The Japanese gaming empire Konami recently announced that it would soon launch its marketplace. On the platform, users can buy and sell in-game NFTs and different types of Web3 services and products, as reported.

Konami To Build A Marketplace For NFTs And Web 3 Trades

According to reports, Konami, a giant Japanese entertainment empire, plans to create its NFT and Web3 marketplace. Also, it revealed its plans to recruit technology-inclined experts to help build its intended marketplace.

Furthermore, the gaming firm is actively researching how to create games from the latest inventions. It added that it focuses on building a platform on blockchain where gamers can trade their in-game NFTs. 

In addition, Konami informed that Non-Fungible tokens (NFTs) have several use cases and purposes. NFTs can be used to designate a unique reward item in a game; also, they serve as fan tokens or tickets to occasions and so on.

Meanwhile, Konami has been making advances in the blockchain industry before now. Reports showed that Konami marked its 35th Castlevania anniversary with the sales of an NFTs collection earlier this year. According to reports, most of the NFTs Konami used then were designed with GIFs of Castlevania gameplay snippets. 

NFT Sector Records Drastic Declination In Trading Volume

In addition, it is interesting that Konami decided to venture into the Non-fungible tokens space when the market was brutally bearish. According to reports, the trading volume of NFTs has been nose-diving for months unending. 

Currently, the industry’s value has declined by almost 100% from its all-time high in January 2022. In January, the sector recorded a whooping trading volume of 17 billion USD. 

However, due to the current unfavorable and bearish market, the trading volume has drastically declined to just $465 million in Sept. This amounts to a 97% loss of its peak value in January.

According to analysts, the deep plunge in NFTs trading volume aligns with the general downturn in the blockchain and stock market. Also, the declining NFT market is part of the $2 trillion loss incurred generally in the crypto space.

Furthermore, some analysts argued that the prevalent European war, increasing inflation, and poor monetary policies caused unfavorable market conditions. They claimed that the factors above narrowed the investment flows to the financial assets.