Would you buy NFT for $ 1,000? How about $ 10?
With new features threat losses in the crypto marketspeculators have heʻe The NFT market was previously closed, taking the rest of their money with them. Floor prices for the high harvests are fallen to the earth. Now some people are in the construction industry original digital image—Against PFP (photo booth) collections such as Bored Apes and CryptoPunks — trying to create a sustainable marketing model that has a low bar for entry and doesn’t rely on logic.
One simple deception is getting steam: buy NFTs makamae.
“We are making wealth out of thin air. It’s alchemy.
Take Mike Pollard, who in 2021 started working in a market for so -called NFT music. Ninanow in beta, which he describes as a kind of “crypto Bandcamp.”
“Features used to sell NFTs, such as sales and secure buttons, with high fees on platforms like Ethereum, need to sell NFTs on platforms. high prices, ”he told me.
Nina, on the other hand, allows musicians to sell their songs at the prices they set, without any input from potential buyers. As a result, Pollard said, the trails cost about $ 10.
Of course, there are customers with a strong sense of their contribution to the world of art. “An artist tried to sell a song for $ 1 million,” he said. “Not for sale.”
In general, Nina’s artists are trying to create a viable market for their one -of -a -kind digital work.
Pollard argued that Nina competes in the same way as Spotify and Apple Music, when the price is the same as the amount of work put into them. (Needless to say, in those services you pay to get a copy of a song, not to get the “original.”)
Nina explained to Pollard, “allow artists to find valuable features that are relevant to their audiences.” It is also suitable for investors who have not been deterred by volatility or high market rates; Nina is built on the low cost Solana site.
Jordan Garbis o BeetsDAOthe thing start up as an NFT music collection group, it has a similar epiphany. “We’re looking to go back to the usual expectations of price and knowledge,” he told me.
Garbis and BeetsDAO are helping to build Echo, a user-friendly music editing service built around a Discord-esque interface that allows artists to interact with fans. (Notice: Garbis is here material property inside Decrypt.) Free music and other benefits will be provided to fans to enter with the stage; Garbis believes the large supply of these brands (“almost inexhaustible”), as well as a convenient use case to overturn repurchase, will keep them expensive.
“It has to look and feel like the music is available today,” Garbis said. “That means millions of games, and hundreds of different relationships.”
Each relationship can generate income that can increase, in the long run, continued employment.
Another advantage of selling NFTs at a lower price, Garbis said, is that he is a participant. He said instead of wanting to keep free falls and order (or contrive) a high price that didn’t limit the popularity of artists.
And when it comes to that big corner of the basic NFT, filmmaking, there’s a bigger problem. Much simpler than music, NFT digital cameras can appeal to speculators looking to buy more. It does so when the hype is high; Not much when the market is down.
Async Art, an NFT retail store run by a small staff, gives fans a way to create a sense of community around the artists they love. It offers NFTs of first-person music and artists — most of it psychedelic, oddball, idiosyncratic — for as little as $ 10. It’s a way to increase the artist’s income — a love that is decorated as an honor. And it’s a model that really works, says Achilleas Saradaris, founder of Async and drummer at the HMLTD company (formerly “Happy Meal Ltd”).
Saradaris posted photos of some of the site’s artists, noting that each was for sale, but for a small fee.
“You can think of it like a vinyl record – something you buy with no hope of selling again,” he says. “This artist loves writing, and I love his scribbles, so I welcome his NFT so he can continue to write.”
Importantly, Saradaris did not attempt to communicate any idea of rights or benefits. But the pitch of these NFTs is a challenge. “We’re making value out of thin air,” he said. “It’s alchemy.”
In fact, Saradaris, along with Pollard and Garbis, soon realized that what they were offering was different from the product offered by Web2 titans like Spotify and YouTube, and they realized that they had no hope of competing with this. companies. in the short term.
But their pitch to fans to support the songs and images is out of the ordinary, in order to change the sense of ownership or support.
Whether this is necessary to move the NFT market into the future will depend on the generosity of the fans.
Do you want to become a crypto expert? Get the benefits of Decrypt right in your inbox.
Get the biggest crypto news stories + every week and more!