Since Sui blockchainIt is mainnet launch wednesdayactive NFT The community is already taking root, with marketplaces dropping projects that have sold and collectively generated hundreds of thousands of dollars in transactions, albeit with some early hitches.
The layer 1 blockchain developed by Mysten Labs was charged a “Solana killer" by some, but Solana has one of the busiest NFT markets in the world, second only to Ethereum. Sui is attracting traders, but it's still too early to tell whether the network will sustain a thriving space or see the initial hype quickly cool as it has. on networks like Aptos And Close.
thursday fall Riflesa set of 10,000 Sui profile pictures (PFP) depicting cartoonish owls in various poses and styles, was the biggest drop so far. But the market that hosted the drop ran into technical issues after the mint, causing backlash from collectors as well as NFT traders and Web3 builders on competing blockchain networks.
Fuddies debuted in the upstart market Clutch— that Mysten Labs has helped to promote— and offered its NFTs for 95 SUI (about $125) to users added to a pre-launch allowlist. Thereafter, the public sale began in a Dutch auction format, with an initial price of 300 SUI (about $395) gradually decreasing, reaching 150 SUI (nearly $200) before selling out.
However, buyers hoping to flip NFT Fuddies for a quick profit were quickly frustrated when Clutchy's secondary market didn't perform as expected.
Some Ethereum and Solana NFT collectors took the opportunity to challenge the new rival's marketplace for encountering technical difficulties. Clutchy already had delayed its planned Wednesday NFT mints after experiencing issues after launching the Sui mainnet.
Soon after, however, the secondary market started to work – and so far Clutchy is bringing in some 605,000 SUI (about $792,500) in trades for Fuddies in about 24 hours. As creators of the project noted on twitterthis is more than the total amount of NFT trades seen on the Ethereum scaling network Polygon during the same period, by data of CryptoSlam.
This is by far the biggest NFT project on Sui so far. Another NFT project that hit Clutchy yesterday and sold out, the Sushi-themed Suishionly recorded about 10,900 SUI (about $14,300) in secondary transactions since mint.
However, Clutchy is not the only Sui NFT marketplace online. Breath3a market place that has emerged Aptos last fall also expanded to Sui, but its flagship project so far has not caused a stir. The biggest Sui project on Souffl3 is Sui Tridentwhich has racked up just under $65,000 in trades over the past 24 hours.
However, projects are launching and selling out, with drops like Fuddies and Suishi both selling out on Clutchy, and Depthos and Sui G00dies selling out. On the other hand, the current floor price, i.e. the cheapest NFT price in the project, has fallen below the mint public price, at 118 SUI (around $155).
Before the launch of the mainnet, the founder and CEO of Clutchy Lawless Jacob "Dizzy Lizzy" said Decrypt that the market had seen "tons of interest from influencers, investors, creators and viewers".
Given the gold rush seen on Ethereum, Solana and recently with Bitcoin Ordinals When each platform's first NFTs have gone up in value, creators are always eager to be the first to launch projects on a new channel. Likewise, savvy collectors try to grab assets that will have an early provenance, which could increase its value in the future.
We saw this most recently with the launch of Aptos last October, which saw an increase in the volume of transactions this corresponded to a drop in sales of Solana NFT. Like Sui, Aptos is built around the Move programming language, so there are some commonalities - and that helps explain why Souffl3, for example, has moved closer to Sui and bills itself as the "NFT Marketplace on Move".
The Aptos NFT fever subsided quickly, but the the initial buzz was huge. The Aptos Monkeys NFT project, for example, generated around $2.3 million in trading volume in about 24 hours in October, just over a week after the Aptos mainnet went live. Sui hasn't hit that kind of peak yet, but it's only been a few days since the mainnet rollout.
There is excitement among the creators of Sui for the channel's ability to enable more advanced features than some other channels, such as dynamic NFTs that update in real time. There is a clear advantage for blockchain based video gamesfor example, with weapons or armor that improve over time, potentially becoming more useful or valuable in the process.
And the game could ultimately prove to be one of the biggest NFT momentum drivers on Sui, with a list of notable early titles like the The Overwatch-esque Hero Shooter Bushia Walking Dead game and a Panzerdogs tank game (a transplant from Solana) to be published in the coming weeks.
"I feel like there's still a lot of interesting experimentation going on, culminating in another wave of NFT and dapp innovation," pseudonym of the Web3 project advisor bubbler said Decrypt. "The launches are inspired by the lessons learned by the first actors with different takes."
She pointed to other potential NFT use cases on the horizon for Sui, including a project called Sui name service (SuiNS). It is similar in approach to the popular Ethereum name service (ENS), but with domain names related to both NFTs and smart contracts (which contain the code that powers decentralized applications), which Dabblerer said would allow users "to interact with more confidence and security".
“One of the main reasons we decided to build on Sui [is] because its technology provides a platform for innovation,” said Lawless of Clutchy. He added that the Move language "significantly reduces the boundaries for creators to innovate through dynamic NFTs", potentially opening up more types of use cases and compelling applications and experiences.
However, just a few days after the launch of the Sui mainnet, such innovative projects and applications might still be far on the horizon. For now, the projects launching this week mostly look like spin-off knockoffs from collections on other channels.
Yet a small but committed community that returns hundreds of thousands of PFP dollars is something— and we'll see if the early buzz turns into something that can scare off competing NFT ecosystems.