With crypto winter already here, the NFT craze seems to have slowed down. Data from NonFungible shows a steady decrease in NFT sales volume and value over the past months. In addition to this, media coverage has also shifted to cover other topics such as the crypto and stock crash. Now, the tranquility represents an opportunity for artists and NFT projects to regroup and plan for the future.
Ever since NFTs went mainstream, their potential was hidden by the noise generated by media, speculators, and the saturation of the market. It is not surprising that NFTs generated a lot of criticisms, getting to the point that one of its co-inventors, Anil Dash, wrote for The Atlantic:
“When we invented non-fungible tokens, we were trying to protect artists. But tech-world opportunism has struck again.”
The NFT craze certainly opened the doors for many creators looking to gain agency over their works, becoming able to sell them and protect them against appropriation by third parties. Unfortunately, the monetary interest behind NFTs gave place to increasing centralization that resulted not only in single-points of failure and corporate greed but also in a lack of innovation around the technology.
Now, celebrities like Serena Williams, MC Hammer, Jimmy Fallon, and Reese Witherspoon are changing their NFT profile picture as the craze dies and media attention shifts. Sure, stars like Cristiano Ronaldo might be joining the space but in general, it seems that NFTs are returning to their roots: empowering artists and collectors.
While NFTs have far more uses than art, the interest shown by brokers like Christie’s and Sotheby’s has allowed NFTs to make it into the world of fine art. With artists already looking to innovate and prepare for the trends that are coming as web3, the metaverse, and the entire blockchain ecosystem continue to evolve.
As part of Grit Daily House during Consensus 2022, Edge of NFT’s Co-host and Co-Founder Josh Kriger moderated the “How Do You “Style” Your NFT?” panel. Amanda Terry, Metagood’s CEO and Co-Founder; Jared Christopherson, OneOf’s Co-Founder; and Mark Murrell, Haddie’s Bay Club’s CEO and Chief Curator shared their expert insights on the topic.
If you missed the chance to attend Grit Daily House in person and hear what these panelists have to say about this topic, worry not. You will be able to watch the panel in the video below and learn what the experts are saying about styling your NFTs in the current market. You can also find our other panels on Grit Daily’s official YouTube Channel!
Juan Fajardo is a News Desk Editor at Grit Daily. He is a software developer, tech and blockchain enthusiast, and writer, areas in which he has contributed to several projects. A jack of all trades, he was born in Bogota, Colombia but currently lives in Argentina after having traveled extensively. Always with a new interest in mind and a passion for entrepreneurship, Juan is a news desk editor at Grit Daily where it covers everything related to the startup world.
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