Are NFTs here to stay?
"In August, NFT sales of crypto art and collectibles went through the roof, with an estimated $1.7 billion in sales, totally eclipsing the previous peak in March of $356 million, when Mike Winkelmann’s, aka Beeple, sale of the NFT of his work ‘Everydays – The First 5000 Days’ sold for $69 million through Christie’s. However, the volatility in the NFT market is evident, as NFT sales dropped 69% in September 2021. "
Some say it is still a bubble, some believe in its success religiously. We are still not convinced by either but surely NFTs have shaken up the art market this year!
$3.5bn in the first three quarters is A LOT of money and this is where (one of) the big question lays. If the market was going to grow at a steady pace, it would be less dubious. But as it still feels very unstable, the buyers, the curious and the sceptics are wondering (and waiting) for this bubble burst.
Hirst challenging the bubble!
Also, by analysing the trends, we feel like Hirst's experimental 'Currency' sale had a big impact on the total sales throughout August (and possibly September!).
In July, Hirst released ‘Currency’, a collection of 10,000 NFTs - yes, that many! And it drove the market to absolute madness. The artworks were first sold at an initial price of $2,000 and after it surpassed the primary market, the prices went up drastically in a matter of weeks (as you can see in the graph above that was shared in HENI's report).
How do you feel about NFTs?
Have you invested in it already? Why? Is it here to stay? If yes, how does the future look like?
Let us know your opinion in the comment section below!
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Ah, I don't think we can make any conclusions from a couple of months sales of this NFT market . Is digital art EVEN art???? hmm
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#Hirst was smart! Not many artists will make as much success as he did with his 'Currency' hype. I mean#Beeple was purely lucky I feel... what's of value in his work? Its the opposite! Its offensive, rude, discriminatory... I don't think I will jump on this hype until an artist proves me that this is not just for monetary reasons. The value of art is completely being dismissed with this new era ....0 0 0 0 0 0 0 -
It's becoming increasingly clear to me that NFTs will be a part of the art world. The Heni releases attracted significant interest and raised a lot of money for the artists and gallery. What more could the industry ask for!? Block chain COAs are the future for physical art as well it seems
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Interesting question! And its funny that after all these continuous months of hype we are still questioning the future of it all. I haven't invested in it - not sure if it follows my ethics and values around art - but I think it will definitely prove to be a sort of art capitalist movement in the future.
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