The euphoria of non-fungible tokens (NFTs) reached its proverbial all-time highs in the hours leading up to the calamitous land sale gas war in the Otherside metaverse.
However, according to most reliable reports, after almost a year of frenetic exponential growth, unbridled speculation and cultural prominence, the market was long overdue for a reprieve, a hiatus from the minting drama. It has now calmed down and has officially entered its inaugural bearish cycle.
OpenSea’s stats reflect a dismal assessment of the financial fortunes of the market, with floor prices for some very popular collections more than halving from peak prices.
The eminent Bored Ape Yacht Club has dropped from its 156 Ether (ETH) high floor price from early May to 98.8 ETH at the time of writing. Similarly, CryptoPunks dropped from 125 ETH on Oct. 2 to its current value of 50 ETH.
Other profile picture projects (PFPs) like RTFKT Studios’ CloneX, Azuki, Doodles, and even metaverses The Sandbox and Decentraland have suffered similar fates.
The highly revered Cool Cats and World of Women – blue-chip just six months ago for their innovative approach to intellectual property and community spirit – have seen the most drastic reductions in the value of major collections.
However, the NFT market is by no means alone in this trend. Adding to the macroeconomic factors of inflation, falling stocks and consumer unaffordability has been the devastating collateral damage from the Terra stablecoin crisis in the crypto sector this week.
And yet, despite the syrupy social atmosphere and cultural admission of WAGMI’s untruths, the underlying sentiment among seasoned artists, founders, and space advocates is that the bear market will provide an opportune time for reflection and rebuilding. .
Along with this, founders and core holders are welcoming the moment to broaden the conversation from obsessive floor prices of greed to more conscious topics like utility, social impact, and IRL interactions.
As in the crypto winter of 2017-18, humility, resilience, and determination are the building blocks needed to cultivate a renaissance.
To get an overview of ways NFT projects can preserve and continue to deliver on their founding philosophy, community values, and roadmap visions, Cointelegraph tech reporter Tom Farren spoke with a number of thought-leading experts within the space.
Aleksandra Artamonovskaja, a passionate spokesperson for NFTs and newly appointed head of partnerships at Joyn.xyz, spoke candidly about the importance of recognizing opportunities within bear cycles, sharing her belief that it is the “perfect time to align your vision”, before stating:
“When the market is hot, it is difficult to concentrate because there is a lot of noise. This decline has acted as a cleaning mechanism for all the speculation that is taking place. It will now be clearer, especially for investors, which projects are continually being built and they stick to their values. It’s a good test to show that they’re going to persevere no matter the circumstances.”
Despite everything, we keep moving forward
thanks for having me @OFFFest pic.twitter.com/SDNoDvzJ49
– Aleksandra Art (@aljaparis) May 11, 2022
Despite everything, we keep moving forward
thanks for having me
On the subject of 1/1 artists, Artamonovskaja reflected that “two years ago, artists selling 1/1 didn’t have as much support,” but now “it’s a completely different case because of NFT galleries, marketplaces, artist residencies, exhibitions, competitions and more”.
“It’s not perfect,” he says, “but it’s an opportunity for artists to see how they can engage, not just with the buyer, but within the ecosystem itself,” before concluding that “co-creation is a really good direction to explore.” .
TIME, recognized as one of the most progressive organizations advocating the leap into the decentralized sphere, announced a flurry of crypto adoption initiatives throughout 2021, including adding Bitcoin (BTC) to its balance sheet and accepting crypto. payments for your 18-month digital subscription option in partnership with Crypto.com.
In March of this year, the landmark 99-year-old magazine published a revealing interview with Ethereum co-founder Vitalik Buterin, along with a commemorative issue of NFT magazine.
TimePieces, a creative Web3 affiliate of TIME, has similarly embraced the culture and ethos of the space, launching a number of artistically diverse and culturally relevant NFT collections such as Slices of TIME and Build a Better Future, among others.
TIME President Keith Grossman shared his forecasts for the future prospects of NFT projects based on their intentions – monetary or value-oriented – stating that many “greed-based communities will not survive the next year.” , since the objective of these is above all a quick monetary return, not a greater cause or a belief system”.
“Values-based communities” have the greatest ability to thrive, according to Grossman, because “their members are focused on building something together that is greater than any one individual or immediate economic return and share a common belief that Values create value over time.
Later in the conversation, he openly revealed the growth areas that TimePieces will be intently trying to develop throughout the bear cycle to better serve its community and the broader ecosystem, stating:
“TIMEPieces will focus its energy on continuing to invest in building its Web3 presence and continuing to lean on our brand to deliver strong programming and access to its community members. Our vision will not be changed by market conditions: We are evolving our brand within this space for the next 100 years – not 100 minutes, weeks or months. Years.”
this is how dedicated @KeithGrossman isflew over across the ocean to honor @timepieces & his curated @ 1 & only #NFTLiverpool world’s largest & LONGEST NFT exhibition! I have spent genuine effort & ⏰ getting to know each of us
huge honour✨ always gr8ful4 this⏰ pic.twitter.com/J09L8RmUcp— ARTJEDIᵍᵐSuperRare+Visual Arts Ambassador KO (@ARTJEDI1) May 14, 2022
TimePieces is hiring Actively five positions, including a Head of Collector Relations and an experienced Metaverse Manager, all with a strong affinity for applicants within the TIMEPieces community.
Acknowledging the current market dynamics, coupled with the relatively high risk of NFTs within an investment portfolio, Rarible’s co-founder and chief strategy officer, Alex Salnikov, stated his view that “collections of NFTs that are purchased for the user enjoyment or artistic appeal, and that offer valuable utility, will remain relatively stable.
Rarible is the fourteenth market by volume traded in a period of 30 days, with USD 2.81 million, according to data from DappRadar. On the question of helping his community in what may be an uncertain time for many, Salnikov said:
“We pride ourselves on being a community-focused marketplace, and this principle has never been more important to uphold than during a bear market. Our team is placing a special emphasis on supporting community-focused NFT collections.”
Citing its work with Solana-based Degenerate Ape Academy and Meta Angels to develop and launch markets tailored to their ecosystems, Salnikov noted that this supports his overall ambitions to “devote a greater proportion of fees earned on markets to the project treasury or DAO, and have greater overall flexibility compared to larger, centralized platforms.”
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.