Over 65,000 packs sold out!
Street Fighter, an NFT trading card game on the WAX blockchain, has launched its digital collectibles to overwhelming success selling over 65,000 packs in 24 hours generating a sales volume of over $2 million and a further $1 million in secondary market trading volume.
Street Fighter is a Japanese fighting game franchise developed and published by Capcom. Its best-selling 1991 release Street Fighter II is credited with establishing many of the conventions used in today’s one-on-one fighting genre video games.
Digital Collectibles rise to popularity
The hype surrounding digital collectibles has been palpable at the start of 2021 with record sales occurring week on week in tandem with a surge in the overall collector and investor interest. Since its inception, the WAX blockchain has put a substantial focus on the delivery of brand-partnered digital collectibles and NFT content. The first five major NFT sales on WAX sold out in record times and put NFTs into the hands of thousands of users and now Street Fighter looks to be on a similar trajectory.
Already, hype is building within the community, especially for those that were not lucky enough to secure a first edition pack. The Street Fighter twitter feed is alive with people looking to instantly sell on their packs and first edition Ryu and Ken cards.
Secondary market sales have also been buoyant, generating over £1 million in trading volume according to the Street Fighter team. Cards are available to purchase on the secondary market through both NFTHive and AtomicMarket.
On NFTHive we see that purchasers are already trying to sell on Ultimate Packs, containing 60 cards for appreciated prices. $343 for an ultimate pack represents a $284 margin on the original purchase of $60, whilst we see some low level build cards on sale for between $0.70 and $7.50. In these early stages as the market finds its feet it is common to see such sporadic pricing as people try their luck and try to turn a fast profit.
Moving forward we expect to be able to accurately value Street Fighter NFT cards based on their properties in the same way we recently reported on how to value NBA Top Shot cards. Looking at the top 5 sales on NFTHive reveals that #1 edition cards are selling for the most, as expected. These cards range from $4,000 to $7,000 currently.
How Street Fighter works
Players will start by opening packs of Street Fighter NFT Build Cards, then combine two matching Build Cards to unlock a new card with one of six rarities. Users can then continue upgrading that card’s power score by adding additional Build Cards. Once you reach a power score of five, you unlock a special Class Card in one of 6 rarities. Furthermore, build cards are burned when used, which increases card scarcity and value.
Street Fighter NFTs are available in 8 different classes of rarity and because the NFTs are built on WAX, players can not only buy and sell cards on a number of marketplaces – they can also instantly trade cards from their collection. At the same time, the WAX blockchain ensures that cards are 100% authentic, and can never be changed or duplicated.