, which is the least number recorded this year. Not just that, one of the best NFT marketplace in the market- Opensea, which always recorded the highest NFT trade volume, has recorded its least this May. The platform recorded around a 75% reduction in the volume the same month and an overall 90% decrease in the last 6 months.
Many brands like Sony are introducing Digital collectibles for their gaming consoles, but they are sure that they won’t take up the blockchain in any case. Playstation from Sony will get digital collectibles, but it will not be NFTs, and it will not use blockchain in the future either. There are also other brands who agree with the same. Games like Stalker 2: Heart of Chernobyl takes back their announcement of introducing Non-Fungible Tokens in their game after a serious outcry created by the players.
Contrarily, gaming companies like Ubisoft, GameStop, and Square Enix are making their bold movie in getting into Blockchain and Non-fungible tokes. They are launching their own NFT marketplace and games with Non-Fungible Tokens.
This ambivalent character of Non-Fungible Tokens has been there since its time of introduction. While this case is prevailing in the market, one popular side brand is taking up NFTs again, taking their next step towards web3.
The bottom line
If you ask the question again if the NFTs are dead in the gaming industry, it depends on how the gamers see it. If the gamers are passionate about the game and possessive over getting ownership of the items they buy, NFTs will be there until the gaming industry exists. NFT as a concept is giving a valuable concept of owning digital files that can be verified and traded. On the other hand, there are new concepts on NFTs evolving, which is making the governments of various countries take up NFTs for various official documentation.