NFTs were one of the biggest buzzwords in early 2021.
Digital artwork from emerging creators selling for millions of dollars. Beep boomed. And ‘The Merge’ attracted more than 30,000 collectors, who paid a total of $91.8 million to produce the collection.
The bottom price of “The Merge” has since dropped from about 25 ether (ETH) to 1.1 ETH today.
Its demise is part of a much larger trend: trading volume for all NFTs has dropped significantly, from a weekly volume of $1.8 billion in August 2021 to around $73 million today.
You could argue that the NFT boom is over and a comeback would be tough, but a handful of projects are staying true to their potential.
In an X, formerly World of Women’s Twitter space — an NFT collection featuring female artists from around the world — NFT creators gathered Monday to share insights into what they’re building.
Mints to play soccer games on mars become a mayan jungle guard
Gaming continues to be a big NFT story, receiving about $297 million in funding in July.
A team building activity in the NFT gaming space is Martian Premier League (MPL). To participate in MPL, users can create an MPL NFT and enter the gaming world, where they must build their own soccer team on a virtual Mars.
“Without that sense of ownership model that NFTs have allowed us, we wouldn’t have a good enough ‘why’ to get into the market,” Eleanor Nugent, the founder of MPL, said in an X room.
The floor price for an MPL NFT is currently at 0.011 ETH (~$19).
Read more: NFT collectors focus on generative art and historical significance amid a market crisis
Gaming isn’t the only area where NFTs are used. The Maya Spirits team hopes to use their NFT coins to promote gender equality and environmental protection in Mexico through donations.
Maya Spirits NFTs are inspired by the children in the local community. About 70% of the proceeds earned through NFTs are donated, 20% is spent on development initiatives and 10% covers travel expenses, Maya Spirits co-founder Liam Scully said on the X space.
The team will partner with Art Blocks, a platform that connects artists with blockchain technology, to launch its next NFT coin.
“These drops will be very limited in supply, and to access you must own a Maya Spirits NFT,” Scully said.
Maya Spirits NFTs are currently trading at a floor price of 0.015ETH (~$26).