NFTs have taken a “non-fungible” blow, but as an asset class they are still operating in record numbers, according to billionaire investor Mark Cuban, one of several investors behind OpenSea, the leading NFT marketplace.
As rich cryptocurrency speculators spent billions of dollars on these assets, driving up prices and profits, the market rose beautifully last year. Currently, six months into 2022, it looks a bit ugly.
OpenSea, the largest NFT marketplace, saw a sharp drop in monthly sales value to $700 million in June from $2.6 billion in May, a far cry from the record high of around $5 billion in January.
According to NonFungible.com, which tracks sales on the Ethereum and Ronin blockchains, the average NFT sale fell to $412 at the end of June from $1,754 at the end of April.
With central banks raising rates to fight inflation, the NFT market, along with the cryptocurrency market, fell as consumer risk appetite waned.
However, analysts are hotly debating a new NFT project which they believe could survive the market crash due to some properties that make it really exciting.
Re-evolutionan NFT project, consists of 5,000 planets that each have a unique set of qualities, resources, and rarities. NFT Re-Evolution includes access to the Transformer game based on Unity Game Engine.
Players can interact with their planets in the game Re-Evolution to create their civilizations and cultures. Players make decisions as supreme rulers of their societies, which impacts the happiness level of their civilizations. Players will receive additional $REV tokens if the civilization has a high satisfying level.
Re-Evolution is not only an NFT project but also an initiative with a cause. The project will donate a portion of its sales to organizations chosen by the community. Re-Evolution establishes a legitimate DAO community that holders can be part of, along with the governance token.
Learn more about Re-Evolution by visiting their website at re-evolution.io.