Unifred Unifred 11.05.2023

Sui Blockchain Sees Rapid Engagement in NFT Realm

All eyes are on the newly-launched layer 1 blockchain network Sui that took the NFT realm by storm on May 3rd. Early Sui NFT collections were minting out very quickly, yielding huge sums of money. This impressive feat has caused proponents to call Sui a ‘Solana killer.’ However, it’s too early to know whether it’s a long-term success of the blockchain or just instant hype. 

One of the biggest drops that have debuted on Sui is Fuddies, a 10,000-piece series of cartoon owls portrayed in different poses. This PFP project was in the ear of many people due to good marketing, mainly influencer marketing, an allowlist campaign, and beyond. 

A pre-mint offer of 95 SUI (worth $125) was set up by Fuddies. Later on, a public sale ensued via a Dutch auction, as the asset’s price moved progressively from 300 SUI (worth $395) to 150 SUI (worth $200).

Despite technical problems on Clutchy, a marketplace backed by Sui network’s creator, Mysten Labs, the collection was sold out at 605,000 SUI (worth $792,500) in 24 hours.

Another NFT collection that joined the Sui hype through the Clutchy marketplace is Suishi, featuring sushi-themed collectibles. The project saw 10,900 SUI (worth $14,300) in secondary sales after the mint.

Even though Clutchy had its setbacks, its founder and CEO, Jacob “Dizzy Lizzy” Lawless, revealed that the newly-launched marketplace has seen “tons of interest from influencers, investors, creators, and onlookers.”

Aside from Clutchy, Souffl3, an NFT marketplace that made its debut on the Aptos blockchain, is now building on the Sui network. Sui Trident is one of the leading collections living on the Souffl3 trading platform. Other projects like the Solana-based gaming protocol Panzerdogs are exploring Sui as home to their newest products.

Although the Sui blockchain has seen a tremendous entry into the Web3 ecosystem, time will tell if the hype will continue or if it will be another short-lived burst like it was with Aptos and Near. Let’s wait and see!