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ART & COLLECTABLES

As Prices Rise, NFT Sales have Dropped to Their Lowest Level Since January

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The second week of November was one of the worst for NFT sales in the year for art and collectibles.

Last week, only 86,870 NFTs were sold in these categories, the lowest amount of weekly sales since the first week of January this year.

After skyrocketing throughout the summer of 2021, the statistics may hint at a decline in demand for digital art.

In October, weekly art and collectibles NFT sales typically exceeded 250,000. The biggest weekly total for art and collectibles sales this year was 515,880 pieces purchased in early June.

However, it should be emphasized that the average price of an art and collectibles NFT sale has never been higher, having surpassed $127,000 for the first time in the last week of October and continuing to remain around that figure.

This helps to explain why art and collectibles NFT trade volumes have stayed relatively stable at just over $200,000 for the past month; collectors’ large payments for the rarest pieces have compensated for the smaller number of sales. For example, Beeple’s most recent piece, HUMAN ONE, was sold for $29 million.

Jason Bailey, an NFT collector and critic who goes by the moniker Artnome, said last week’s activities at the NFT.NYC conference may have distracted collectors.

“That said,” he remarked, “I expect a cooling-off period at some point. I frequently compare crypto and NFTs to a bubble gun, in that they experience ever-increasing rugged peaks and dips.”

Bailey also believes that NFTs based on the Tezos and Solana blockchains, which offer lower transaction costs, will eventually lower the entry barrier for collectors.

Last week, sales of gaming-related NFTs outstripped those of art and collectibles by a wide margin, with 439,700 units sold, the lowest figure in previous months. The average price of gaming NFTs has remained stable at just a few hundred dollars throughout the year.

ART & COLLECTABLES

Candy Digital and Getty Images are teaming up to develop the NFT marketplace

Image gallery accessible online On the Ethereum Virtual Machine-based Palm sidechain, Getty Images will develop a non-fungible token (NFT) marketplace and debut digital collectibles.

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  • According to a news release, Getty Photographs has enlisted Candy Digital, a digital collectibles company, to mint some stock images on the blockchain, selecting from the company’s 465 million images.
  • “With NFT goods, individuals can enjoy and collect these iconic and rare photos from the last two centuries in a new digital format,” said Scott Lawin, CEO of NFT creator Candy Digital.
  • The NFT marketplace from Getty Images will accept payments in both fiat and cryptocurrency.
  • Major League Baseball, Race Team Alliance, and World Wrestling Entertainment are all partners with Candy Digital (WWE).
  • The South China Morning Post, for example, has joined the practice of creating NFTs using photographs and archives.
  • NFT avatars and digital collectibles, on the other hand, are far more popular than photographic NFTs.

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ART & COLLECTABLES

As the crypto bear market continues, NFT prices take a beating

After Terra’s collapse, stablecoins lost their peg, and Bitcoin’s tumble below $30,000 raises fears of a lengthy bear market.

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Crypto has a tendency of bringing even the most confident people to their knees, and this market is not for the faint of heart. Investors in nonfungible tokens (NFTs) have entered a bear market, and the recent chaos is affecting community morale.

NFT prices fell after the US Federal Reserve hiked interest rates, Terra’s LUNA and UST-based platforms crashed, and traders realized the entire sector could be in a bear market.

The situation isn’t as awful as it was in 2018, but the NFT market isn’t as experienced. Regardless, investors are already preparing for future profits and methods to weather the current market collapse.

Will blue-chip tier NFTs be able to keep their ground?

Despite some floor prices plummeting nearly 25% in the last seven days, most blue-chip tier NFTs remained in the top ten in total sales volume week after week

The floor price of Yuga Labs’ Otherdeed NFTs, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC) has all been reduced. BAYC has recovered from a drop in floor price following the debut of Otherdeed, and has only lost 3% in the last seven days. In the last seven days, the floor price of MAYC has dropped roughly 13%.

MAYC has had a wild ride, plummeting from a high of 41.2 Ether (ETH) to a low of $120,386 at the time. MAYC is currently priced at 19.6 Ether, a 53% reduction since MAYC’s pump was primarily owing to their eligibility to claim Yuga Labs’ Otherside’s Otherdeed NFT.

Despite the uproar and controversy surrounding the Otherdeed NFT decline, the project still ranks first in total volume despite a 75 percent drop in the last seven days.

The utility of these digital lands is yet unknown, and Otherdeed’s floor price has been steadily declining. The floor price has plummeted 1.2 percent in the last seven days, while the price has dropped 55 percent from its all-time high of 7.4 Ether since minting.

The CloneX floor pricing at RTFKT studio has dropped approximately 13% in the last seven days, with volume dropping slightly more than 12%. The community, on the other hand, is unconcerned about these figures.

Despite the current slump, the RTFKT scene is humming following the New York City opening of Japanese contemporary artist Takashi Murakami’s An Arrow through History. Murakami Flowers, Murakami’s first NFT collection, is on display at the Gagosian Gallery, and includes CloneX-inspired pieces as well as pieces from Murakami’s first NFT collection.

Despite the fact that the NFT market has cooled, the pricing appears to be a spectacular sale to certain investors wanting to profit on news. As it turned out, touted blue-chip Azuki NFT took the biggest hit, owing to one of its creators, Zagabond, openly admitting to rugging the CryptoPhunks and Tendies community in the past.

Source: Twitter

The rumors and the news are bought by NFT investors.

Traders “buy the rumor, sell the news,” as the old adage goes, in order to maximize profits. Holders opted to vote with their assets in response to Zagabond’s admission, and Azuki’s floor price fell by 74%.

Despite this volatility, Azuki is now at the top of the OpenSea charts for overall sales volume.

Although NFTs are still seen as the Wild West, some investors are realizing that everyone’s morals and ethics are a little different. Azuki’s floor price plummeted as the news broke, but key NFT influencers were eager to get in and sweep the floors for future chances.

Since May 10, the Azuki floor price has progressively risen above 10 Ether, resulting in a staggering 200 percent increase in total sales volume following the dissemination of new information.

Traders “buy the rumor, sell the news,” as the old adage goes, in order to maximize profits. Holders opted to vote with their assets in response to Zagabond’s admission, and Azuki’s floor price fell by 74%.

Despite this volatility, Azuki is now at the top of the OpenSea charts for overall sales volume.

Although NFTs are still seen as the Wild West, some investors are realizing that everyone’s morals and ethics are a little different. Azuki’s floor price plummeted as the news broke, but key NFT influencers were eager to get in and sweep the floors for future chances.

Since May 10, the Azuki floor price has progressively risen above 10 Ether, resulting in a staggering 200 percent increase in total sales volume following the dissemination of new information.

BEANZ, Azuki’s partner collection, had also slashed its floor price by 83 percent. Despite the 248 percent increase in volume, BEANZ’ total sales volume fell by 64% in the previous week.

BEANZ was trading at 6.8 Ether before the announcement, then after the reveal, the price progressively dropped to 1.65 Ether.

Other anime-inspired releases have surfaced, including PXN: Ghost Division NFT, which climbed to the top of the OpenSea volume charts. In its pre-reveal stage, Ragnarok Meta also rose, although rumors that Zagabond was behind the project appear to be dragging on price.

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ART & COLLECTABLES

Emirates will accept Bitcoin payments and introduce NFT collectibles

According to chief operating officer Adel Ahmed Al-Redha, Emirates is embracing emerging technologies such as the metaverse and NFTs to increase its reach.

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Emirates, the largest airline in the United Arab Emirates (UAE), has announced intentions to accept Bitcoin (BTC) payments and issue nonfungible tokens (NFTs) for trading on its websites.

The chief operating officer of Emirates, Adel Ahmed Al-Redha, reportedly stated at a media gathering held at the Arabian Travel Market that the Dubai-based airline will be onboarding new employees who will be focused on blockchain-related projects such as crypto payments, blockchain tracking, metaverse, and NFTs.

Al-Redha says the airline is looking into adopting blockchain to maintain track of aircraft records. In addition, the airline official stated that the metaverse may be used to digitalize activities such as operations, training, website sales, and other airline-related events. This, according to the airline’s chief operating officer, will make the processes “more engaging.”

Apart from that, Al-Redha stated that the aviation business is gradually making a comeback as more and more travelers arrive. To broaden its appeal, the company is adopting new technologies such as a Bitcoin payment service and tradeable NFT collectibles.

Airports and airlines all across the world are investigating ways to combine blockchain-based technologies with cryptocurrency payments. Air France teamed with various firms in February 2021 to develop a blockchain-based mechanism for verifying COVID-19 test results.

The Latvian airline airBaltic added Dogecoin (DOGE) and Ether (ETH) to its payment choices in March 2021. Since 2014, the airline has accepted BTC and other cryptocurrencies such as USD Coin (USDC), Binance USD (BUSD), and Gemini Dollar (GUSD).

Salvadoran President Nayib Bukele declared in October 2021 that the airline Volaris El Salvador would accept BTC payments. El Salvador pushed for BTC adoption when it declared the cryptocurrency official tender.

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