The NFT market was heating up faster than Steph Curry in an open gym, but it appears to have already burst.
Thanks to the research by the crew at Protos, they found that The NFT market has imploded over the past month, with sales in every single category almost entirely drying up.
NFTs peaked on May 3, when $102 million worth were sold in a single day. The crypto-collectibles market made up $100 million of those sales.
But according to data analyzed by Protos, just $19.4 million in NFT sales were processed in the past week.
Overall, $170 million in NFTs were transacted in the seven days surrounding the market’s top — a near-90% collapse.
CryptoPunks have been selling for as much as $7.5 million each, with many going for over $1 million.
NBA Top Shots selling for multiple hundreds of thousands of dollars. And many collectible NFT’s going for just as much.
Has the NFT bubble already burst?
Sam Bankman-Fried: This $6,000,000,000 Ethereum-based Altcoin Is Proof of the Crypto Metaverse’s Strength
Non-fungible tokens and video games, according to Sam Bankman-Fried, the founder and CEO of FTX cryptocurrency exchange, could be the next big thing in the crypto business.
In a new interview with Scott Melker of the Wolf Of All Streets podcast, Bankman-Fried claims that the NFT-based online video game Axie Infinity (AXS) is proof of the crypto metaverse’s potential.
“I think Axie [Infinity] is proof of how powerful this can be because it was from a lot of perspectives really coming from a place of weakness, not strength.
Like it didn’t have adoption before getting involved with crypto to build off of.”
The play-to-earn element of Axie Infinity, according to the FTX CEO, is what made the game more appealing and successful than CryptoKitties. This older blockchain game allows players to buy, collect, breed, and trade virtual cats.
“I hope I’m not upsetting anyone by suggesting that if you take away the crypto part of [Axie Infinity], it’s not the fascinating game ever made. On the contrary, it reminded me of the video game CryptoKitties.”
“As a result, you begin with that as a foundation… It’s not the most interesting place to start, and the current market capitalization of AXS is over $6 billion.”
And I believe that version zero was the case. So, if anything, I think it’s simply incredibly compelling evidence.”
Despite the increased popularity of NFTs, Bankman-Fried claims that video game developers are now accepting digital collectibles.
“I believe that they [NFTs] have the potential to improve video games significantly. And we’ve just seen that every publisher in the world, big and small, is looking at it right now.
At the very least, they have a team looking into what their NFT plan, or metaverse plan, or whatever they name it, is going to be.”
EllioTrades Crypto: These Crypto NFT Gaming Gems will 100X!
Today Alex Becker and Ellio discuss the insane wave of value creation that will be coming to crypto gaming including games like GuildofGuardians, ThetanArena, ChickenDerby, and others. This is the beginning of a HUGE community movement to get ahead of this once-in-a-lifetime trend. This is just the START of a massive community dedicated to mastering the crypto gaming space.
Altcoin Buzz: Better than Axie Infinity? Earn $200 a day | Trade Race Manager
Earning $10,000 per month playing an NFT game is now a possible reality.
We love play-to-earn games like Axie Infinity, but we wanted to find other play-to-earn NFT games that could potentially earn more money than Axie Infinity. When we first tried IOI Trade Race Manager, we admit we were not immediately convinced, but we figured out a way to make it work.
If you plan to play for free, it is not easy to earn. BUT if you treat this like a business investment and buy their NFT, you can potentially hit up to US$200 a day or even more. It is not so easy, and that is why we made this IOI Trade Race Manager tutorial video to guide you on how we did it. We will show you how to play IOI Trade Race Manager and how to win trade race manager. However, you have to buy their NFTs (non-fungible tokens) to use our guide.
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