Sui on-chain NFT Ecosystem: Development Prospects and Challenges Coexist

The Sui Network mainnet officially launched on May 3rd, however, prior to this significant moment, an active NFT community had already taken root on this emerging blockchain. NFTs issued by multiple projects not only generated considerable trading volume but also attracted the attention of many users.

Although Ethereum and Solana remain the current most active NFT community locations, Sui Network has also attracted the attention of many NFT traders. As a highly anticipated Layer 1 project, it remains to be seen whether Sui Network can continue to support a thriving NFT space, as other emerging networks have also experienced a surge in popularity followed by a rapid decline.

The Initial Stage of the Sui NFT Market

On May 4th, the NFT project "Fuddies", consisting of 10,000 PFPs, launched on the Sui Network. These NFTs depict cartoon owls in various poses and styles, making it the largest NFT project by volume issued on the Sui Network to date. However, the project encountered some technical hurdles after its launch.

The Fuddies NFT custody market encountered issues during its operation, leading to disappointment among many buyers hoping for quick profits. Nevertheless, the market quickly resumed, reportedly generating about $792,500 in trading volume within 24 hours. This data sparked some discussions about the potential of the Sui Network.

Performance of Sui on-chain NFT Projects

Currently, some popular NFT projects on the Sui blockchain seem to have drawn elements from other successful projects. For example, Fuddies has design similarities with the Moonbirds project on Ethereum. Another project called Suishi combines features of Cool Cats and Pudgy Penguins.

However, the sales performance of the Sui on-chain NFT projects shows a clear polarization. Compared to Fuddies' nearly $800,000 in 24-hour sales, Suishi has only achieved about $14,300 in secondary trading since its minting.

Future Outlook of the Sui NFT Ecosystem

Despite the challenges, Sui Network still has unique advantages in the NFT space. First, Sui can achieve more advanced features, such as real-time updating dynamic NFTs. This characteristic can bring many advantages to on-chain games, such as in-game items that can evolve over time.

Secondly, the Sui ecosystem is developing a series of innovative projects, including various types of games and upgraded domain services. These projects may become important factors in promoting the development of the Sui NFT scene.

Finally, the Move language adopted by Sui Network lowers the barrier for creators to innovate through dynamic NFTs, with the potential to unlock more types of use cases and more engaging application experiences.

Overall, the addition of the Sui Network may increase healthy competition in the NFT market, which could be a good thing for the entire ecosystem. However, due to the relatively short launch time of the Sui mainnet, the long-term viability of many innovative projects and applications remains to be seen. In the future, the development of the Sui NFT ecosystem will depend on its ability to continuously attract creators and users, as well as how it leverages its technological advantages to create unique value propositions.