Market Dynamics Lead BlueMove to Cease NFT Activities on the Sei Blockchain
In Brief
BlueMove, functioning as an NFT marketplace on the Aptos and Sui networks, has confirmed it will stop its operations on the Sei network beginning August 31 at 4:00 UTC.
The company's decision to pause activities stems from trading volumes on the network being lower than anticipated.
The Sei network has faced ongoing difficulties, resulting in a loss of trust from its community after a poorly received airdrop.
BlueMove , an NFT marketplace based on the Aptos and Sui blockchains, has announced its decision to halt operations on the Sei network starting August 31 at 4:00 UTC.
The company shared the choice to cease operations is influenced by the lower-than-expected trading volumes in the network.
In a message shared on X (previously Twitter), BlueMove advised its users to remove their NFTs from listings by August 31 to avert any potential asset losses.
BlueMove, launched in August 2022, quickly gained traction by leveraging the strengths of the Aptos and Sui blockchains. Yet, following its first year, the platform is now grappling with hurdles in the NFT sector amid recent downturns. Last week, trading volumes in the NFT space fell to a two-year low of 5000 ETH, and user participation in non-fungible token trades has significantly diminished.
Sei Network’s Accelerated Growth and Current Challenges
The decision by BlueMove to stop operations on the Sei network serves as a cautionary tale for the wider NFT market, highlighting the need for flexibility and innovation to adapt to the sector's volatility.
Sei Network operates as a general-purpose, open-source Layer-1 blockchain. It went live launched the mainnet beta on August 16 after a successful testnet alpha period. Developers of Sei disclosed that the testnet alpha phase resulted in over 400 million transactions and 7.5 million unique wallets.
The Sei blockchain strives to promote the widespread use of digital assets by being a Layer 1 platform optimized for cryptocurrency trading, web3 gaming, NFT markets, and decentralized exchanges. It has recently launched launched a $120 million Ecosystem Fund aimed at supporting development teams across a variety of applications in NFTs, gaming, and DeFi.
Just a day after the Sei network went live with its mainnet, its native token was listed listed on major exchanges including Binance, Bybit, Huobi, and Kraken. Within merely 24 hours, the token saw trading volumes reach $1.3 billion, with nearly half attributed to the Korean exchange Upbit.
However, amidst the surge in enthusiasm over the token, the hashtag “#SeiScam” began trending on Twitter on August 16. This increase in online discussions was tied to growing anticipation surrounding the specifics of the upcoming airdrop, eagerly awaited by testnet participants.
SEI communicated to the community that the distribution of the airdrop would be postponed until after the primary token was listed. When the much-awaited airdrop finally took place, the amounts disbursed fell drastically short of expectations.
On August 17, there was a clear wave of dissatisfaction within the Sei network community concerning the airdrop. Longtime supporters of Sei, who had been involved for eight to twelve months, received meager rewards, with distributions averaging between $4 and $15.
Discontent among users
One community member, known as ShreyUday on X, remarked shared that they only received 65 million Sei tokens, valued at about $12 on August 17.
Moreover, testnet participants faced challenges in claiming their tokens.
The community described the experience as a “tragedy,” leading to a flood of criticism and unrest, causing the price of Sei to plummet from around $0.2707 to $0.1516.
The situation with Sei illustrates how swiftly trust within a community can be undermined.
In summary, cryptocurrency projects frequently encounter ongoing obstacles such as achieving mass adoption, securing listings on credible exchanges, and obtaining positive assessments to facilitate internal or venture capital funding.
At the moment, the Sei token's price hovered around $0.1560, as per the latest updates. CoinGecko .
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