It’s no secret that the crypto market isn’t in perfect shape. And as you know, the value of the vast majority of NFTs is closely tied to the crypto market. One ETH, for instance, is now worth roughly $1,300, which is a far cry from the $5,000 it was worth in November 2021.
This downward trend hasn’t been great for NFT artists, who have had to lower their expectations drastically. But despite the current market conditions, they’re not giving up. Many are getting more creative than ever before. Let’s look at how the crypto downturn affects NFT artists and what they’re doing to adapt.
Diversity is Good for Business
The world of NFT has always been accepting of diversity. In the early days, anyone with an internet connection could mint their own NFTs. This meant that a lot of “junk” was created, but it also resulted in some amazing art being produced by people who might not have had the opportunity otherwise.
TheBlkChain, for instance, is a network that promotes the work of LGBTQ+ and BIPOC NFT artists. While it’s a relatively small niche, community members have been able to find success by banding together and supporting one another.
Revolutionizing the VFX Industry
The NFT market wouldn’t exist without Industry Lights Magic. The famous visual effects studio has been integral to the modern Internet culture as a whole. Photoshop was created during the filming of The Abyss.
Now, NFTs can help VFX artists get the recognition they deserve. One artist, who goes by the name of Beeple, has been able to sell his work for millions of dollars thanks to the NFT market.
Giving Artists More Control
The great thing about NFTs is that they give artists more control over their work. Speaking of VFX, Oscar-winning artists Abel Vargas and Leo Krajden turned to the NFT market to fund their latest endeavor.
The due created the Cactus Seed NFT, which they used to fund a TV show of the same name, a branded video game, and a Metaverse. These VFX magicians used the skills they acquired working on Black Panther and Aquaman to create an entire ecosystem around their Cactus Seed NFT.
Although everyone and their mother has heard of NFTs, the whole thing started as a small, tight community. The interest in the market may come and go, but the community must stick together if NFTs are going to maintain their footing.
NFTs are tools that can level the playing field for all artists, no matter their background. Creating a supportive and inclusive community can ensure that the NFT market continues to grow and thrive.
The Future of NFTs
There’s no doubt that the crypto market is in a slump. But that doesn’t mean NFTs are going anywhere. In fact, the current market conditions are forcing artists to get more creative. As we’ve seen, this can only lead to good things.
So, even though the crypto market is down, don’t count out NFTs just yet. The downturn might just be the thing that takes them to the next level.