The ongoing crypto crash does not seem to give any concession that impacts trendy and demanding products like NFTs
Cryptocurrencies worldwide might have been expected to go down, but the way they have ended up and are assumed to go more down the road has also started affecting other markets. It becomes quite apparent to see crypto-related other assets like NFTs skeptically. Perhaps this is the reason that the once very hot market of NFTs has seen a remarkable drop.
Such instances turned out to flop high-profile actions, and those who invested huge amounts of money into these digital artworks are now struggling to get rid of them even for a fraction of what they have paid. For instance, the crypto artist Beeple who was hardly known before his sale of his NFT ‘The First 5000 Days’ for staggering $69 million, unveiled that he had been working with American pop star Madonna.
Beeple and Madonna had collaborated for creating a trio of racy NFTs dubbed the ‘Material Girl’, depicted giving birth to tree, centipede and butterflies. These artworks sold for about $135,000, $346,000 and $146,000 respectively. After its sales, people have different reactions over this instance. Founder and CEO of Ethernity Chain, Nick Rose said that this sale was unexpectedly low.
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So the NFT sale turned out to be a flop, which is not unusual considering the ongoing carnage that the crypto market is going through for a while now. Seems like the same has drowned the NFTs market.
Since their emergence, NFTs were considered to be unique digital art pieces created in the blockabhin and often considered equivalent to art pieces. Last year in March, CEO of Bridge Oracle, Sina Estavi purchased an NFT that was the first ever Tweet made by co-founder of Twitter, Jack Doresey. Estavi bought the NFT for about $2.9 million while calling it ‘Mona Lisa of the digital world’. But where it landed, last month in an auction, it was resold and the highest bid for the NFT came was even below $14,000.
Source: https://www.thecoinrepublic.com/2022/05/27/crypto-crash-flopped-even-nfts-auction-from-beeple-and-madonna-whats-more/