Why NFTs are a sure bet in a volatile market

Why NFTs are a sure bet in a volatile market

The Crypto market has always been a volatile one, but recent downturns have many people doubting whether decentralized cryptocurrency is a safe investment.

“NFTs are finding their place and giving users value”

While all major crypto tokens have slumped in 2021, the sales of NFTs, or non-fungible tokens, have gone from strength to strength.

Non-fungible tokens, or NFTs, are digital assets which hold value as cryptocurrency AND as collectables that can be kept and admired or traded and sold as it's value increases. NFTs are essentially digital tokens, much like Bitcoin or Ethereum. However, unlike other standard coins on the blockchain, NFTs are unique and can’t be exchanged like-for-like.

According to a recent Reuters article, NFT sales have skyrocketed to a staggering $2.5 billion so far in 2021. To give some context, the number of NFT sales for the first half of 2020 was just over $13 million.

What makes this surge in sales even more impressive, is that it comes during a time in which all major crypto coins have experienced a significant slump, with Bitcoin losing 41% of its value from it's all-time high of $63,000 in April.

NFT sales, meanwhile, have seen a steady increase since February 2021, culminating in NFT sales on OpenSea, an NFT marketplace, hitting a record-breaking high in the month of June.

"It is so exciting and rewarding to see the NFT market continue to grow, even through a crypto market downturn. This really starts to demonstrate how NFTs are finding their place and giving users value,” said GameFi co-founder Paul Lindsell.

At GameFi, we believe that because NFTs hold intrinsic value beyond that of a standard cryptocurrency, they are somewhat immune to the volatility of crypto markets in the same way traditional art and collectables are able to buck the trends of Wall Street.

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The Most Popular NFTs

According to data tracked by Nonfungible.com, the most popular categories for NFTs sales are currently Collectables and Sport, followed by Art, Utility and Game.

NFTs offer a chance to own unique characters and items that have functions within the gaming space, but are also cute and lovable so you might just want to keep one.

This is exactly what we are striving for with our latest game, The Crypto Prophecies! Our real-time prediction battle game uses NFTs for Characters and magical items. This gives our players the opportunity to own unique and valuable NFTs, while giving them the best blockchain gaming experience.

“I find it super interesting looking at the growth and numbers for collectibles, gaming and utility NFTs and get very excited knowing that The Crypto Prophecies NFTs combine all this and more,” Paul added.

That’s right, The Crypto Prophecies NFTs fall into three of the most-valuable categories. Meaning players will start collecting in the fastest growing NFT categories.

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Collectable

Our in-game characters, Crypto Prophets, are rare, with only 10 characters being released in each of the four races. You might find our first generation races a bit familiar ;-) Satoshians, Etherians, Ripptilians , Tezmanians.

Players will be able to summon their Crypto Prophets  of various levels of rarity, ranging from Common to Legendary, using summoning orbs (which are also NFTs). 

Players can change the tier of their Crypto Prophets by collecting 5x Crypto Prophets of the same race and tier and then burning them using a burn spell.

Burning NFTs remove them from circulation, meaning the Crypto Prophets you own just became even more rare!

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Gaming NFTs

Between Staffs, Wands, Capes and Pets, these magical items greatly improve players’ chances of victory in the Battle Arena by hampering opponents’ abilities to read the candles and make predictions.

Each Crypto Prophet can be customised by connecting these unique NFT items with magical abilities and spells, increasing their in-game abilities and value at the same time.

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Utility NFTs

Crypto Prophets and Magical items not only have significant in-game value, they can also help earn players income while not in use.

Each game played in The Crypto Prophecies earns players tickets into a daily draw, where they can win their share of TCP tokens – our fungible token using the ERC20 token standard.

We’re also working on some top-secret features that will allow NFTs to generate additional TCP while not in use (shhhhh...more on this later!).

The Crypto Prophecies NFTs Coming Soon

We’re getting ready to launch our Crypto Prophecies NFTs soon. Be sure to sign up to our newsletter today to get an alert when the sale goes live and avoid disappointment.

We’re also excited to be launching The Vault, where you’ll be able to stake and earn bTCP or TCP, the tokens that power our game and NFTs. For more information and to sign up to play, head to https://www.thecryptoprophecies.com