fbpx
Bullish
No Result
View All Result
  • News
    Latest News
    People
    Currencies
    Tech
    Markets
    Policy & Regulation
    Business
    Exchanges
    Latest News
    People
    Currencies
    Tech
    Markets
    Policy & Regulation
    Business
    Exchanges
  • Features
  • Australia
  • Top Coins
  • Topics
    Bitcoin
    Ethereum
    Cryptocurrencies
    NFTs
    DeFi
    Gaming
    Trading
    Bitcoin
    Ethereum
    Cryptocurrencies
    NFTs
    DeFi
    Gaming
    Trading
  • Exchanges
    Latest News
    Recommended Exchanges
    How to Buy Bitcoin
    How to Sell Bitcoin
    Latest News
    Recommended Exchanges
    How to Buy Bitcoin
    How to Sell Bitcoin
  • Guide
    ALL 101 Guides
    Blockchain
    Trading
    ICOs
    Bitcoin
    Ethereum
    Currencies
    ALL 101 Guides
    Blockchain
    Trading
    ICOs
    Bitcoin
    Ethereum
    Currencies
  • News
    Latest News
    People
    Currencies
    Tech
    Markets
    Policy & Regulation
    Business
    Exchanges
    Latest News
    People
    Currencies
    Tech
    Markets
    Policy & Regulation
    Business
    Exchanges
  • Features
  • Australia
  • Top Coins
  • Topics
    Bitcoin
    Ethereum
    Cryptocurrencies
    NFTs
    DeFi
    Gaming
    Trading
    Bitcoin
    Ethereum
    Cryptocurrencies
    NFTs
    DeFi
    Gaming
    Trading
  • Exchanges
    Latest News
    Recommended Exchanges
    How to Buy Bitcoin
    How to Sell Bitcoin
    Latest News
    Recommended Exchanges
    How to Buy Bitcoin
    How to Sell Bitcoin
  • Guide
    ALL 101 Guides
    Blockchain
    Trading
    ICOs
    Bitcoin
    Ethereum
    Currencies
    ALL 101 Guides
    Blockchain
    Trading
    ICOs
    Bitcoin
    Ethereum
    Currencies
No Result
View All Result
Bullish
No Result
View All Result
  • bitcoin
    BTC$59,988.68-0.92%
  • ethereum
    ETH$4,519.54-1.80%
  • ripple
    XRP$1.06-2.62%
  • cardano
    ADA$1.45-1.97%
  • dogecoin
    DOGE$0.208-0.35%
  • Bitcoin(BTC)
    bitcoin
    $59,988.68 -0.92%(24H Vol)
    $25,527,269,728.48
    Ethereum(ETH)
    ethereum
    $4,519.54 -1.80%(24H Vol)
    $16,772,739,002.93
    Tether(USDT)
    tether
    $1.42 0.020%(24H Vol)
    $59,973,013,344.69
    USD Coin(USDC)
    usd-coin
    $1.41 0.110%(24H Vol)
    $4,559,829,590.92
    XRP(XRP)
    ripple
    $1.06 -2.62%(24H Vol)
    $3,703,071,614.14
    Cardano(ADA)
    cardano
    $1.45 -1.97%(24H Vol)
    $1,043,550,658.82
    Polkadot(DOT)
    polkadot
    $26.91 -3.96%(24H Vol)
    $740,914,452.27
    Dogecoin(DOGE)
    dogecoin
    $0.208 -0.35%(24H Vol)
    $2,424,754,748.82
    Wrapped Bitcoin(WBTC)
    wrapped-bitcoin
    $59,930.54 -1.06%(24H Vol)
    $292,097,648.75
    Dai(DAI)
    dai
    $1.42 0.140%(24H Vol)
    $366,299,606.79
    Cosmos Hub(ATOM)
    cosmos
    $37.29 -2.59%(24H Vol)
    $462,247,655.43
    Litecoin(LTC)
    litecoin
    $155.08 -2.67%(24H Vol)
    $693,978,129.02
    Chainlink(LINK)
    chainlink
    $21.21 -3.53%(24H Vol)
    $613,581,304.65
    TRON(TRX)
    tron
    $0.088 -2.52%(24H Vol)
    $1,455,824,682.64
    Bitcoin Cash(BCH)
    bitcoin-cash
    $449.62 -2.49%(24H Vol)
    $551,152,581.59
    Ethereum Classic(ETC)
    ethereum-classic
    $56.25 -4.88%(24H Vol)
    $940,696,542.48
    Algorand(ALGO)
    algorand
    $1.07 -3.26%(24H Vol)
    $139,147,443.30
    Stellar(XLM)
    stellar
    $0.282 -2.75%(24H Vol)
    $275,775,693.88
    Uniswap(UNI)
    uniswap
    $13.75 -3.38%(24H Vol)
    $200,435,197.39
    Monero(XMR)
    monero
    $340.75 -0.61%(24H Vol)
    $450,538,976.64
    Filecoin(FIL)
    filecoin
    $29.21 -4.60%(24H Vol)
    $379,426,234.24
    Decentraland(MANA)
    decentraland
    $3.19 -2.59%(24H Vol)
    $241,271,790.48
    Tezos(XTZ)
    tezos
    $4.41 -2.46%(24H Vol)
    $129,407,005.51
    The Graph(GRT)
    the-graph
    $0.541 -4.37%(24H Vol)
    $216,858,690.87
    Aave(AAVE)
    aave
    $245.14 -4.06%(24H Vol)
    $338,406,549.75
    EOS(EOS)
    eos
    $3.29 -2.98%(24H Vol)
    $513,368,747.79
    Waves(WAVES)
    waves
    $32.18 -13.23%(24H Vol)
    $957,363,337.26
    Zcash(ZEC)
    zcash
    $227.16 -5.13%(24H Vol)
    $214,908,949.60
    IOTA(MIOTA)
    iota
    $1.00 -3.59%(24H Vol)
    $51,034,126.93
    Maker(MKR)
    maker
    $2,865.05 -1.97%(24H Vol)
    $53,966,683.40
    Bitcoin SV(BSV)
    bitcoin-cash-sv
    $120.31 -1.65%(24H Vol)
    $168,182,429.32
    NEO(NEO)
    neo
    $30.23 -4.18%(24H Vol)
    $157,613,219.22
    Loopring(LRC)
    loopring
    $1.35 -3.80%(24H Vol)
    $161,931,844.02
    Dash(DASH)
    dash
    $154.57 -3.66%(24H Vol)
    $280,325,375.21
    Basic Attention Token(BAT)
    basic-attention-token
    $1.04 -4.51%(24H Vol)
    $78,018,573.28
    Pax Dollar(USDP)
    paxos-standard
    $1.42 0.110%(24H Vol)
    $11,880,671.20
    NEM(XEM)
    nem
    $0.145 -2.54%(24H Vol)
    $23,165,099.96
    Kava(KAVA)
    kava
    $6.61 1.56%(24H Vol)
    $145,835,406.82
    Decred(DCR)
    decred
    $81.21 -2.73%(24H Vol)
    $4,436,405.62
    yearn.finance(YFI)
    yearn-finance
    $28,226.60 -2.87%(24H Vol)
    $89,932,725.77
    Qtum(QTUM)
    qtum
    $9.46 -4.44%(24H Vol)
    $113,806,399.48
    OMG Network(OMG)
    omisego
    $6.55 -4.29%(24H Vol)
    $118,737,155.83
    Bancor Network Token(BNT)
    bancor
    $3.50 -3.79%(24H Vol)
    $20,652,289.83
    0x(ZRX)
    0x
    $1.05 -6.95%(24H Vol)
    $75,129,842.69
    Bitcoin Gold(BTG)
    bitcoin-gold
    $50.16 -5.38%(24H Vol)
    $17,570,286.34
    PAX Gold(PAXG)
    pax-gold
    $2,761.16 -0.04%(24H Vol)
    $14,972,619.40
    ICON(ICX)
    icon
    $1.14 -5.22%(24H Vol)
    $26,691,905.11
    Siacoin(SC)
    siacoin
    $0.015 -4.02%(24H Vol)
    $17,252,041.74
    Kyber Network Crystal(KNC)
    kyber-network-crystal
    $5.96 18.23%(24H Vol)
    $230,228,402.66
    NuCypher(NU)
    nucypher
    $0.568 -2.57%(24H Vol)
    $1,689,233.51
    REN(REN)
    republic-protocol
    $0.518 -6.90%(24H Vol)
    $48,762,603.05
    Nano(XNO)
    nano
    $3.37 -0.94%(24H Vol)
    $29,806,285.25
    Lisk(LSK)
    lisk
    $3.02 -3.71%(24H Vol)
    $10,708,559.28
    Fetch.ai(FET)
    fetch-ai
    $0.529 -6.17%(24H Vol)
    $41,927,193.36
    Civic(CVC)
    civic
    $0.406 -5.11%(24H Vol)
    $26,412,467.96
    Aragon(ANT)
    aragon
    $6.41 -3.02%(24H Vol)
    $35,069,667.94
    Numeraire(NMR)
    numeraire
    $39.58 -1.85%(24H Vol)
    $3,470,269.39
    Band Protocol(BAND)
    band-protocol
    $5.59 -4.49%(24H Vol)
    $28,019,533.26
    Orchid Protocol(OXT)
    orchid-protocol
    $0.376 -5.06%(24H Vol)
    $22,815,098.41
    Storj(STORJ)
    storj
    $1.53 -4.58%(24H Vol)
    $27,946,834.71
    Enzyme(MLN)
    melon
    $79.95 -1.51%(24H Vol)
    $9,682,193.30

    Art NFTs fall as Gaming NFTs rise

    George Chen by George Chen
    December 28, 2021
    in Markets
    Future crypto NFT art gallery
    Share on FacebookShare on Twitter

    Non-fungible tokens (NFT) have been taking the collectible and investment world by storm. NFTs generate over billions in trading volume per quarter, just in the art sector alone. But beyond million-dollar paintings, other use cases for this blockchain technology have become growingly prevalent; and that is no more evident than within gaming.

    From popular CryptoKitties selling for $300,000 AUD per piece to Axie Infinity providing full-time jobs for people in developing countries (through play-to-earn mechanics), gaming NFTs are challenging the monolithic art & collectibles sector — and they’re absolutely crushing it.

    From July of this year, gaming NFTs consistently produced double or more the sales made by art & collectible NFTs on a weekly basis.

    NFT sales by category chart

    Source: The Block Crypto

    Also up until June, art NFTs drastically eclipsed the trade volume of gaming NFTs by 99:1 but have since then equalised. Specifically, trade volume for the former has remained mostly static, whereas trade volume for the latter has multiplied by over a hundredfold.

    crypto NFT volume chart

    Source: The Block Crypto

    What’s the hype about?

    NFTs are built upon the principles of social status, authenticity and proof of ownership. This is the foundation for why people spend millions on a painting that they could otherwise take a screenshot of. 

    That being said, ‘owning’ an NFT is almost an abstract concept in the art world. After all, art is traditionally a physical product, and so the idea of what owning an art NFT means may not always be clear. In this sense, NFTs and gaming synergise perfectly, as digital collectibles are nothing new for gamers.

    In fact, the scarcity and uniqueness of digital content in video games provides a unique opportunity for NFTs. It gives players a means to authenticate and protect virtual assets acquired while playing, assets which they can eventually sell for large amounts of real-world cash thanks to the authenticated scarcity and uniqueness.

    Behind the popularity of gaming NFTs

    The rise of gaming NFTs boils down to a few key factors, the first of which is accessibility. The average price of gaming NFTs is a few hundred dollars, while the average for art NFTs is in the hundreds of thousands. The latter acts as a stark deterrent that can bottleneck the stream of new investors entering the art space.

    Functionality also goes hand-in-hand with accessibility. For example, a pet from Axie Infinity could cost a hundred dollars but will provide more entertainment and interactability than a painting that costs thousands of times more.

    NFT sales chart

    To top this off is the sheer size of the video game industry. Gaming is almost three times the size of both music & film combined, and that gap will only widen more in the coming years. With billions of gamers around the world, the increasing popularity of gaming NFTs is nothing more than a natural progression, given the unique benefits that it affords the space.

     

    Source: Gamepressure

    What can we expect going forward?

    Gaming NFTs have an incredibly bright outlook going forward. For starters, Coinbase announced back in October plans to set up an NFT marketplace. In just one month, Coinbase received 2.5 million sign-up emails. Their marketplace will allow users to purchase, store and showcase NFTs on a platform that’s more akin to a social media site like Instagram, than a traditional marketplace like eBay. The more social-oriented nature of this marketplace will spur NFT popularity and attract new users. 

    Polygon has recently announced a partnership with GameOn Entertainment to build new NFT games. This is part of Polygon’s plans to provide $140 million AUD in funding for game studios that seek to fuse blockchain and gaming. 

    This signals a dynamic shift in game development. As gaming NFTs become better understood, more game studios will join the ranks of existing blockchain-based developers (such as the numerous Australian based devs) by building new NFT-based games or even incorporating NFTs into their existing games.

    Previous Post

    Crypto powering Australian apartments

    Next Post

    What is the Bitcoin Standard?

    Related Posts

    CoinSpot vs Crypto.com Exchange Comparison
    Crypto Exchange Reviews

    CoinSpot vs Crypto.com Exchange Comparison

    June 11, 2022
    Australia, Crypto Exchange
    Accumulation Wars Intensify, Over $1.5B Worth Of Bitcoin Withdrawn from Exchanges
    Markets

    Accumulation Wars Intensify, Over $1.5B Worth Of Bitcoin Withdrawn from Exchanges

    June 11, 2022
    Altcoin News, Bitcoin News, Ethereum News, Trading
    Chainlink (LINK) Bounces Almost 25% After Releasing Its New Roadmap
    Markets

    Chainlink (LINK) Bounces Almost 25% After Releasing Its New Roadmap

    June 11, 2022
    Altcoin News
    Bitcoin Breaks Resistance at $31k, Ending Its Long Period Of Red Candles
    Markets

    Bitcoin Breaks Resistance At $31k, Ending Its Long Period Of Red Candles

    June 9, 2022
    Bitcoin News
    Next Post
    Global Bitcoin Network

    What is the Bitcoin Standard?

    Leave a Reply Cancel reply

    Your email address will not be published. Required fields are marked *

    coin culture logo

    Your Australian news source for all things cryptocurrency. Coin Culture is an independent media outlet that aims to provide an Aussie take on crypto, digital assets and investing. Discover educational articles for crypto newbies, as well as the latest news for more seasoned investors.

    Follow us

    About

    • News
    • Features
    • Australia
    • Top Coins
    • Topics
    • Exchanges
    • Guide

    Useful Guides

    • All Guides
    • Bitcoin Guide
    • Ethereum Guide
    • Blockchain

    Browse by Tag

    Adoption Altcoin News Australia Banks Bitcoin Bitcoin News Blockchain Blockchain News btc Business Cardano Cardano News CBDC China Coinbase CoinSpot Crypto Cryptocurrencies DeFi Dogecoin Dogecoin News El Salvador ETF Ethereum News Exchanges Games Markets Metaverse Mining NFT Opinion People Policy and Regulation Russia SEC Security Shiba Inu Shiba Inu News Solana Stablecoins Tax Tech Terra Trading U.S.

    Recent Posts

    • CoinSpot vs Crypto.com Exchange Comparison
    • Ethereum Proof of Stake Merge Goes Live on Ropsten Testnet
    • Accumulation Wars Intensify, Over $1.5B Worth Of Bitcoin Withdrawn from Exchanges

    © 2021 CoinCulture. All rights reserved.

    No Result
    View All Result
    • News
      • Latest News
      • Currencies
      • Tech
      • Markets
      • Policy Regulation
      • Business
    • Features
    • Australia
    • Topics
      • Bitcoin
      • Ethereum
      • Defi
      • NFT
      • Gaming
      • Trading
    • Exchanges
      • Latest News
      • Recommended Exchanges
      • How to Buy Bitcoin
      • How to Sell Bitcoin
    • Guide
      • All Guide
      • Bitcoin Guide
      • Ethereum Guide
      • Blockchain
      • Trading
      • ICO Guides
      • Currencies
        • Bitcoin Cash
        • Ripple

    © 2021 CoinCulture. All rights reserved.