Trading platform Flip’s latest venture is meant to bring cheer to NFT traders who lost real money amid the crypto market’s downturn. Traders can now bet fake money on JPEGs via a fantasy sports-like game being created by Flip. The game is now live on the Flip website.
Platform co-founder Brian Krosgard announced the launch of this game called the NFT Fantasy League on 2 October 2022. The announcement was made by Krogsgard via his Twitter handle, Ledgerstatus.
With the new game, anybody can create a mock portfolio and use it to participate in NFT trading without actually putting in real money. Registered players can pretend-buy NFTs, and those with the best-simulated portfolio performance will win prizes.
The platform is meant to bring fun amidst the bears and benefit those who do not have enough Ether to spend on huge sweeps but still want to enjoy flipping JPEGs, Krogsgard told Coindesk. The development opens up the doors of the NFT market for a much wider audience.
NFTs in 2022 and Flip
The NFT space plunged into a downward spiral after much hype in 2021. The trading volume of NFTs dropped nearly 97% from this year’s January high, according to data from Dune Analytics.
Additionally, some of the priciest NFTs began to lose value. Earlier this year, for instance, in April 2022, news broke about one of the world’s costliest NFTs, made from Twitter founder Jack Dorsey’s first tweet, was up for grabs for a mere $14,000.
The bear market, however, has not dampened the spirits of Flip’s founder Krogsgard who says that he is “super excited” about the future of NFTs. Despite the NFT volumes being significantly down, interest is high, Krogsgard argues.
In fact, Flip was launched amid the NFT winter in April 2022.
Even though the NFT trading volumes are low, the interest of NFT traders is still high, Krogsgard added. There are 36% more NFT traders now than a year ago, according to a report by DappRadar.