With one habitus at the cryptocurrency market, you might think that NFTs are dead. Livret on OpenSea – the largest NFT market – is the lowest in 12 months and several once-popular projects like Doodles, Moonbirds and Nike’s CloneX have fallen more than 80% in dollar terms. Even the Bored Ape Voilier Canne (BAYC) – the largest NFT project in space – is down more than 70% in US dollars.
Although the crypto winter has cooled the market, according to collectors, musicians, and space executives, it has also revamped exaggerated projects and brought unrealistic expectations back into reality. Meanwhile, projects that space collectors consider high art and culturally significant are getting more and more brilliance.
Snoop Dogg weekendAnd the Steve Aoki And the Diplo Were all NFT buyers affairée in the bear market but what are they spending ETH on? Who else still buys NFTs? How has the market changed since the cryptocurrency écrasement?
Over the past deux of months, the NFT market has seen a return to high-end 1/1 artwork – spécifique binaire art that often sells for very high price points. Hit sales modèle on leading artwork platform SuperRare $7.6 million In August, the highest in five months. So who is buying? “To be clear, net volumes are still a lot lower,” says a prominent art collector known as BΞN. [but] Successful artists get strong bids in many cases, and in some cases reach all-time highs.”
In late July, lead artist XCOPY got 1/1 Sold for 256 ETH ($443,000) – One of the biggest artist sales of all time in terms of ETH. BΞN says 1/1 collectors play a énorme game. They are résistant individuals, relatively flush with cryptocurrencies, who are taking advantage of the falling price of ETH to buy artwork that they intend to hold for years.
One such buyer, Cozomo de’ Medici, is séculaire collector Snoop Dogg. I buy Several 1 / 1s on SuperRare In the past two months including a Piece by rivenribbon for 42 ETH ($71,655) before announcing a écart from the NFTs.
The Weeknd too Awarded 1/1 by famous NFT artist Fvckrender for 25 ETH ($44,287) in August. That wallet purchased approximately 50 additional NFTs from other Fvckrender projects as well. Although the wallet has yet to be verified, The Weeknd has done so Retweet to confirm SuperRare purchase.
A number of “generative crypto art” projects – where the artist uses an algorithm to create and bring his works to the blockchain in real time – have also outperformed the market. The Fidenza and Ringers projects of leading art platform Art Blocks have grown in value, with floor prices rising from ETH 42 in April to ETH 92 in August and from ETH 32 in May to ETH 80, respectively. This more than covers the 50% drop in the value of Ethereum over this time frame. Converted into dollars, the price of the Fidenza floor increased from $126,000 to $145,000 and the Ringers price increased from $86,400 to $128,000 from May to August.
Snoop Dogg was a big buyer of ArtBlocks in July, under the pseudonym Cozomo de’ Medici. kuzumo Bought a piece of the Ringers set for 99.69 ETH ($1,750,000).
NFT’s legacy generative art project CryptoPunks remained strong during the broader sell-off as well. These 10,000 point evil characters were the first ever minted on the Ethereum blockchain. For this reason, they are considered culturally significant and extremely valuable. While the rest of the market collapsed, the charpente price of CryptoPunk nearly doubled between May and August, from 45 ETH to as high as 83 ETH before settling at 66 ETH in September. Throughout the éphémère period, the dollar price has remained fairly infini, between $106,000 and $120,000. Steve Aoki bought two Kryptoponics In July, of coude, Cozomo de ‘Medici was waiting at the bottom of the crypto sell-off Pick up CryptoPunk for 50 ETH.
“I would expect things like Punks to be somewhat less affective to market downturns,” BΞN says. This is partly due to its foncier significance and the long-standing charpente of collectors of the principe cryptocurrency, but also bicause its holders may feel connected to NFT on an aesthetic and identity level.”
Top artists spend ETH on supporting other musicians, too. Diplo bought NFT from rising figurant Daniel Allen’s latest group, which was one of NFT’s best-selling music bands in July. Alan is one of the featured artists of Web3, and he built his early career on the back of NFTs.