Are NFTs Dead? 6 Industry Players Weigh In – NFTgators
- Artists who launched NFT collections via Instagram have sold out each time.
- Newly launched collections like Game of Thrones and Solana-based Bonkz sold out in less than 10 hours.
- Despite the FUD surrounding Solana, the Shiba Inu-themed Bonkz collectibles surged tenfold after mint.
Ever since crypto winter began, the NFT market has understandably been in a slump. Compared to the peak of Jan 2022, NFT trading volumes have declined 97% from January’s peak of $17 billion to $466 million in September last year, according to data by “@thomas_m” on Dune Analytics.
Furthermore, an NFT market report by ConsenSys shows that weekly sales for Arts & Collectibles have continued to decline since Aug 21, 2022. But in a surprising turn of events, the NFT market has been seeing strong market growth and activity in recent weeks.
On Thursday, the NFT market hit a 3-month high in both daily users sales count, according to data from Dune Analytics. A total of 88,000 sales were made by 20,000 users over the past 90 days, indicating a surge in interest in NFTs.
This can also be seen in collections that were launched in recent weeks. For instance, Aku’s Dream Lab digital collectibles sold out in 11 seconds after launching on Jan 8 on Instagram. The social media platform with 2 billion monthly active users announced in November that it will become a social NFT marketplace that allows creators to mint, showcase and sell digital collectibles authenticated by NFTs.
— Aku 👨🏾🚀 Akutars (@AkuDreams) January 8, 2023
2023 is off with a BANG💥
The Aku’s Dream Lab digital collectible sold out in 11 seconds on @instagram‼️
The image is a preview of concept art for a significant location in Aku’s future & features various items that Aku gathered during his travels as a digital explorer on Earth. pic.twitter.com/uz614RiQbb
Other artists that have recently launched and sold out digital collectibles via Instagram include Drifter Shoots (aka Isaac Wright), Refik Anadol, Amber Vittoria, Dave Krugman and Micah Johnson.
By now, it’s common knowledge that community is undoubtedly one of the key ingredients for an NFT project’s success. The effect that Instagram has on these NFT artists and their projects could be attributed to the fact that those artists have each already built a sizeable following on the social media platform.
Alex Fleseriu, CEO of Exchange.Art, a Solana-based fine art NFT marketplace – explains: “Given the platform’s popularity and reach, for an artist to begin selling their art as NFTs on Instagram is a completely natural fit – their communities are there, the barrier to entry for consumers to buy is relatively low for novel collectors and the artist’s ability to promote is high. In this particular case, the rapid sales of the artist’s NFTs is a combination of these factors but mainly, the community the artist has gathered, therefore making it more of a ‘community effect’ rather than an ‘Instagram effect’.”
Besides the NFT projects launched on Instagram, newly launched collections like Game of Thrones: The North Series and Solana-based Bonkz sold out quickly. Even though the former received criticism for the avatars’ claw-like hands and less-than-stellar art, the collection sold out in seven hours on the launch date of Jan 10. However, its value has dropped from the original mint price of $150 to the current floor price of $95.70 as of this writing.
As for Bonkz,