- But there is one Web3 technology which is soaring in these bear markets. These are ‘Generative NFTs’.
- If we talk about the USD figures, Mapan’s Art Block NFT was launched at around 2,100$ in April when Mapan minted it.
- The current price of the currency right now is $5,800.
The Rise Of A New Niche
Sure, we know that the crypto market is recovering.
Okay, we hope that the crypto market is recovering.
The trust in speculators’ minds is highly volatile regarding the crypto market. Everyone is confused about whether the boat will stay afloat, skyrocket, or sink deep in the sea.
But there is one Web3 technology which is soaring in these bear markets. These are ‘Generative NFTs’.
Although the NFT market capitalization has decreased drastically since 2021, the Generative NFT culture is still rising. This field has been booming for a long time. It has been especially rocking the world for the past couple of weeks.
The Art Blocks
Take, for example, the study of Anticyclone, a generative art started by William Mapan. It was initially minted at the price of 0.75 ETH.
This was when the generative NFT was launched on the art block platform on Apr. 29. There were 800 pieces of art at that time. One of them surprisingly surged constantly and consistently throughout the entire month of June.
The result? The lowest price on the generative NFT right now is 5.4 ETH on the secondary market.
If we talk about the USD figures, it was launched at around 2,100$ in April when Mapan minted it. The current price of the currency right now is $5,800.
When the American TV show Friends became a worldwide hit, many sitcoms started getting an audience. That’s why where a particular category of product or service grows, many others in that field also grow.
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Mapan’s NFTs started getting a massive supply. This resulted in the upwards growth for other similar generative art NFTs too.
Generative NFTs are an untapped market which is growing at a significant rate. While Avatar-based NFTs such as BAYC has been the most popular, generative NFTs are considered the next big thing.
Source: https://www.thecoinrepublic.com/2022/07/05/while-crypto-sunk-down-nft-gone-to-town/