The mania for non-fungible tokens (NFTs) reached a well-known all-time high in the hours leading up to the disastrous gas war for the Otherside Metaverse land sale.
But according to most prominent figures, the market is long overdue for a respite after nearly a year of wild exponential growth, prevailing speculation and cultural attention. A break in casting drama. It has now subsided and officially entered its first bearish cycle.
OpenSea statistics paint a bleak assessment of the market’s financial health, with reserve prices for some very popular collectibles more than halved since their peaks.
The famous Boring Ape Yacht Club has fallen from its summit floor price 156 Ether (Ethereum) from early May to 98.8 ETH at the time of writing. Likewise, CryptoPunks fell from 125 ETH on October 2 to the current 50 ETH.
Other Profile Picture Projects (PFP) such as RTFKT Studios’ CloneX, Azuki, Doodles, and even virtual world lands The Sandbox and Decentraland have suffered a similar fate.
The much-respected world of cool cats and women — classed as a blue-chip just six months ago for its innovative intellectual property and community spirit — has seen a sharp drop in the value of top collectibles.
However, the NFT market is by no means alone in this trend.Macroeconomic factors such as inflation, falling stocks and consumer affordability intensified in the cryptocurrency industry this week Terra’s devastating collateral damage (Luna) stablecoin crisis.
However, despite WAGMI’s hypocritical social climate and cultural acknowledgment, the underlying sentiment among seasoned artists, founders and space advocates is that the bear market will provide an opportunity for reflection and rebuilding.
Beyond that, founders and core holders welcome expanding the conversation from greedy-obsessed floor prices to more conscious topics such as utility, social impact, and IRL interactions.
Like the crypto winter of 2017-18, humility, resilience and determination are the core pillars needed to nurture a revival.
To gain a complete picture of the ways NFT projects can preserve and continue to realize their founding philosophy, community values, and roadmap vision, Cointelegraph’s technology reporter Tom Farren spoke with some of the expert thought leaders in the field.
Aleksandra Artamonovskaja, an enthusiastic NFT spokesperson and newly appointed Head of Partnerships at Joyn, speaks candidly about the importance of recognizing the opportunities that arise in bearish cycles and shares her belief that now is the time to “adjust The perfect time for a vision”, then said:
“When the market is hot, it’s hard to concentrate because there’s so much noise […] this [downturn] It acts like a cleanup mechanism for all the guesswork that’s going on. It will now be clearer, especially for investors, which projects are building on and sticking to their values. It’s a good test that they’ll stick with it in any situation. “
No matter what, we keep going
— Alexandra Art (@aljaparis) May 11, 2022
On the topic of 1/1 artists, Artamonovskaja reflected that “two years ago, artists who sold 1/1 didn’t have that much support”, but now “it’s a completely different situation because of NFT galleries, markets, artist residencies, exhibitions, competitions, etc.”
“It’s not perfect,” she said, “but it’s an opportunity for artists to understand how they can engage, not just with buyers, but in the ecosystem itself,” before concluding, “The connection is A very good direction to explore.”
Time magazine, recognized as one of the most progressive organizations supporting the leap into the decentralization space, announced a series of plans for crypto adoption throughout 2021, including adding Bitcoin (BTC) to their balance sheetand accept their crypto payments 18-month digital subscription option Partner with Crypto.com.
In March, the 99-year-old magazine published a Inspirational interview with Ethereum co-founder Vitalik Buterin With Memorial Genesis NFT Magazine question
TimePieces, a Web3 creative subsidiary of TIME, also embraces the culture and spirit of the space, launching a number of artistically diverse and culturally relevant NFT series such as slice of time and Building a better future,and many more.
Time Magazine President Keith Grossman shares his expectations for the future prospects of NFT projects, evaluating many “greed-based communities based on their intent – currency or value orientation” [won’t] Survive the following year as these focus primarily on quick monetary returns – not on a larger cause or belief system. “
According to Grossman, “value-based communities” have the greatest capacity to grow because “their members focus on building together something greater than any individual or immediate financial reward, and share the belief that value will grow over time. Create value over time.”
Later in the conversation, he publicly revealed that TimePieces will focus on growth areas that seek to develop throughout the bearish cycle in order to best serve their community and the wider ecosystem, stating:
“TIMEPieces will focus its energy on continuing to invest in building its Web3 presence and continue to lean on our brand to provide strong programming and access to its community members […] Our view does not change due to market conditions: we will grow our brand in this space for the next 100 years – not 100 minutes, weeks or months. year! “
how dedicated @KeithGrossman fly across the ocean to commemorate @timepieces and his plan @ 1 & only #NFTLiverpool The largest and longest NFT exhibition in the world!He put in a real effort and ⏰ understands each of us
Huge kudos ✨ always gr8ful4 this ⏰ pic.twitter.com/J09L8RmUcp
– ARTJEDIᵍᵐSuperRare + Visual Arts Ambassador KO (@ARTJEDI1) May 14, 2022
TimePieces positive Recruitment Five positions, including Head of Collector Relations and Manager with Metaverse experience – all closely related to applicants within the TIMEPieces community.
Acknowledging the current market dynamics, coupled with the relatively high risk of NFTs in portfolios, Alex Salnikov, co-founder and chief strategy officer of Rarible, believes that “collections of NFTs purchased for user enjoyment or artistic appeal, as well as offering valuable utility, will remain relatively stable.”
Rarible is the 14th leading market based on a 30-day volume of $2.81 million. data From DappRadar. Speaking about helping their communities through what may be uncertain times for many, Salnikov said:
“We pride ourselves on being a community-focused marketplace, and during a bear market, upholding this principle has never been more important. Our team places a special emphasis on supporting community-focused NFT collections.”
Cite their work with Solana based Academy of the Fallen Apesand Meta Angel To develop and launch a custom marketplace for their ecosystem, Salnikov noted that this supports their overall ambition to “dedicate a larger percentage of fees earned in the marketplace to a project’s treasury or DAO, and align it with a larger, more There is more flexibility overall compared to a centralized platform.”