CyberKongz will launch a new non-fungible token (NFT) collection, Genkai, on Axie Infinity’s Ronin sidechain this Thursday to boost volumes amid a broader slump in the NFT market.

Axie players will receive one of 4,000 Genkai NFTs each for each Mystic Axie they own.

CyberKongz will mint 4,000 Genkai tokens on Axie Infinity’s Ronin sidechain that bridges to Ethereum. The assets will be available on the Mavis Marketplace.

In addition to the Ronin mint, CyberKongz will release 16,000 additional tokens in the ape-themed collection on the Ethereum mainnet. Eventually, the company plans to develop its own Genkai game in partnership with Axie Infinity developer Sky Mavis.

The move from CyberKongz comes as volumes slumped to around $260,000 in June from a $48 million peak in October.

At the same time, Axies remain the best-selling collection of all time. This despite recent monthly sales coming in at under 1% of the collection’s peak.

Yuga Labs‘ CEO Daniel Alegre said in a Bloomberg interview that creating culture on the blockchain is the company’s goal amid a broader slump in NFT sales. To that end, the firm recently introduced a badge identifying genuine owners of Bored Ape Yacht Club NFTs, proving their share in an exclusive community.

Learn here how to build an NFT community.

Last week, Michael Sanders of Horizon Blockchain Gaming recently told BeInCrypto that second-generation Web3 games like the one recently announced by Ubisoft will likely limit blockchain’s role to the exchange of assets.

In other words, much of the gaming engine will reside on traditional Web2 platforms like cloud servers, but players will be able to buy and sell in-game assets through marketplaces similar to OpenSea. These marketplaces would offer the chance to recoup in-game purchases previously written off as sunk costs.

Saleable assets could be badges, cosmetic enhancements, or skill upgrades, depending on the type of game. Revenues for user-generated enhancements could be split between the game studio and the creator.

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The post CyberKongz to Mint New NFTs on Ronin Sidechain in Attempt to Fight Market Slump appeared first on BeInCrypto.

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