With OpenSea NFT volume dropping recently in the past few days, one project in particular has been rising significantly in both volume and floor price, the project is NFT Worlds. The project currently sits at a floor price of 17 ethereum (ETH) and has doubled over the last week.
What is NFT Worlds:
According to the OpenSea description provided by the creators of the project (NFTWorldsVault):
“NFT Worlds is the most capable & flexible metaverse platform. Each NFT World is an explorable, limitless world that can be built into anything you can imagine. NFT Worlds are Minecraft compatible, massively multiplayer, will have developer APIs, are decentralized, and more.”
So to understand why NFT World is performing so well currently and seems to have a great deal of momentum, we can look at the overall state of the metaverse as a whole. The Metaverse business has been booming over the past year. The basic idea behind Metaverse worlds is that as we grow more digital as a society, people will spend more time in virtual worlds rather then physical ones, similar to the trend of customers shopping online rather then in physical stores. Many of these worlds provide their own token which provides utility and can be used to interact and trade within the ecosystem. With Sandbox and Decentraland, their respective tokens (SAND and MANA) are worth billions of dollars as more investors buy into these projects in hopes of greater adoption. Metaverse worlds are typically comprised of 3d virtual land, that is split up into sellable blocks that can be purchased and developed as the owner chooses. The speculation is that many of most popular Metaverse worlds will be built on decentralized blockchains rather then centralized corporate created worlds.
Much of this speculation has already come to pass as some the most popular Metaverses to date like Sandbox, Decentraland and Roblox have outperformed much of the NFT world with explosive growth in digital real estate prices as well as token prices. JP Morgran has recently stated “The Metaverse is a $1 trillion per year market opportunity”. Corporations are flocking to these Metaverses to own land where they can have a digital presence, advertise and interact with their customers, including Adidas, Nike, Dominoes and Walmart.
NFT Worlds looks to solve some common Metaverse issues that may represent roadblocks to mass adoption.
By building on top of Minecraft’s ecosystem, NFT Worlds has some distinct advantages. Minecraft is the best selling video game of all time. It can run on all platforms including game consoles, web browsers and PC’s. In comparison, even though the Sandbox has been in development for many years, it cannot run on any consoles or as a browser game. You will need to download a client. Decentraland is available as a browser game, but not on consoles or mobile.
Another major impedance to current Metaverse projects is available content inside the Metaverse. As Sandbox and Decentraland are newer and only recently have sold land to prospective investors, they are reliant on these land owners in many cases to create great experiences for users visiting within the metaverse. If there is nothing to do whithin the Metaverse that will not bode well for user adoption and activity. Many of the investors are only interested in holding land for possible appreciation in price rather then development. On the other hand, NFT Worlds being built on top of Minecraft is able to coincide with Minecraft’s pre-existing virtual world which has 139 Million monthly active users and is widely developed. Minecraft has more development then any other video game recorded.
One more issue that NFT world addresses is the familiarity with controls. Whereas new Metaverses users will need to learn and adapt to new controls and tools, NFT worlds users may have Minecraft familiarity and existing Minecraft players will immediately feel right at home.