Minecraft Torpedoes NFTs While Final Fantasy Forges Ahead
A $150,000 Blunder and Revealed Oddities Round Out Another Busy Week in NFTs
By: yyctrader •NFT News
It’s no secret that gamers have it in for NFTs.
But yesterday, Microsoft-owned Minecraft gave the NFT space a reason to fire back.
The team behind the game released a statement that essentially bans NFTs from integrating with its platform, going on to say that it has “no plans of implementing blockchain technology into Minecraft right now.”
A variety of NFT projects have been developing virtual worlds and accessories that are compatible with Minecraft, with plans to integrate with the actual game in the future. Chief among them is NFT Worlds, a collection of 10,000 metaverse lands.
Minted for free in October 2021, the NFTs surged to a floor price of nearly 18 ETH in February at the height of GameFi fever. Following the news, prices crashed by over 80% from 3 ETH to 0.5 ETH. The project’s WRLD token dived more than 60%.
Curiously, Minecraft explains NFTs as digital tokens “often purchased with cryptocurrencies like Bitcoin”. While Bitcoin can certainly be used to purchase some NFTs like Rare Pepes, the vast majority of NFT sales are conducted in ETH.
Meanwhile, other gaming companies continue to keep an open mind about the metaverse.
Epic Games CEO Tim Sweeney affirmed that his company doesn’t plan to reject blockchain technology. “I believe stores and operating system makers shouldn’t interfere by forcing their views onto others. We definitely won’t.”
Final Fantasy NFTs
Square Enix, the Japanese conglomerate behind the popular gaming franchises Final Fantasy and Dragon Quest, plans to launch a digital collection of Final Fantasy VII 25th Anniversary cards and figures. The NFTs will be available to those who purchase items from the physical collection that is expected to launch in 2023.
A $150,000 NFT Blunder
An NFT whale lost just under 100 ETH when a marketing ploy backfired on July 20.
Here’s how it happened. Franklin placed a bid of 100 ETH on an aptly-named ENS domain that he owned in an alternate wallet, in an attempt to generate market interest.
Fifteen minutes passed before the mystery buyer turned around and sold it back to Franklin, netting a profit of 95.6 ETH ($150,000). According to his Twitter bio, Franklin is the seventh largest Bored Ape Yacht Club NFT holder with 58 apes, so the loss probably won’t bother him too much.
As for the buyer? They’ve gone on a shopping spree, having rebuffed Franklin’s request to undo the transaction, delivered via NFT.
They did, however, send Franklin a Milady NFT.
Moonbirds, the NFT collection that shattered OpenSea volume records when it launched in April, revealed the art for its Oddities collection on July 20.
The traits of the Oddities are apparently tied to the Moonbirds’, meaning that holders of rare birds received rare Oddities. Some community members voiced their displeasure at the lack of randomness.
The floor price of the collection has dropped 40% to 1.8 ETH post-reveal.
State Of The Market
Sales volume ticked up to $196M in the week ending July 18. Volume was $13M higher than the prior week while the number of transactions dropped by 24,000.
Source: Dune Analytics
- Bored Ape Yacht Club – Down 2% this week to 93 ETH
- CryptoPunks – Up 2% to 79.5 ETH
- Otherdeeds – Down 14% to 2.4 ETH
- Moonbirds – Down 13% to 23 ETH
- Doodles – Down 20% to 11 ETH
- Clone X – Down 6% to 9.4 ETH
- Chromie Squiggles – Down 11% to 11.3 ETH