This week’s featured collector is Ferryirawan
Ferryirawan collects Solana NFTs, including Kami, Gapes and Angomon. Small collection with a nice range of art. Check it out at lazy.com/ferryirawan
With Bitcoin Surging, Many Are Wondering When NFTs Will Be Back.
The meteoric rise and subsequent cooling off of the NFT market exemplifies the volatile nature of new technologies, especially those at the intersection of art and finance. Beginning with Beeple’s $60 million digital painting sale at Christie’s in March 2021, NFTs briefly captivated global mindshare, promising a novel mechanism for owning digital art through blockchain technology. This frenzied period of hyper created a sense of scarcity and high investment potential, making “NFT” a buzzword.
However, as every NFT collector knows, the fervor among the mainstream has waned considerably. A significant portion of NFT collections have lost nearly all their value, and the market is now viewed skeptically in the media. Cases like the devaluation of Jack Dorsey’s first tweet NFT from millions to a mere $1,300 emphasize this sentiment. Despite the decline, some in the NFT community, especially those who invested cautiously, remain optimistic and are awaiting a market resurgence. Their hope is tethered to potential upticks in Bitcoin and Ethereum values—increases that we’re starting to see this week with Bitcoin—as well as advancements that make NFT transactions more user-friendly.
Some argue that the NFT market has bifurcated between high-profile collections, often treated as status symbols, and NFTs purchased for their aesthetic value. While the former dominated in transaction volume, both types suffered from inflated valuations.
Besides financial aspects, NFTs have also opened up enduring social dimensions. Communities on Discord servers have formed around specific NFT collections. Some see this “real utility” as a redeeming feature that could sustain the NFT market in the long term.
The consensus among NFT collectors is that it is too early to dismiss NFTs entirely. The technology is undergoing a correction but could easily return to demonstrate its transformative potential.
For a peek into the mood of the NFT community, check out this article in El Pais: ‘When are you getting the Lamborghini?’ This is how the NFT market is surviving after promising millions to its investors
This week’s poll: Are you feeling optimistic about the return of NFTs?
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