The NFTs fever, or non-fungible tokens, started in February and spread to countless markets. Now, this euphoria is passing and the prices of these assets have plummeted. However, there are still many people adhering to technology as an additional way to generate income. Streamers, professional players and e-sports organizations are launching new digital products and betting on the collectible essence of tokens.
During the euphoria of March, digital artist Beeple sold a work in NFT for $ 69 million and Jack Dorsey auctioned the first publication on Twitter for $ 2.9 million. However, data show that this market has already started to slow down.
According to NonFungible.com, the average price of NFTs fell 70% from the end of February to the beginning of April. In addition, the The Block published a study revealing that the weekly volume of transactions for non-fungible tokens also decreased by 66% in the same period. Even so, technology still draws attention in the gaming universe.
Creators bet on fan engagement
Turner Tenney, better known as “Tfue”, is a Fortnite streamer and professional player who has 12.1 million subscribers on his YouTube channel. Last week, he launched a collection of animated 3D productions such as NFTs, which represents him as characters from a variety of games.
Called the “NFTfue King of Gaming Collection”, the series of limited edition tokens were sold on the Open Sea marketplace. To date, only 18 of the 400 tokens have been purchased. The minimum auction price was $ 230, but a single-issue NFT was auctioned for about $ 7,000 in the ether cryptocurrency (ETH). The buyer of this “special edition” will also spend an entire day with Tenney, in which the streamer promises games, vlogs, jet skiing and more.
Ben Bowman is another streamer who entered the NFT market. Known as “ProfessorBroman” on his Twitch channel, he has almost 800,000 subscribers, considerably less than Tfue. His collection of 50 non-fungible tokens sold only 1 single unit, for the equivalent of US $ 20.
E-sports players and teams join NFTs
Last week, the huge e-sports and games organization 100 Thieves, which has professional teams competing in various games, launched a collection of 8 non-fungible tokens on the NFTs trading platform. Characterized as “unique pieces of art”, the series consists of animated images based on the institution’s logo. Half of them have already been auctioned for prices ranging from $ 4,500 to $ 6,600, while the other part will be distributed to followers.
As part of our first NFT launch, we’re giving away half of the Enter Infinity NFT Collection to our community!
1) RT this tweet
2) Signup here: https://t.co/B7WtRg9InC
Giveaway ends 4/10, 12 PM PT.
View the full NFT collection: https://t.co/WIz5eeZuJ2 pic.twitter.com/HDmzqXm5Vr
– 100 Thieves (@ 100Thieves) April 8, 2021
Another name of the e-sports that announced its entry in the market is Conor Johst, or “Diamondcon”, a professional Call of Duty player who currently plays for the official Activision team. He announced his collection of NFTs last month and has since posted a teaser, but it seems that tokens have not yet been on sale.
NFT market shows saturation
The common factor among all these stories is the bet on the engagement of fans to sell NFTs. Historically, collectors and passionate fans have always been willing to pay dearly for exclusive products. For example, rare action figures and comics can be sold for thousands of dollars, as can a limited edition T-shirt for a football team.
This logic has already applied to NFTs, but now things are a little more complicated. In the case of Tfue, with more than 12 million subscribers, he raised approximately $ 16,000 with his collection of non-fungible tokens. Already 100 Thieves, a huge and international game organization, raised about $ 23,000 with its digital art on blockchain.
At this time, the market still shows movement and some receptivity to new digital products. However, buyers seem much more select. Nowadays, it is difficult to hear about millionaire non-fungible token sales, quite the contrary, prices are beginning to strike a balance since there is now much more supply than demand.
Big names like Tfue and 100 Thieves can still bet on their fans’ engagement to sell a few thousand dollars through NFTs, but nothing more. Smaller fish like Ben Bowman are out of space. In addition, non-fungible tokens share opinions for their environmental consequences and for essentially allowing the sale of “anything” under the pretext of exclusivity.
With information: Kotaku