The fourth year NFT.NYC Conference started today with 1,500 speakers installing their newly featured NFT collectors.
Spokesmen on the field are heading at a time when crypto markets are in a slump — Bitcoin and Ether have lost more than 70 percent of their value since November. Media headlines are filled with stories of crypto businesses that are opening up. The NFT market is feeling the pain. All in all, this is a bad time to buy NFTs. New NFT projects aren’t seen nearly as often as they were a year ago — or even a few months ago.
Japanese painter Takashi Murakami I have forgiven you to his fans on Twitter after the prices of his NFTs, which were released in May, took a nosedive.
Francis Kim, an Australian businessman behind the NFT program AI-Zuki, experiencing similar conflicts. “I started my collection like two days ago. I didn’t see my millions,” he humbly told Artnet News. “Maybe it’s a good time.”
He used $ 5,000 to publish his collection of photographs and the current return is no. Kim, who made new ones earlier this year after losing a lot of money in crypto margin markets, it won’t go away NFT.NYC for travel expenses.
“I think it’s a tragedy in every story,” he said.
It is difficult to get a clear picture of what is happening in the NFT market because most of the data on traders is from the NFT markets themselves. The three main measures of market performance are threshold size, floor prices on blue -chip NFT systems, and market sentiment – nothing good at the moment.
NFT.NYC 2022. Photo by Ben Davis.
While OpenSea continues to hold the position of the best NFT market, its average retail price, number of customers, and number of customers are down. As of May 20, there was $ 43 million in daily trading; on Tuesday, half of those daily trades were down — 17 million.
Coinbase has spent $ 600 million on its new NFT market, which is expected to introduce cryptocurrency exchange with further growth, but it has not taken off as planned. After pulling in $ 75,000 in bulk when its doors opened to the public on May 4, production has slowed, reaching only $ 19,000 on June 20, according to Dune. These days, the industry says it stops one -fifth of its employees were in the midst of a market crash.
So-called “blue-chip” NFT chips are also a problem. Bored Ape Yacht Club, one of the most popular NFT ethereum programs, with More than $ 2.2 billion the stock market to date has seen a fall amid market fury. The Bored Ape NFT is down more than 13 percent in the past 30 days, at a price of 80 ETH ($ 91,000) now. NFT Board Price.
ApeCoin, the symbol of the Bored Ape Yacht Club ecosystem and its upcoming Otherside game, has lost 85 percent of its value. After hitting a high of $ 27.57 on April 28, just before the Bored Ape Yacht Club began its Otherside land sale, it is selling for about $ 4.48, according to CoinGecko.
Even so, CryptoPunks Not immune to disaster. Its floor price is 67 ETH ($ 76,000), down 33 percent in the past 30 days, according to NFT Floor Price. And Meebits, which was launched in 2021 by Larva Labs, the company that founded CryptoPunks, is down 5 percent in the past 30 days, at a floor price of 4.8 ETH ($ 5,472 ).
All three “decentralized” collections, featuring high -quality NFT collections, are maintained by Yuga Labs.
Market sentiment is declining as the voices of NFT critics are growing in the bear market. Microsoft also founded Bill Gates said the next day, the NFT was “100 percent about ignorance more,” and then added, with a laugh, “Indeed, the world’s most iconic images of monkeys are improving. , “
Adam McBride, who wrote the early history of NFTs, maintains a long -term perspective on thinking as to the size of the broader cryptocurrency market. “I said from the middle of last year that we would go to a‘ NFTs are BS ’sometimes in the bear market,” he told Artnet News. “Who knows how low we can go. But I have a number where I have to buy two CryptoPunks.
Now, the people who sold on it aren’t good. The person who bought Bored Ape in early May was down 70 to 80 percent in cash, Kim said. “NFT.NYC it may be that there will be a great mourning.
Follow Artnet News on Facebook:
Do you want to live before the world of art? Subscribe to our newsletter to receive the latest news, alert interviews, and key facts to guide the conversation forward.
.