The fervent enthusiasm of non-fungible tokens (NFT) hit famous all-time highs in the hours before the disastrous gas wars of the Otherside metaverse land sale.
But by most reputable accounts, after almost a year of wild exponential growth, widespread speculation and cultural attention, the market was a long overdue respite. Take a break from the mint drama. It has now subsided and has officially entered its opening bearish cycle.
Statistical data from OpenSea paints a sad assessment of the financial wealth of the market, with floor prices for some extremely popular collectibles dropping by more than half since their highest levels.
The famous Bored Ape Yacht Club has dropped from its highest floor price of 156 Ether (ETH) as of the beginning of May to 98.8 ETH at the time of writing. Similarly, CryptoPunks dropped from 125 ETH on October 2 to its current value of 50 ETH.
RTFKT Studios’ other profile picture projects (PFP) like CloneX, Azuki, Doodles, and even metaverse plots The Sandbox and Decentraland have all suffered similar fates.
The highly respected Cool Cats and World of Women, categorized as blue chips just six months ago for their innovative approach to intellectual property and community spirit, have experienced the most serious declines in the value of their best collections.
However, the NFT market is by no means alone in this trend. Macroeconomic factors of inflation, stock dips and lack of consumer affordability combined with the devastating collateral damage of the Terra (LUNA) stablecoin crisis in the crypto industry this week.
Yet, despite the mellow social atmosphere and cultural acceptance of WAGMI’s lies, the basic sentiment among seasoned artists, founders and advocates of the space is that the bear market will provide an opportune moment for reflection and reconstruction.
Alongside that, the founders and core shareholders welcome the moment to expand the conversation from greed-obsessed floor prices to more informed topics such as utility, societal impact, and IRL interactions.
As with the 2017-18 crypto winter, humility, resilience, and determination are the pillars needed to foster a rebound.
Tom Farren, Cointelegraph’s technology correspondent, spoke with a number of expert thought leaders in the field for a comprehensive overview of how NFT projects can continue to preserve and fulfill their founding philosophies, community values, and roadmap visions.
Aleksandra Artamonovskaja, a passionate NFT spokesperson and newly appointed partnerships leader at Joyn, spoke candidly about the importance of recognizing the opportunities presented in bearish cycles and shared her belief that “the time is the perfect time to align your vision”.
“It’s hard to focus when the market is hot because there is a lot of noise. […] This [downturn] acted as a clean-up mechanism for all speculation that occurred. It will now be clearer, especially for investors, which projects are constantly being built and remain true to their values. It is a good test to show that they will persevere no matter the circumstances.”
Despite everything, we keep moving forward
— Alexandra Art (@aljaparis) 11 May 2022
On 1/1 artists, Artamonovskaja noted that “artists selling 1/1 two years ago didn’t get that much support”, but now “it’s a completely different situation because of NFT galleries, marketplaces, artists.” residences, exhibitions, competitions and more.”
“It’s not perfect,” he says, “and it’s an opportunity for artists to look at how they can interact not only with the buyer, but also within the ecosystem itself, before concluding that connectivity is a really good direction to explore.” ”
Related: NFTs could signal a resurgence in art galleries
Recognized as one of the most progressive organizations to support the leap into the decentralized space, TIME Magazine has announced a number of crypto adoption initiatives throughout 2021, including adding Bitcoin (BTC). and accepts crypto payments for an 18-month digital subscription option in partnership with Crypto.com.
In March of this year, the 99-year-old historical journal published a memorabilia NFT magazine issue alongside a revealing interview with Ethereum co-founder Vitalik Buterin.
TimePieces, a Web3 creative subsidiary of TIME, has equally embraced the culture and ethos of the space by releasing a number of artistically diverse and culturally relevant NFT collections such as Slices of TIME and Build a Better Future, among others.
Keith Grossman, President of TIME Magazine, evaluated the many “greed-based communities” by sharing his expectations for the future prospects of NFT projects according to their intentions – monetary or value-driven. [won’t] Because the focus of these is primarily on quick, monetary return, not a larger cause or belief system, survive for the next year.”
“Values-based communities” have the greatest capacity to thrive, according to Grossman, because “its members focus on building together something greater than any individual or immediate economic return and share a common belief that values create value over time.”
Later in the talk, he made clear the areas of growth that TimePieces will seek to carefully develop throughout the decline cycle to best serve their community and the broader ecosystem, saying:
“TIMEPieces will focus its energies on investing in building its Web3 presence and continuing to lean on our brand to provide strong programming and access to community members. […] Our view will not change due to market conditions: we are developing our brand in this area for the next 100 years, not 100 minutes, weeks or months. Years!”
how is this dedicated @KeithGrossman flew over the ocean to honor @watches & curated by him @ 1 & only #NFTLverpool The world’s largest and LONGEST NFT exhibition! made a real effort & ⏰ to get to know each of us
great honor✨ always this gr8ful4⏰ pic.twitter.com/J09L8RmUcp
— ARTJEDIᵍᵐSuperRare+Visual Arts Ambassador KO (@ARTJEDI1) 14 May 2022
TimePieces is active recruiting for five roles – including head of collector relations and a manager with metaverse experience – all come with a strong affinity for applicants within the TIMEPieces community.
Related: NFT industry expected to move around $800B in next 2 years: Report
Recognizing current market dynamics, coupled with the relatively high risk of NFTs in an investment portfolio, Alex Salnikov, Rarible co-founder and Chief Strategy Officer, said, “Collections of NFTs purchased for user enjoyment or artistic appeal and offering valuable utility will remain relatively stable. ”
According to data from DappRadar, Rarible is the fourteenth leading marketplace by volume, trading $2.81 million in a 30-day period. Salnikov had this to say about the challenge of helping their community during what may be an uncertain time for many:
“We pride ourselves on being a community-centric market and upholding this principle has never been more important than a bear market. Our team places a special emphasis on supporting community-driven NFT collections.”
Citing their work with Solana-based Degenerate Ape Academy and meta angels To develop and launch bespoke marketplaces for their ecosystem, Salnikov noted that this “supports their overarching aspirations to dedicate a larger portion of the fees earned in the markets to the project treasury or DAO, and to have more flexibility overall as opposed to larger, more centralized platforms.”