Cryptocurrency drop makes NFT artists get creative

Cryptocurrency drop makes NFT artists get creative

NFT artists who can no longer count on a frothy crypto market to boost sales are not giving up, but they should lower their financial expectations and get more creative.

why does it matter: Artists have struggled to pay the bills since time immemorial NFT mania hit last yearMany hope that technology will provide a lasting solution.

Quick catch up: NFTs are digital records of ownership that reside on a blockchain – usually, the Ethereum blockchain. Artists can “scroll” their work as an NFT, then sell the digital property rights to collectors.

playing condition: The The value of most NFTs is closely related to the general crypto market, which has been in full decline this year.

  • One Ether, for example, is now worth about $1,300, down from a peak of about $5,000 in November 2021.
  • The number of daily transactions on OpenSea, a popular NFT platform, has fallen to around 60,000, compared to a high of 225,000 last April.

Between the lines: Experts say the NFT market has been inundated with content of varying quality, leading to a glut that has driven prices lower. There were also more people creating NFTs than buying them.

Yes, but: Although the hype has diminished, there is still an active community of people buying and selling all kinds of NFT, says Lynette Blanche, co-founder of Desire Path, a digital community for curious photographers at NFT.

  • “There is still a lot of activity going on with artists and small communities, which I feel is, if anything, consistent with the amount of selling and creativity that was initially going on,” Blanche told Axios.
  • “I just think there wasn’t a lot of that hype that was really prominent on Twitter in the early days, with quarantine and COVID when people were home and had less things to do.”

for Noah Kalina, A photographer in the Catskills in New York who was relatively early on in the NFT world, this phenomenon went from something that could pay bills to another source of income besides his other work.

  • “In many ways, the NFT market has become a part of life, like anything else,” Kalina told Axios.

Commercial and fine arts photographer Pete Halvorsen is using the bear market to prepare for what many in the NFT world hope will be an eventual recovery.

  • “I took this opportunity to start becoming more multidisciplinary when taking my pictures, and now I’m working on how to display pictures – whether it’s using some [generative art] aspects to even offer to incorporate some AI into my photos,” he says, referring to the increasingly popular AI-based art-making tools.

The Big Picture: Everyone who spoke to Axios for this story in the NFT world agreed that despite the financial troubles, the community was in a much better position now that those who were in it just for quick cash had left.

  • “It just gets tighter because misery loves companionship, and people like to be like, ‘Hey, man, I’m frustrated — let’s talk about this,'” Halvorsen says.

In addition, such as the San Francisco Chronicle photojournalist Scott Strazant told Axios, that artists can still find some financial success selling NFTs – provided they are already big names or invited to sell their work alongside other content creators in high-profile groups.

be clever: NFTs have been criticized by a lot of artists due to the power consumption of cryptocurrencies.

  • However, Ethereum recently underwent a “consolidation,” a behind-the-scenes structural reboot that has dramatically reduced its use of energy – a change that could attract more creators if there is another bull market.

What’s Next: Artists in the NFT space are hoping for a return to the glory days. But many are realistic about the possibility while celebrating a community that remains active.

  • “There was always, in the back of my head, ‘Okay, I’m going to flip these things around and make some money,’ and ‘That’s going to be a thing — I can eventually quit my job,'” Strazant says of collecting NFT. “Those dreams are definitely gone now. “
  • “But the NFT space in general is just as impressive,” he adds. “There is still a community of people who come together on Twitter Spaces and talk about photography, and I see the work of many photographers that I never knew existed.”

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