After the "gold rush", can the NFT scene on the Sui chain achieve sustainable development?

Original author:Andrew Hayward

Original compilation: PANews

Original author:

On May 3, the main network of Sui Network was officially launched, but before this milestone event, an active NFT community had already taken root on this emerging blockchain, and the NFT issued by many projects not only generated hundreds of thousands of dollars in transactions Well, it also attracted the attention of many users.

Although the Ethereum and Solana blockchains still have the most active NFT communities, Sui Network has also attracted many NFT traders. As a Layer 1 developed by Mysten Labs, Sui Network is undoubtedly the most anticipated blockchain project in the near future, and some people even call it the "Solana killer". However, whether Sui can continue to support a prosperous NFT space remains to be seen. It remains to be seen, after all, networks like Aptos and NEAR have had a history of overheating and rapid cooling.

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Case in point: Sui NFT marketplace Clutchy that "failed to work as expected"

On May 4th, the NFT project "Fuddies" was launched on Sui Network. The project consists of 10,000 PFPs, each of which depicts cartoon owls in various poses and styles. It is also the largest circulation on Sui Network so far NFT projects. However, just after the Fuddies NFT was minted, technical problems occurred in its hosting market Clutchy, which caused great dissatisfaction among NFT traders and Web3 builders.

Clutchy is actually an upstart NFT market on the Sui chain promoted by Mysten Labs. According to the plan, they will provide Fuddies NFT at a price of 95 SUI (about 125 US dollars) to users who are added to the pre-release permission list, and the public sale will be held in Dutch style. The auction format kicked off, with an initial price of 300 SUI (about $395) gradually dropping to 150 SUI (nearly $200) before selling out.

However, Clutchy soon reopened the secondary market, and while it's still unclear whether its issues have been adequately resolved, trading in Fuddies NFTs has also restarted, reportedly generating 605,000 SUI (approximately $792,500 USD) within 24 hours. ) of transaction volume.

Fuddies also released data on social media later, saying that the 24-hour transaction volume after the resumption of transactions exceeded the total transaction volume on the Polygon chain during the same period.

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The sales performance of NFT projects on the Sui chain is clearly polarized

In fact, the sales performance of NFT projects on the Sui chain is clearly polarized. For example, compared with Fuddies’ 24 sales of nearly 800,000 US dollars, Suishi has only received about 10,900 SUI (about 14,300 US dollars) worth of 24 since minting. level transaction volume.

On the other hand, Clutchy is not the only Sui NFT market that is active. The NFT market Souffl3 launched on the Aptos blockchain last fall has also expanded to Sui Network. The top NFT projects on the platform have not caused any sales sensations, such as The largest Sui NFT project on Souffl3 is "Sui Trident", which only accumulated about $65,000 worth of transactions within 24 hours of going live.

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Can the NFT scene on the SUI chain continue?

Before the release of the Sui Network mainnet, people had high expectations for the NFT ecological scene on its chain. Clutchy founder and CEO Jacob "Dizzy Lizzy" Lawless said bluntly at the time that he "sees influencers, investors, Lots of interest from creators and onlookers".

In fact, there has been a “gold rush” on Ethereum, Solana, and most recently Bitcoin Ordinals, where creators are always eager to be the first to launch their projects on new chains when the value of early NFTs on these blockchain platforms soars. Likewise, savvy digital collectors will try to snap up some of the early NFT assets, as the value of these NFTs is likely to increase significantly in the future.

For example, after the debut of Aptos in October 2022, the NFT transaction volume on its chain surged. At the same time, the NFT sales on the Solana chain shrank. At that time, the Aptos Monkey NFT project was launched a week after the Aptos main network was launched. A whopping $2.3 million worth of deals were generated in just one hour, but the boom quickly dissipated. Now, the same situation is now happening on Sui Network, although Sui has not yet reached the heights of Aptos.

So in the NFT scene, will the Sui ecosystem really repeat the mistakes of Aptos? not necessarily.

First of all, the Sui ecological creators are very clear: Compared with other blockchains, Sui Network can achieve more and more advanced functions, such as dynamic NFT updated in real time. This use case can bring many advantages to blockchain games , weapons or armor in the game will continue to be upgraded and improved over time, and NFTs can also become more useful or valuable in this "dynamic" process.

From this perspective, the game may eventually become one of the biggest drivers of the development momentum of the Sui NFT scene. It is reported that a series of early games in the Sui ecosystem: such as the "Overwatch"-style hero shooting game Bushi, an imitation " The Walking Dead game, as well as Panzerdogs, a Solana port of the tank game, are due out in the coming weeks. Web3 project consultant Dabblerer explained: "There are many interesting experiments going on on the Sui blockchain, which will eventually bring about a wave of NFT and DApp innovations that draw lessons from many failed cases in the previous blockchain NFT ecology. "