Can The Former Top Project NFT Worlds Come Back After Suffering The Crisis In July?

Last March, the floor price of NFT Worlds plummeted from 5 ETH to 0.5 ETH in one day, and it has never recovered since then, and it did not rebound until last week. Most people should remember that NFT Worlds was still a top project at this time last year, but the Minecraft ban pushed it into the abyss. However, the floor price of NFT Worlds quadrupled from 0.5 ETH to 2 ETH last week. Is NFT Worlds making a comeback?

So what is the reason for the rebound? What has the project team done in the past six months? Can NFT Worlds make a comeback?

First of all, the NFT Worlds team did not run away after being banned by Minecraft. Instead, they continue “Buidl” and are gaining momentum. That’s really impressive.

NFT Worlds plans to publish its own games. The team also developed MetaFab to help game developers integrate blockchain-related features into their games.

The NFT Worlds team discussed these two ideas in the immediate aftermath of the Minecraft ban, and they are bringing them to life.

MetaFab

The recent rally in NFT Worlds was largely due to a string of good news from MetaFab.

The project has officially announced cooperation with Fantom, Arbitrum and Treasure DAO. The CTO of RTFKT (Clone X) also joined as an advisor. Also, early reviews of MetaFab from game developers have been generally positive and positive.

MetaFab is essentially a set of developer services for those who develop games or gamified applications. Developers can use MetaFab to embed functions such as currency and digital collections (NFT) in the game while the operation and feel of the game itself remain the same. MetaFab hides in the backend and secretly provides all blockchain-related functions.

For example, in a game supported by MetaFab, players still log in with a username and password, but MetaFab creates and manages an escrow wallet corresponding to the game account for them on the backend.

Players can enjoy the benefits of blockchain technology without having to worry about remembering mnemonic words and paying gas fees, such as having digital ownership of in-game characters and items, and records about these characters and items are stored in public blocks On the chain, not on a centralized server. The gas fees related to the blockchain are paid by the game project side, similar to traditional games that need to pay server fees.

However, since using the blockchain is still expensive, the gas fee that the project party needs to pay may be much higher than the general server cost. New solutions, such as Arbitrum Nova, promise to reduce gas fees to a minimum. But whether they live up to expectations remains to be seen. If this underlying infrastructure cannot be improved, then MetaFab can only be a carved pole, which is not useful.

MetaFab is committed to providing a seamless experience for both game developers and gamers. Traditional game developers can easily add blockchain modules to games without learning how to write smart contracts. Players can enjoy the benefits of NFT without having to manage wallets and perform on-chain transactions. MetaFab is likely to become a key infrastructure in the large-scale promotion of Crypto Games.

The relationship between MetaFab and NFT Worlds is that MetaFab is like a game engine, and NFT Worlds is like a game built on top of that engine. The relationship between them is similar to Unreal Engine and Fortnite. Both products are developed by Epic Games. Fortnite is a very successful game built on Unreal Engine, but many other third-party developers also use Unreal Engine to create their games.

NFT Worlds

In addition to the progress made by MetaFab, NFT Worlds has a lot of short-to-medium-term benefits, which may trigger a market independent of macro sentiment.

NFT Worlds will publish its own games. According to the official disclosure, it is similar to Minecraft but with an improved developer experience, and it will also be free.

It is normal not to be optimistic about the new game of NFT Worlds at this stage. Competing with the best-selling Minecraft in gaming history seems like an impossible task, even for Tom Cruise. However, it is important to know that the original development team of Minecraft was only one person.

If NFT Worlds didn’t want to build a better Minecraft, I would be more optimistic about it. I agree with Chris Dixon that it’s better to do something completely new than to make an old thing better. Hopes that the addition of a blockchain module will lure Minecraft players away from Minecraft seem unrealistic.

The team has not yet announced a specific time for the game’s release. However, before that, NFT Worlds also plans to complete a rebranding, including enabling a new name and updating project documents, and will airdrop more gift boxes to holders.

At present, most NFT Worlds are still pledged, and a very small part is listed for sale on the market. Now, only 1% of NFT Worlds are hung, the floor is 1.5 ETH, and there are only 20 transactions away from the 2 ETH floor. Therefore, we may see a rapid increase in the price of the NFT Worlds floor when the milestone is reached.

There were at least 50 Metaverse-themed NFT projects on the market. But Otherdeed, Sandbox, Decentraland, and NFT Worlds are the only four projects that still have a little trading volume. Although NFT Worlds may never surpass Minecraft, as long as it is better than Sandbox, it is a 10-fold opportunity for NFT Worlds now.

NFT Worlds Genesis Avatars (floor price 0.08 ETH) provide a more affordable way to participate in NFT Worlds. The whitelist price for this series was as high as 0.4 ETH in May 2022. However, it must be noted that NFT Worlds is launching Genesis Avatars on top of the Gray Boys series already released. The Gray Boys series was once widely considered the official sub-series of NFT Worlds.

WRLD

WRLD is the token of the NFT Worlds ecosystem. It has outperformed MANA, SAND and APE so far this year.

However, compared to the other three giants in the metaverse (all of whom have market capitalizations in excess of $1 billion), the potential of WRLD, which currently has even FDV at only $70 million, is enormous. However, there is still a considerable part of WRLD that has not been unlocked, which will bring selling pressure that cannot be ignored in the future.

Yuga Labs has proven with Dookey Dash that APE can be efficiently burned in-game. Although the current application scenarios of WRLD are limited, the future can be expected. If some of the players can Earn to play, then Play to earn is tenable.

Write at the end

The influence of NFT Worlds is still incredible. On July 27, 2022, 3,200 people listened to their Twitter Space. Half a year later, 2,300 people still engaged with their Twitter Space last week. The initial Mint of NFT Worlds is free, and the earliest participants have been on the water until now, and they have always firmly supported the project.

No one can predict whether MetaFab and NFT Worlds will be a long-term success. But the upswing of a project often does not require actual work products, and marketing some stories based on attractive selling points is enough. NFT Worlds (MetaFab) has these short-term catalysts.

Moreover, the performance of the project team has also proved that they are a team that can get things done. They are also very active on Twitter and Discord, which is very beneficial for cx this project in Crypto Degen.

Who doesn’t love a story about a comeback?

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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