The newly-formed NFT gaming market is wildly fluctuating as supply far outstrips demand.
Owners of Ubisoft's new limited-edition Quartz NFTs are trying to cash out quick. There's not a lot of HODLing going on here. Owners of the Quartz NFTs, which were acquired for free,, are listing Ghost Recon Breakpoint weapon skin NFTs on auction websites for ludicrously high prices just to see what happens. Some NFTs are listed for the cost of a house, or 100,000 tezos (an eye-watering $447,000 USD) on third-party markets like Objkt.
Others listings comparatively more reasonable but still cost nearly as much as an Xbox Series X or PlayStation 5; the cheapest Ghost Recon Breakpoint M4A1 Tactical | Wolves NFT is being sold for $447.
Predictably, no one is buying the NFTs as these prices. In fact, the NFTs have only sold for as high as 20 tezos ($89) and as low as 5 tezos ($22).
Rarible, another marketplace, has similar auctions. for Ubisoft Quartz NFTs.
The highest is 2,500 XTZ, or $11,178 USD, and the lowest is 50XTZ, or $223. People are buying the same NFTs from Rarible at an average 18-20 tezos (roughly $80 - $89) and the most someone has spent is 40 XTZ, or about $178.
Rarible has only sold 8 Ubisoft Quartz NFTs. There are currently 399 active NFT auctions.
As Axios Gaming's Stephen Totilo rightly asserts, the current NFT market is extremely speculative and no one knows what anything is worth. Hence the wild auctions.
Other game-makers are similarly enjoying success with NFTs. Peter Molyneux's latest game Legacy has made over $42 million in digital land NFTs, a commodity also based around artificial digital scarcity.
The real question is whether or not the NFT market will stay as big players move in to regulate, cap, and influence the market. But right now it's the Wild West and anything goes.
- > NEXT STORY: Final Fantasy XIV is closed to new players, game taken off the market
- < PREVIOUS STORY: Superman star Henry Cavill gets his PC tips from Bitwit aka Kyle