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

Non-Fungible Tokens (NFTs) were on a strong bull run from January 1 to mid-February. During this time, OpenSea volumes topped $5 billion and then dropped to $3.6 billion at the end of February. This could have been a sign that the general sentiment of the the cryptocurrency and NFT market was correcting itself.

As the second quarter approaches, total volumes and sales of NFTs have declined, leading new entrants and investors to wonder if the sector is dying. According to data from DappRadar, OpenSea trading volumes have fell almost 11% in the last week and so far, the total volume in the market continues to cool as the number of users fell by 13% in the last 30 days. It appears that the NFT community has realized that it has exhausted the options for tier one derivatives and investors are looking for a more sustainable and less speculative placement of value.

Regardless of where Proof of Profiling (PFP) goes, blockchain developers and gaming communities are constantly building.

For example, play-to-earn (P2E) blockchain game Axie Infinity surpassed $4 billion in all-time NFT sales during the month of February. This marks it as the third largest NFT platform in terms of sales and the first NFT collection to do so.

Axie Infinity was created in 2018 and the game is a testament to what is possible in a bear market. Axie Infinity created a minimum viable product (MVP) that brought millions to Web3, blockchain, and cryptocurrencies.

Blockchain games are focused on development and are piling up in this bear market to resist the negative trend. These three blockchain games focus on increasing capital flows, expanding their infrastructure, and establishing stable user bases.

New funding could fuel growth at Guild of Guardians

Blockchain games are positioning their positions through strategic partnerships to further develop their products. As NFT game developer Immutable X made evident in its recent closing of a financing round of 200 million dollars. In light of this news, a “large part” of their money it will go towards current projects, including Guild of Guardians.

According to the Guardians Guild discord, this news comes at a difficult time when the war in Ukraine has created setbacks in development. Since Guild of Guardians is partially developed by the Ukrainian development studio Stepico Games, the overall development of the game has inevitably faced delays.

Like the cryptocurrency market, the Guild of Guardians native in-game GOG token crashed and is currently valued at $0.37, down almost 87% from its all-time high of $2.81.

Guild of Guardians GOG/USD 24-hour price chart. Source: CoinGecko

The Guardians Guild 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 focus on the projects’ ambitious goal of hiring 200 employees in the next 12 months.

Guild of Guardians has established and placed apps for their pre-alpha game demo as a testament to and engagement with the community’s knowledge.

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

CyberKongz Powers “Play & Kollect” at Polygon

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

While the implementation has faced some minor delays, the team is currently preparing the community with a soft launch with a bridge to the Polygon network. CyberKongz has also announced its integration with the ChainLink decentralized Oracle network and its Verifiable Random Function (VRF) to the Play & Kollect ecosystem.

The VRF function will randomize the game functions via the Oracle node’s pre-committed private key, generating a random number and cryptographic proof in combination with unknown block data. This collaboration has increased the integration of sophisticated technology features while prioritizing security.

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

Related: 5 NFT-based blockchain games that could skyrocket in 2022

Galaxy Fight Club focuses on games and Web3 development

In its latest update, the Galaxy Fight Club P2E game announced a partnership with Vaynerchuk Sports and Gary Vee’s brother, AJ Vaynerchuk, to introduce the game to athletes in the Ultimate Fighting Championship (UFC).

GFC’s native GCOIN token is also set to launch on the Huobi exchange, which could give it the boost it needs to reverse the current downtrend. In the last week, GCOIN has dropped 11% and the token is almost 85% off its all-time high of $2.16.

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Galaxy Fight Club GCOIN/USD 24-hour price chart. Source: CoinGecko

Like Guild of Guardians and CyberKongz, GFC has also faced some hiccups due to a discord exploit. However, he seems to deal with adversity by focusing on results.

The team has developed new features for its beta version and there are plans to integrate play to win mechanics in the next two weeks. To unlock GCOIN earning in the game, players must own genesis Galaxy Fighters. The cheapest fighters and lowest income tier are currently priced at 0.47 ETH, or $1,271.60, and the minimum price for the highest income tier 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 in order to be successful, they need to have one thing on their mind: fun game development. As the market steadily approaches the second quarter, investors will be watching closely who used this quiet time wisely.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should do your own research when making a decision.