Nfts
How “more mature” collectors are fueling the return of the NFT market
In 2021, Jim Cramer, former hedge fund manager and host of CNBC’s Mad Money, appeared to sound the death knell for Bitcoin investing after the Chinese government cracked down on cryptocurrency mining (the term used for creation of new units of Bitcoin). Bitcoin). “I sold almost all my bitcoin. I don’t need it,” Cramer announced on CNBC’s Squawk on the Street. This was a year before the value of various cryptocurrencies, such as the stablecoins TerraUSD and Luna, as well as the multi-billion dollar cryptocurrency exchange FTX, collapsed and Bitcoin itself fell 77% below its all-time high.
Is the story over? Barely. Bitcoin and other forms of crypto have rebounded to new highs, and Cramer himself has bucked the trend, recently saying that Bitcoin is “here to stay.”
What has been called the “crypto winter” is over, leading to a surge in interest and prices for NFTs (non-fungible tokens), which include art images. “The hype and speculative frenzy that NFTs experienced several years ago is gone,” says Ric Edelman, founder of the Digital Assets Council of Financial Professionals, which helps financial advisors understand this new area of investing. “Prices are rebounding, trading volume has rebounded and we are seeing big tickets again.”
Don’t believe the hype: the market may be moving away from its frenetic beginnings to focus more on artistic merit Florent Tournier
The NFT market has taken off in 2021, with museums, artists, groups new to the market such as Yuga Labs (of Bored Ape Yacht Club fame), Dapper Labs (creators of CryptoKitties) and Top Shots of the National Basketball Association, as well as celebrities such as Snoop Dogg, William Shatner, Damien Hirst and Lindsay Lohan creating their own blockchain-based digital assets purchasable with crypto. The NFT market, registered on blockchain platforms and marketplaces, is estimated to have reached $41 billion in 2021, falling to around $21 billion at the end of 2022, before losing around 95% of its value in 2023.
Bernadine Bröcker Wieder, managing director of Arcual, a company with offices in Berlin, London and Zurich that uses blockchain technology “to facilitate a new and improved standard for secure transactions in the art market,” says that “the value of digital art Purchases purchased on NFT marketplaces were indeed inflated for a while, alongside cryptocurrency prices, thanks to speculation sparked by the pandemic, and there has been a rollback in 2023.” She adds that “activity on NFT marketplaces has also increased, likely due to positive news about cryptocurrencies in the press.”
The art market’s interest in NFTs has matured, according to Mark Cuban, owner of the Dallas Mavericks basketball team and investor in OpenSea, one of the largest marketplaces for user-owned digital goods. which include collectibles, gaming items, domain names, digital art, and other blockchain-based assets. “It’s much more deliberate and collector-driven,” Cuban says, adding that “people are less focused on immediate appreciation and more on appreciating the art itself.”
Others involved in the NFT world also challenge the perception that this form of collectible is more hype than substance. “Our goal is to support the artists represented by Pace Gallery in their research into new media,” says Ariel Hudes, head of Pace’s NFT division, Pace Verso, established in 2021. “We are not trying to increase [price] speculation. We do this because we believe in artists and the work they create.
Artistic value
Others make similar claims about helping artists rather than fueling a frenzied market. Brian McAlister, co-founder of Objkt.com, which claims to be the largest NFT marketplace on the Tezos blockchain, says that “our focus as a platform has always been on the artistic value and potential of digital art , and not on speculative trends. in cryptocurrency. He adds that “as speculation subsided, true art collectors and lovers remained in search of real value and artistic integrity. These collectors are not primarily motivated by potential earnings, but rather by the desire to engage in patronage and directly support the artists behind the work.
Another major player in this space, Sunil Singhvi, head of arts and culture at London-based TriliTech (which works with entrepreneurs and artists to create projects on the Tezos blockchain), says that “there was an enormous amount of energy and speculation.” around NFTs during the pandemic,” with some buying them “as an investment piece or as a launch into the art world.” Many of these coins are now “less valuable than two years ago.” However, he says TriliTech continues to work with artists whose primary goal is to “find an audience,” and for many artists and collectors the goal is to “belong to a group of people” with tastes and similar interests.
The artistic NFT market has not gone into hibernation. Sotheby’s has continued to hold digital art auctions, including a small sale of Bitcoin ordinals (which work similarly to NFTs) in December and a larger one in January that brought in a total of 1.55 million dollars, as well as a generative art program which began last July with the sale of the works of Vera Molnár, a Hungarian artist who died in December at the age of 99, which brought in $1.2 million. (Generative art refers to computer-generated artwork determined by algorithms.) The auction house’s next generative art sale will take place in June and feature renowned French sculptor Bernar Venet, who will launch its first ever digital art project with this auction.
Michael Bouhanna, contemporary art specialist and head of digital art and NFT sales at Sotheby’s, says that a few galleries “have had an impact on the NFT market”, citing Gagosian and Pace, but that Sotheby’s and Christie’s, its main rival in the auction sector, have been “market leader, achieving first-to-market sales”. He points to “a shift in collectors” of NFTs over the past year toward “more mature, more educated” buyers, as opposed to those who entered the market in 2021, which has become “an area for more speculators.” interested”. making a quick profit.
Auction House Approval
Sotheby’s and Christie’s accept payment for digital art in crypto and, occasionally, for physical works of art. At Sotheby’s, Bouhanna estimates that about half of NFT buyers pay in crypto (even though it’s rare for physical art to be paid this way), while this is a “relatively rare event ”, according to Nicole Sales Giles, director of digital. art sales at Christie’s, “but we’re happy to do it” if a collector asks. “Many digital art buyers strongly believe in the future of crypto, and some prefer to settle in fiat currency. [government-backed currency] and hold onto their crypto for that reason,” says Sales Giles. On the auction house’s blockchain sales platform, Christie’s 3.0, “100% of payments and settlements are automatically made in Ethereum, because the platform is entirely on-chain.” She adds that crypto is not accepted as payment in any other department at Christie’s.
Bitcoin and other cryptocurrencies have gained wider acceptance in the financial industry this year, with the U.S. Securities and Exchange Commission (SEC) approving the launch of several Bitcoin exchange-traded funds (ETFs) in January, allowing shares of trusts holding cryptocurrency to be bought and sold on exchanges regulated by the SEC. Franklin Templeton Investments, which manages a portfolio of assets worth $1.3 trillion, launched the first on-chain money market fund in 2023, and BlackRock, the world’s largest asset manager, unveiled its own tokenized fund in March. The two companies, along with Fidelity, which launched its own Bitcoin fund in January (with assets of $6.9 billion), and others, “believe that tokenization will revolutionize the financial services industry in the world.” over the next five years,” says Edelman. “The era of ‘crypto bros’ is quickly coming to an end, and even if they managed to get 5% of the world’s population engaged in crypto, the financial services industry will engage the other 95%.” He adds: “We expect independent advisors to invest $150 billion in bitcoin over the next two years. »
Cryptocurrencies have been and remain riskier than government-backed money, such as the US dollar and the euro. As they are created through computers, hacking – including through quantum computing which could crack the encryption – can potentially lead to chaos in digital financial markets. In addition, flaws in the computer code, which have appeared twice with Bitcoin since 2010, could increase the volatility of the coin’s price.
Non-fungible tokens, or NFTs, saw sales volume surge for the second week in a row, reaching $107 million, an increase of 8.5%.
A substantial increase in the number of NFT Buyers accompanied this growth, reaching 488,141 — a staggering increase of 89.56%.
On the other hand, the number of NFT sellers also increased by 69.8%, totaling 198,450, signaling an improved business environment and increased market engagement.
Below is a look at what happened in the NFT market over the past week.
Ethereum Maintains Leading Position While Solana and Bitcoin Follow
Blockchains by weekly NFT sales volume | Source: CryptoSlam
Over the past few weeks, Ethereum (ETH) continued to dominate the NFT market with $36.6 million in total sales, driven by 35,236 buyers, a 46.31% increase from the previous week.
Solana (GROUND) has emerged as a serious competitor, recording total revenue of $26.15 million, thanks to a substantial 114.07% increase in the number of buyers.
Bitcoin (Bitcoin) The NFT market also saw a notable surge, with total sales reaching $21.4 million, thanks to a staggering 222.29% increase in buyers.
Polygon (MATICS), which had the second best performance the previous week, saw its total sales volume drop by more than 15%, dropping it to 4th place just ahead of Immutable (IMX).
Other notable performances were achieved by Zora and Blast, which recorded the two largest percentage increases in sales volume, at 463% and 227% respectively.
Best Collections: Solana Monkey Business Shines
Ranking NFT collections by weekly sales volume | Source: CryptoSlam
Among the top NFT collections, Solana Monkey Business came out on top with $4.86 million in sales, an increase of 168.38%. The collection also saw a significant increase in transactions (137.34%) and buyers (130.84%).
The DMarket collection on the Mythos blockchain, which recorded $4.01 million in sales, came in a close second. Interestingly, this is the only collection among the top 5 by sales volume to see a decline in the number of transactions and buyers.
Immutable’s Gods Unchained cards also made headlines with $3.8 million in sales, an increase of 61.35%. This collection saw notable growth in both transactions (76.31%) and buyers (41.21%), a testament to the growing popularity of blockchain-based trading cards.
Best-Selling NFTs and Fan Tokens
In terms of individual sales, Ethereum’s Autoglyphs #167 led with a sale of $274,561, followed by Bitcoin’s Protoshrooms with $148,574. Other notable sales included BNB’s kNFT: Locked kUSDT and Arbitrum’s Umoja Synths, highlighting the diversity and breadth of the NFT market across different blockchains.
Top 5 Fan Tokens by Sales Volume
As can be seen in the table above CryptoSlamFan tokens also continued to see explosive growth, with Galatasaray’s token on the Chiliz blockchain recording a turnover of $280.5 million. This reflects an increase of 70149.47%.
FC Barcelona and Paris Saint-Germain followed with substantial sales volumes, indicating the growing popularity of sports-related NFTs.
Market consequences
The latest performance of the NFT market marks a significant turnaround, demonstrating resilience and renewed investor interest after a period of declining sales volumes.
This is the second consecutive week of improved sales, suggesting a potential upward trend. It is worth noting that this resurgence comes amid a broader recovery in the cryptocurrency market, which is currently valued at $2.55 trillion.
Major cryptocurrencies like Bitcoin, Ethereum, BNB, and Solana have all registered Prices have risen by double digits over the past week, further fueling optimism in the digital asset sector.
The correlation between rising cryptocurrency prices and the recovery of the NFT market could be an indication of strengthening investor confidence, setting a positive tone for the coming weeks.
APENFT (NFT) fell 0.3% against the U.S. dollar in the 24-hour period ending at 9:00 a.m. ET on July 21. APENFT has a market cap of $8.54 million and $16.67 million worth of APENFT was traded on exchanges over the past day. Over the past week, APENFT has been trading 3.1% lower against the US Dollar. One APENFT token can now be purchased for around $0.0000 or 0.00000000 BTC on major cryptocurrency exchanges.
Here’s how other cryptocurrencies performed over the past day:
- KILT Protocol (KILT) is up 1.9% against the dollar and is now trading at $0.20 or 0.00000302 BTC.
- Aidi Finance (BSC) (AIDI) fell 2.2% against the dollar and is now trading at $0.0000 or 0.00000000 BTC.
- Zoo Token (ZOOT) fell 2.2% against the dollar and is now trading at $0.0652 or 0.00000239 BTC.
- CareCoin (CARES) fell 2.2% against the dollar and is now trading at $0.0809 or 0.00000297 BTC.
- Kitty Inu (KITTY) rose 1.9% against the dollar and is now trading at $95.84 or 0.00338062 BTC.
- Hokkaidu Inu (HOKK) rose 1.2% against the dollar and is now trading at $0.0004 or 0.00000001 BTC.
- Jeff in Space (JEFF) fell 2.2% against the dollar and is now trading at $2.75 or 0.00010076 BTC.
- Lumi Credits (LUMI) fell 0.7% against the dollar and is now trading at $0.0128 or 0.00000019 BTC.
- AXIA Coin (AXC) fell 0.1% against the dollar and is now trading at $13.43 or 0.00048094 BTC.
About APENFT
APENFT launched on March 28, 2021. The total supply of APENFT is 999,990,000,000,000 tokens and its circulating supply is 19,999,800,000,000 tokens. The official website of APENFT is apenft.orgThe official APENFT Twitter account is @apenftorg and his Facebook page is accessible here.
According to CryptoCompare, “APENFT is a blockchain-based platform created by the APENFT Foundation to create, buy, sell, and trade non-fungible tokens (NFTs) on the TRON and Ethereum networks. It allows for the ownership and trading of unique digital assets such as artwork, music, videos, and more. It also provides tools for artists and creators to create and promote their own NFTs, as well as participate in community events and governance.”
APENFT Token Trading
It is not currently generally possible to purchase alternative cryptocurrencies such as APENFT directly using US dollars. Investors wishing to acquire APENFT must first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as CoinbaseGDAX or Gemini. Investors can then use their newly acquired Ethereum or Bitcoin to purchase APENFT using any of the exchanges listed above.
Receive daily news and updates from APENFT – Enter your email address below to receive a concise daily summary of the latest news and updates for APENFT and associated cryptocurrencies with FREE CryptoBeat Newsletter from MarketBeat.com.
Nfts
Next US Vice President JD Vance Holds Bitcoin and NFTs, Expected to Boost MATIC and Algotech Post-Election
The blockchain technology landscape is about to transform as JD Vance, the likely next US vice president, emerges as a strong advocate for digital assets. Recent reports suggest that Vance not only holds Bitcoin (BTC) and NFTs, but is also willing to back promising blockchain initiatives like Polygon (MATIC) and Algotech (ALGT) post-elections.
JD Vance’s Cryptocurrency Investments Highlight Shift in Government Perspective
U.S. Senator JD Vance has garnered considerable attention for his recent investments in Bitcoin (BTC) and NFTs. Public records indicate that he owns between $100,000 and $250,000 worth of Bitcoin (BTC), indicating considerable interest in the success of the cryptocurrency market. This level of financial commitment from a high-profile government figure is unprecedented and underscores the growing credibility and promise of digital assets.
JD Vance’s interests extend beyond Bitcoin (BTC) to non-fungible tokens (NFTs), with reports suggesting his involvement in acquiring notable pieces from renowned collections. While the details of his NFT portfolio remain unknown, those who know the senator confirm his foray into this field.
This exploration of NFTs underscores Vance’s openness to exploring innovative and artistic applications of blockchain technology beyond cryptocurrencies’ typical role as assets or means of exchange. Vance’s involvement with cryptocurrency stands in stark contrast to the views of many of his peers in Congress, who often express doubt or hostility toward digital currency.
His direct involvement as an investor and user of these technologies gives him a unique perspective on their potential benefits and drawbacks. This practical understanding is likely to influence his stance on policy and regulation should he take on the role of vice president.
Polygon (MATIC) Hits $0.53, Eyes Breakout Amid Market Slowdown
The Vance administration, known for its support for cryptocurrencies, could significantly boost Polygon (MATIC), a major Ethereum layer 2 scaling project. MATIC has already attracted the attention of the developer community for its innovative solutions.
Even so, regulatory uncertainties have slowed widespread adoption and integration with traditional financial systems. Vance’s backing could serve as a driving force to unlock Polygon’s untapped capabilities.
A recent look at the MATIC token shows that its current trading value is $0.53, which represents an increase of over 2% in the last 24 hours. This surge coincides with a downturn in the broader cryptocurrency market, signaling solid fundamental strength and a growing sense of confidence among investors regarding Polygon’s future prospects.
Based on technical indicators, MATIC appears to be facing a resistance level that has persisted for several months, hinting at a potential breakout that could propel prices towards the previous peak around $1.29.
MATIC’s cutting-edge technology has taken a significant leap forward with the introduction of the Plonky3 zero-knowledge proof system. This innovation in zk-rollup technology is set to revolutionize MATIC’s scalability and efficiency, cementing its position as the premier choice for developers and enterprises.
Algotech (ALGT) Eyes $1 Price Hike When Its Exchange Launches
Algotech, a project that has attracted the interest of crypto enthusiasts and JD Vance, aims to transform algorithmic trading in the cryptocurrency space. Through the use of artificial intelligence and machine learning, Algotech offers advanced trading strategies to ordinary investors.
The platform’s innovative approach and ambitious roadmap are in line with JD Vance’s goal of driving financial innovation and making sophisticated investment tools more accessible to all. Algotech’s decentralized structure stands out, aligning perfectly with the core principles of blockchain technology.
By cutting out the middleman and giving users direct authority over their trading algorithms, Algotech embodies the essence of financial independence advocated by many in the crypto community, including Vance. This common ground makes Algotech a natural choice for endorsement by crypto-friendly leadership.
As Algotech’s pre-sale gains momentum, with over $9.6 million in funding, excitement is building for its official launch. Analysts have set lofty price targets, with some even suggesting that ALGT could surge to $1 shortly after it goes public.
While it’s wise to approach these predictions with caution, the combination of Algotech’s cutting-edge technology and the potential backing of key figures like JD Vance could pave the way for significant growth and adoption.
Learn more:
Disclaimer: This is a paid release. The statements, views, and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of any information available in this content. Do your research and invest at your own risk.
Nfts
OG Crypto Artist Trevor Jones Unveils Groundbreaking Collection of Ordinals | NFT CULTURE | NFT News | Web3 Culture
Trevor Jones’ New Genesis BTC Collection: CryptoAngels
Known for his innovative blend of physical and digital art, Trevor Jones continues to push the boundaries of the NFT space with his latest collection, CryptoAngels. Since his foray into Bitcoin-themed artwork in 2017, Jones has garnered a significant following, cementing his reputation with record-breaking sales and community events.
The Bitcoin Angel Journey
In 2021, Jones made headlines with his Bitcoin Angel open edition, selling 4,158 editions for an incredible $3.2 million in just seven minutes. This success paved the way for his latest venture, where he combines art, community, and technology in new ways. His annual Castle Parties, celebrating art, culture, and charity, have further cemented his place in the Web3 world.
CryptoAngels Collection Review
Jones’ CryptoAngels collection is divided into two main stages: Archangels and CryptoAngels.
- Step 1: The Archangels The initial phase, Archangels, saw 21 collector’s packages sold for 87.9 ETH (approximately $335,291). Each package included:
- A physical bronze sculpture of the Bitcoin angel
- A 3D NFT avatar
- An Archangel Ordinal
Esteemed collectors like ModeratsArt, Batsoupyum, Bharat Krymo, Blondie23LMD, and 1Confirmation now lead the CryptoAngel army as Archangel Collectors.
- Step 2: CryptoAngels The second phase, set to launch on August 7, features 7,777 unique CryptoAngels. These will be available for minting via OrdinalsBot, starting with a whitelisting phase. Each CryptoAngel is distinct and named by Jones himself. The collection is organized into 21 cohorts, each associated with one of Archangel’s collectors, fostering sub-communities within the larger collection. Additionally, there are seven 1/1 CryptoAngels, making them exceptionally rare and not aligned with a cohort.
Connecting Bitcoin and Art
Jones, who has been a strong Bitcoin supporter since mid-2017, expresses his deep connection to the crypto community. He sees the CryptoAngels collection as a tribute to that community, bringing his iconic Bitcoin Angel motif to the blockchain.
“I have been personally investing in Bitcoin since mid-2017 and its ethos quickly inspired me in my crypto art journey. I have followed the growth of Ordinals since its inception and the CryptoAngels collection is my offering to a community that has welcomed me with open arms and given me the opportunity to bring my Bitcoin Angel motif to the chain where it was always meant to be,” said artist Trevor Jones.
Collectors’ opinions
“Bitcoin’s OG artist Trevor Jones, behind the Bitcoin Angels depositing ordinals on the immutable chain is a match made in crypto-native art heaven.” – Bharat Krymo (@krybharat – Archangel Collector)
“The 2018 Bitcoin Angel oil painting is one of the first crypto tributes to Bitcoin, so CryptoAngels on Ordinals is a natural extension of Trevor’s artistic journey” – batsoupyum (Archangel Collector)
Interactive experience and limited editions
Rounding out the collection, 21 special Angels will be available to mint for $7 each on Base, playable in the exclusive retro arcade game, Dante’s Pixel Inferno. The game challenges players to guide their Angel through the nine circles of Fiat Hell, collecting Bitcoin and earning rewards. Each Angel in the game has unique abilities and weapons.
Whitelisting Opportunities and Community Engagement
Whitelisting (WL) opportunities are available through community partnerships, existing Bitcoin Angel OE and Trevor’s Ascended Angels holders, and weekly giveaways. To stay up to date and secure a spot on the whitelist, join Trevor Jones’ active Discord community.
TL;DR
Trevor Jones is launching the CryptoAngels collection on August 7th, building on his Bitcoin Angel legacy. Split into two stages, Archangels and CryptoAngels, the collection includes unique NFTs and physical artworks, fostering strong community connections. Exclusive gaming experiences and limited minting opportunities enhance engagement. Join the Discord for your chance to win.
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OG Crypto Artist Trevor Jones Unveils Groundbreaking Collection of Ordinals | NFT CULTURE | NFT News | Web3 Culture
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