Frenzy for non-fungible tokens (NFTs) reached an all-time high just hours before the catastrophic gas war of the sale of the Otherside metaverse land.
But after nearly a year of frantic exponential growth, rampant speculation, and cultural spotlight, the market has already paused long ago, according to most reputable accounts. The hiatus of the mint drama. It has now subsided and has officially entered its first bearish cycle.
Statistical data from OpenSea reveals a sad assessment of the market’s financial fortune. Some of the popular collections have a lower price tag that is more than half the price after the peak.
The renowned Bored Ape Yacht Club descends from the top floor. price At the time of writing, from the beginning of May to 98.8 ETH out of 156 Ether (ETH). Similarly, CryptoPunks fell from 125 ETH on October 2 to their current value of 50 ETH.
RTFKT Studios’ CloneX, Azuki, Doodles, and even other profile picture projects (PFPs) such as Metaverse Land The Sandbox and Decentraland have all suffered a similar fate.
The highly respected Cool Cats and World of Women, which were classified as blue-chip companies just six months ago for their innovative approach to intellectual property and community spirit, experienced the biggest declines in value of their best collections.
However, the NFT market is not alone in this trend. Macroeconomic factors of inflation, share price declines and lack of consumer economics were exacerbated this week in the cryptocurrency industry as the devastating collateral damage from the Terra (LUNA) stablecoin crisis took place.
However, despite WAGMI’s soft social climate and cultural acceptance of the lie, the underlying sentiment among experienced artists, founders and space advocates is that the bear market will provide the right moment for reflection and rebuilding.
Alongside this, founders and key holders welcome a moment to widen the conversation from greedy flooring to more conscious topics such as utility, social impact and IRL interactions.
As with the 2017-18 crypto winter, humility, resilience and determination are key pillars needed to foster revival.
For a comprehensive overview of how the NFT project can preserve and continue to achieve its founding philosophy, community values, and roadmap vision, Cointelegraph technical reporter Tom Farren spoke with several expert thinkers in the field.
Aleksandra Artamonovskaja, a passionate NFT spokesperson and Joyn’s newly appointed head of partnerships, spoke candidly about the importance of recognizing the opportunities presented within bearish cycles.
“When the market is hot, the noise is so loud that it is difficult to concentrate. […] this [downturn] It acted like a mechanism to clean up all the speculation that was taking place. It will now become clearer, especially for investors, which projects will continue to build and stick to their values. It’s a good test to show that you can persevere in any situation.”
In spite of everything we keep moving forward
— Alexandra Art (@aljaparis) May 11, 2022
On the theme of 1/1 artists, Artamonovskaja said, “Two years ago, artists selling 1/1 didn’t get that much support, but now it’s a completely different case with NFT galleries, marketplaces, artists. Residency, exhibitions, competitions. Etc.”
“It’s not perfect, but it’s an opportunity to see how artists can engage with buyers as well as within the ecosystem itself,” she said. “Connecting is a really great direction to explore.”
RELATED: NFTs could mark a resurgence in art galleries
Recognized as one of the most progressive organizations advocating the leap into the realm of decentralization, TIME Magazine announced many crypto adoption initiatives throughout 2021, including the addition of Bitcoin (BTC). Add to your balance sheet and work with Crypto.com to accept crypto payments for an 18-month digital subscription option.
In March of this year, the historic 99-year-old magazine published a revelatory interview with Ethereum co-founder Vitalik Buterin, along with a commemorative NFT magazine. Problem
TimePieces, TIME’s Web3 creative subsidiary, has equally embraced the culture and spirit of the space, launching the following artistically diverse and culturally relevant NFT collections: piece of time And Build a better futureAbove all.
Keith Grossman, president of TIME Magazine, shared his expectations about the future prospects of NFT projects, whether based on monetary or value-oriented intentions, and many “greedy-based communities” [won’t] They survive the next year because their focus isn’t on larger causes or belief systems, but primarily on quick and monetary rewards.”
According to Grossman, “values-based communities” have the ability to thrive the most. “Because our members are focused on building together something greater than an individual or immediate economic return, and they share a common belief that value creates value over time.”
Later in the conversation, he publicly identified areas of growth that TimePieces will carefully develop throughout the bearish cycle to best serve the community and broader ecosystem.
“TIMEPieces will continue to invest in building our Web3 presence and focus our energy on continuing to rely on our brand to provide powerful programming and access to community members. […] Our view will not change with market conditions. We will move our brand forward in this space for the next 100 years, not 100 minutes, weeks or months. age!”
how dedicated it is @KeithGrossman flew across the sea for honor @timepieces & his curates @ 1 & only #NFT Liverpool The world’s largest and longest NFT exhibition! He spent real effort and ⏰ getting to know each of us.
Great honor✨ Always gr8ful4 this⏰ pic.twitter.com/J09L8RmUcp
— ARTJEDIᵍᵐSuperRare+Visual Arts Ambassador KO (@ARTJEDI1) May 14, 2022
The timepiece is active induction There are five roles, including the Collector Relations Officer and Manager with Metaverse experience. All of this provides a strong affinity for applicants within the TIMEPieces community.
RELATED: The NFT sector is projected to move around $800 billion in the next two years. report
Alex Salnikov, Co-Founder and Chief Strategy Officer of Rarible, acknowledged the current market dynamics, along with the relatively high NFT risk within an investment portfolio, saying, “NFT collections purchased for user enjoyment or artistic appeal, providing valuable utility It will remain relatively stable.”
Rarible is the 14th major market by volume over 30 days, at $2.81 million. data From DappRadar. Salnikov spoke to many about the issue of helping communities in times of uncertainty:
“We are proud to be a community driven market, and upholding these principles has never been more important than during a bear market. Our team is particularly focused on supporting community-driven NFT collections.”
Quoting work based on Solana Fallen Monkey AcademyAnd meta angels In order to develop and launch a customized marketplace for the ecosystem, Salnikov said they would like to “dedicate a larger portion of the fees earned from the marketplace to project finance or DAO, and have greater overall flexibility as opposed to larger and more centralized platforms,” Salnikov said. Said to support their most important ambitions. .”