Sales of digital collectibles have fallen in recent weeks, NFT sales is a slowdown
Ryan Browne is a technology reporter for CNBC in London published an article about NFT sales. He said sales of digital collectibles known as non-fungible tokens have fallen dramatically in recent weeks (Browne, 2021).
Earlier this year, NFT has swept the art world. The graphic designer Beeple sold an NFT for a record $69 million at a Christie’s auction. Jack Dorsey, CEO of Twitter, sold his first tweet as an NFT for $2.9 million. According to Nonfungible’s data, total NFT sales reached $2 billion in the first quarter.
However, NFT sales are dropping from the recent data. According to the data from Nonfungible. The total sales plunged from a peak of $176 million on May 9, to just $8.7 million on June 15. Ryan Browne thought that:” It makes a big reversal from the first quarter of 2021.” In the latest week, Ethereum NFT transaction volume overall $2355.44, sequential rise 0.84%; The total number of transactions is 1,8106, sequential drop 2.35%; the average transaction price was $9,075, sequential down 5.67%. The top three trading volumes are respectively Bored Ape Yacht Club($5.9771 million), CryptoPunks ($4.2065 million)，and VeeFriends ($3.1642 million) (BeepCrypto, 2021). CryptoPunks, as one of NFT’s most popular projects, fell from a weekly average of $99,720 in early720 in early May to $50,840 at the start of June.
Gauthier Zuppinger, chief operating officer of Nonfungible, has opinions about the reason why NFT is a slowdown. He said to CNBC, one of the main reasons for the sharp drop was the sale of new crypto collectible items called Meebits which is made by the creators of CryptoPunks was a sudden rise and fall. Meanwhile, Geoff Osler, CEO of NFT app S!NG, said the digital collectible market is affected by the crypto market. The craze was likely driven by “pent-up demand”. With the price of crypto falling, the crypto market seems to be in a quiet phase. Nadya Ivanova, chief operating officer of L’Atelier, a research firm affiliated with BNP Paribas, said the NFT market was treating as speculative assets. (Browne, 2021)
NFT is still optimistic, from the art circle to the sports circle. NFT news continues to bombard
In fact, Gauthier Zuppinger still has a positive attitude towards the phenomenon. He said,” And by definition, the market for speculative assets are unstable and liable to dry up.”
Companies from Facebook to Microsoft are betting on augmented and virtual reality as the technology matures so that the long-term value of NFT is the more important.
From art to sports, the NFT market is still bullish. NFT protects the ownership of original content. Not only changed the mode of copyright flow but also further promoted the conversion rate of the secondary market. Solve the contradiction between the dissemination and possession of artworks and the scarcity of digital art.
NFT news is fermented inside and outside the circle. NFT’s attributes allow it to combine with tangible industries such as the entertainment industry and art, speeding up the process of NFT breaking out of the dimension wall of the crypto world. Although the NFT market into a stable state recently, but the news about NFT out of the loop continued to bombard. The crypto market has gone into a frenzy under the influence of Musk. Maye Musk jumped on the bandwagon, announcing that she NFT drops on June 18 and June 24 on BakerySwap.
In the field of art, Fox in the layout of the NFT network has taken a step further. Fox launched an NFT studio called “Blockchain Creative Labs” for planning and selling digital products including NFT、GIF and tokens that provide a social experience to attract and reward fans. As the leading brand in the entertainment industry, Fox entered into the NFT market and realize the existing IP, which undoubtedly has an extraordinary significance.
Fox had a new move-in NFT market on 16 June. It launched a $100 million creative fund for NFT, with support from Blockchain Creative Labs. According to Cointelegraph, the fund will be used to help content creators, IP owners, and advertising partners with blockchain ecological solutions. In order to build、publish、manage and sell NFT、token、digital products and assets.
Greenberg added, Fox and Bento Box are uniquely positioned to bring exciting offerings for digital products, tokens, and the NFT market. It has been speculated that an animation produced by Bento Box may get its own NFT through Blockchain Creative Labs.
Mark Cuban, the old friend of CyberMiles, also announced he would back to NFT last week.
During the 2018–19 NBA season. Cuban announced that the Dallas Mavericks would accept cryptocurrencies for tickets, merchandise. They picked CyberMiles tokens as the currency option (Lemire,2018).
Cuban will continue to support NFT in the new NBA season. He announced on “The Delphi Podcast” that NFT tickets will be released for Dallas Mavericks next season. Cuban predicts this approach will create even more value.
Despite the recent slowdown in the digital collectibles market, the NFT’s out-of-bounds effect continues to grow. NFT is accommodating a growing number of promising projects. Cybermiles also expects the NFT market to shine in the future. Cybermiles will bring followers to our plan for the next six months as soon as possible. Cybermiles is willing to let more people feel the charm of encryption art, and actively realize the circle breaking and dissemination of NFT.