NFTs of the newly launched Sui blockchain surge in popularity

NFTs of the newly launched Sui blockchain surge in popularity

There has been a significant increase in trading for the initial Sui NFT projects, with trade values reaching hundreds of thousands of dollars. Ever since the mainnet of the Sui blockchain was launched last Wednesday, a large community of NFT enthusiasts has emerged, and marketplaces have released projects that have been completely sold out.

“Fuddies” collection takes the lead

Hundreds of thousands of dollars worth of trades have already taken place in the early Sui NFT projects, as an active NFT community has taken root since the launch of the Sui blockchain’s mainnet.

One of the most notable drops to date has been Fuddies, which consists of 10,000 Sui profile pictures (PFPs) featuring adorable cartoon owls in different poses and styles.

The NFTs were initially offered for 95 SUI (around $125) to users on a pre-launch allowlist, with the public sale starting as a Dutch auction format. The price gradually dropped from the initial price of 300 SUI (about $395) to 150 SUI (nearly $200) before selling out. However, Clutchy, the marketplace that hosted the sale, faced technical difficulties after the mint, leading to criticism from collectors and traders.

Despite these hitches, the Sui blockchain is attracting traders, although it remains too early to determine whether the network will sustain a thriving space or experience a rapid cooling of the initial hype, as seen on networks like Aptos and Near.

Marketplaces competing in the Sui NFT ecosystem

While Clutchy is a popular Sui NFT marketplace, it’s not the only one in existence. Souffl3, which originated on Aptos last fall, has also expanded to the Sui network, but its biggest project, Sui Trident, hasn’t been a massive success.

Despite this, several projects, including Fuddies, Suishi, Depthos, and Sui G00dies, have launched and sold out on Clutchy. However, the current price floor for Sui Trident has fallen below the public mint price, with the cheapest-listed NFT in the project priced at 118 SUI (about $155).

Jacob “Dizzy Lizzy” Lawless, the founder and CEO of Clutchy, revealed the marketplace’s high level of interest from influencers, investors, creators, and spectators ahead of the Sui launch. Creators are keen to be the first to launch projects on a new blockchain, while astute collectors seek to acquire assets with early provenance, potentially increasing their value in the future. Sui’s creators are excited about the chain’s potential to enable more advanced features than some other chains, including dynamic NFTs that update in real-time.

Could web3 gaming be a strong niche for SUI?

NFTs in gaming could emerge as a major catalyst for growth on Sui, with several exciting games in the pipeline, such as the hero shooter Bushi, reminiscent of Overwatch, a zombie shooter game based on The Walking Dead franchise, and the massively multiplayer online role-playing game (MMORPG) Nova Star.

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