In his podcast called Handy Alpha podcast, NFT influencer Nifty Nick takes stock of the NFT market, which is currently going through its worst period. He points out the responsibility of influencers in the deterioration of the market in recent months and offers possible solutions for its recovery, especially with regard to the founders.
Like cryptocurrencies, the NFT market is experiencing its winter
Since the second quarter of the year, the market for No replaceable tokens (NFT) faces an unprecedented defeat, representing the first major setback. NFT sales began to decline gradually at the beginning of the second quarter, reaching a record low in June. They were $884 million at the time, compared to $3.9 billion in May.
A big disappointment for the enthusiasts who, a few months earlier, mocked the traditional art system and praised the democratization of the sector, as well as the potential for rapid enrichment for the actors of the value chain.
The main collections named Blue chips have lost nearly a third of their values, compared to what they represented on their ATH. An industry bleed that reinforces skeptics’ belief that the appearance and existence of these projects is a fashion effect.
For Nifty Nick, the collapse of the NFT market is also due to unorthodox practices, especially on the part of influencers.
“Influencers promoting projects that they secretly invested in and then walked out on, the countless number of corporate hacks posing as digital artists, the various scams, etc. contributed to the creation of this situation”he said, before complaining about the recent transformation of the NFT ecosystem.
“Most NFT projects are no doubt bubbles, but the whole NFT art and collectibles trading system feels more like a new form of art-themed online gaming. . It’s the same as horse racing or sports betting, but for digital users”
But despite continued criticism from skeptics, he assured that the market will sustain and recover from this crisis, because it only… “mutate under pressure”.
To survive, actors have to sell a story, which is constantly updated
According to Nifty Nick, the failure of projects carried out by many more traditional artists in the market is due to their belief that all you need to do is launch an NFT project that will then be sold to an audience that understands it in some way. will adopt. passive.
“Constant attention, constant new excitement, is what it takes to keep the ball of interest moving, to ensure a continuous trickle of interest. The effect of the NFTization of art thus seems more like an intensification of the demands of creative life in the age of social media and the tyranny of algorithmic food, than an alternative that is healthier and closer to humans (…) Art is traditionally associated with contemplation. In this space, art is associated with always being active, always hustling.”he said.
In this sense, the podcast host cites the example of Beeple, the most famous artist in this area, who saw his fame grow thanks to his project everyday of posting a new work of art, every day.
As the NFT market faces an unprecedented crisis with exchanges collapsing in recent months, YouTuber Nifty Nick depicts an environment suffering deep disillusionment as he believed in democratizing and revolutionizing the art world. A state of affairs in which he emphasized the responsibility of influencers. Everything in line with the need for better supervision of the sector.
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Luc Jose Adjinacou
Far from dampening my enthusiasm, a failed cryptocurrency investment in 2017 only heightened my enthusiasm. I therefore decided to study and understand the blockchain and its many applications and to pass on information about this ecosystem with my pen.