Video Game News Pushes Forgotten Runes NFT Floor Up 88%

The floor price for NFTs from the Forgotten Runes Wizard Cult has nearly doubled since Tuesday on the news that it’s got a new game coming out to make use of its Wizards.

The floor price for Wizards has risen 88% in the past 24 hours to 1.089 ETH, according to Coingecko. The floor price is the lowest price at which an NFT in a set can be purchased.

The rally follows news that Bisonic, a metaverse gaming company, has partnered with Magic Machine, the company that made the NFTs, to create a massively multiplayer online game (MMO) for NFT owners.

“We entered into this alliance with Magic Machine as we firmly believe that the world they have created with Forgotten Runes and their community of holders has great opportunity to expand via gaming,” Jeldor, co-founder of Bisonic Inc., said in a press release. Members of Bisonic’s team have been part of many different Triple-A gaming studio productions previously, according to the release.

The Forgotten Runes game will open up many more game items as NFTs, including a forthcoming private and public land sale for the game world slated for Q1 2022.

Virtual land has been a hot enough commodity that a company called Parcel has launched to help digital landlords choose the best lots to buy in the metaverses with the most potential.

The forthcoming game is described as “create-to-earn” without going into detail about what that might mean, but the release says that players will be generating game lore and custom NFTs in the course of play.

The Forgotten Runes Wizards Cult is a set of NFTs depicting wizards that work as profile pictures, but the project has always had a vision for a larger story behind the wizards.

The project uses a hybrid approach to its intellectual property, as we’ve previously reported, where owners of a specific NFT can define that character’s backstory, but the creators of the set maintain control over the overall wizards’ world.

“These roles can overlap a little, but this ebb and flow of creative energy between us and the Cult is a new model for IP building that we believe will scale the most efficiently and coherently,” Elf Trul, a Magic Machine co-founder told The Defiant in an email. “We have several examples in production that will show how this works in practice, such as a comic book, YouTube videos, and studio-produced animation.”

In October, Magic Machine announced an animation production deal with Titmouse, the studio behind the Netflix series Big Mouth and The Venture Bros.