The feverish euphoria of non-fungible tokens (NFT) hit proverbial all-time highs in the hours leading up to the disastrous gas wars of Otherside’s Metaverse land sale.
But by most reputable reports, after nearly a year of frantic exponential growth, widespread speculation, and cultural limelight, the market was long overdue for a pause. A break from the formative drama. It has now subsided and has officially entered its first retrograde cycle.
OpenSea statistics paint a dismal picture of the financial state of the market, with reserve prices for some very popular collections having more than halved from their peaks.
The well-respected Bored Ape Yacht Club has dropped from its peak price of 156 Ether (ETH) in early May to 98.8 ETH at the time of writing. Similarly, CryptoPunks dropped from 125 ETH to its current level of 50 ETH on October 2nd.
Other profile picture projects (PFP) like RTFKT Studios’ CloneX, Azuki, Doodles, and even the Metaverse countries The Sandbox and Decentraland have all suffered similar fates.
The highly regarded Cool Cats and World of Women – which were rated blue chips just six months ago for their innovative approach to intellectual property and community spirit – have seen the most dramatic falls in value of the top collections.
However, the NFT market is by no means alone in this trend. Macroeconomic factors such as inflation, stock declines and a lack of consumer affordability were compounded in the crypto industry this week by the devastating collateral damage of the Terra (LUNA) stablecoin crisis.
And yet, despite WAGMI’s mellow social vibe and cultural admission of untruths, the underlying sentiment among veteran artists, founders and advocates for the space is that the bear market will provide an opportune moment for reflection and rebuilding.
Alongside this, founders and core owners are embracing the moment to broaden the conversation from greedy floor prices to more conscious topics such as utility, societal impact and IRL interactions.
Much like the crypto winter of 2017-18, humility, resilience, and determination are the cornerstones required to cultivate a revival.
For a comprehensive look at how NFT projects can maintain and continue to fulfill their founding philosophy, community values, and roadmap vision, Cointelegraph Tech Reporter Tom Farren spoke to a range of industry experts.
Aleksandra Artamonovskaja, a passionate NFT speaker and newly appointed partnerships leader at Joyn, spoke candidly about the importance of recognizing the opportunities presented in declining cycles and shared her belief that this is the “perfect time to to align your vision,” before declaring:
“When the market is hot it’s difficult to concentrate because there’s so much noise […] That [downturn] has acted as a cleansing mechanism for all the speculation that is taking place. It is now clearer, especially for investors, which projects are continuously developing and sticking to their values. It’s a good test to show that they will persevere no matter what the circumstances.”
Despite everything, we continue
— Aleksandra Art (@aljaparis) May 11, 2022
On the subject of 1/1 artists, Artamonovskaya reflected that “artists selling 1/1 artists didn’t have that much support two years ago,” but that now it’s “a very different case because of NFT galleries, marketplaces, and artists Residencies, exhibitions, competitions and more.”
“It’s not perfect,” she says, “but it’s an opportunity for artists to consider how they can engage, not just with the buyer, but within the ecosystem itself,” before concluding that “connection is a really good direction to explore. ”
Related: NFTs could mark a resurgence in art galleries
Recognized as one of the most progressive organizations championing the leap into the decentralized sphere, TIME Magazine announced a series of crypto adoption initiatives for 2021, including the addition of Bitcoin (BTC). on their balance sheet and accepting crypto payments for their 18-month digital subscription option in partnership with Crypto.com.
In March of this year, the historic 99-year-old magazine published a revealing interview with Ethereum co-founder Vitalik Buterin along with a commemorative issue of Genesis NFT Magazine
Equally embracing the culture and ethos of space, TimePieces, a Web3 creative subsidiary of TIME, has launched a range of artistically diverse and culturally relevant NFT collections including Slices of TIME and Build a Better Future, among others.
Keith Grossman, President of TIME Magazine, shared his expectations for the future prospects of NFT projects based on their intent – monetary or value-based, assessing that many “greed-based communities [won’t] survive over the next year as the focus is primarily on a quick monetary return – not a bigger cause or belief system.”
“Values-based communities” have the highest capacity to thrive, according to Grossman, because “its members are focused on collectively building something greater than any individual, or sharing an immediate economic return and a shared belief that values will evolve over time.” Creating value over time.”
Later in the conversation, he candidly revealed the areas of growth that TimePieces will be alert to develop during the declining cycle to best serve their community and the broader ecosystem, stating:
“TIMEPieces will focus its energies on continuing to invest in building its Web3 presence and continuing to lean on our brand to provide strong programming and access for its community members […] Our view will not change based on market conditions: we will continue to develop our brand in this space for the next 100 years – not 100 minutes, weeks or months. Years!”
so dedicated @Keith Grossman flew over the ocean in honor @watches & its curated @ 1 & only #NFTLiverpool World’s Largest & LONGEST NFT Exhibition! He really tried his best & ⏰ got to know each of us
great honor✨ always gr8ful4 this⏰ pic.twitter.com/J09L8RmUcp
— ARTJEDIᵍᵐSuperRare+Visual Arts Ambassador KO (@ARTJEDI1) May 14, 2022
TimePieces is active recruitment for five positions including a Head of Collector Relations and a manager with Metaverse experience – all with a strong affinity for applicants within the TIMEPieces community.
Related: NFT sector expected to move around $800 billion in next 2 years: report
Acknowledging the current market dynamics coupled with the relatively high risk of NFTs in an investment portfolio, Alex Salnikov, Rarible’s co-founder and chief strategy officer, stated his opinion that “NFT collections are bought for user pleasure or artistic appeal , and which provide valuable utility will remain relatively stable.”
Rarible is the 14th largest marketplace by trading volume over a 30-day period at $2.81 million, according to data from DappRadar. Speaking about how he can help his community at what is for many an uncertain time, Salnikov said:
“We pride ourselves on being a community-centric marketplace, and that principle has never been more important than during a bear market. Our team places a special emphasis on supporting community-focused NFT collections.”
Citing her work with Solana-based Degenerate Ape Academy and meta angel To develop and launch custom marketplaces for their ecosystems, Salnikov noted that this supports their overarching ambitions to “dedicate a larger share of fees earned on the marketplaces to the project treasury or DAO and have greater overall flexibility in contrast to larger, more centralized platforms .”
https://cointelegraph.com/news/nft-visionaries-are-doubling-down-on-community-ethos-amid-a-bearish-cycle NFT visionaries are doubling down on community ethos amid declining cycle