10/06/2022 The NFT slump is real

The consumer tradingboom has deflated, pushing unicorns and recently public companies alike into defensive modes. The decline in consumer trading activity is also extending to newer categories of assets, data indicates, like non-fungible tokens (NFTs).

PerThe Block’s data arm, weekly NFT sales declined by just over 70% from a high of nearly 1 million units in the third week of 2022 to a little more than a quarter-million in the most recent week in the dataset, which began in the final days of May. The decline in NFT sales volume is not new, but it has grown in severity in recent weeks, adding fresh heft to the argument that the crypto or web3 market is in a period of correction — what some describe as a “winter.”

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The decline in NFT sales does not come amid a freeze in recent funding rounds for NFT-focused companies, however. A quick scan of TechCrunch headlines in fact shows the opposite. Sure,Yuga Labs of Bored Ape fame raised a $450 million roundfrom a16z at a lofty $4 billion valuation in March, but there has been much activity since that event.

In April,Glow Labs raised $4.15 million in seed capitalfor its NFT-related project that wants to help “creators to deploy a smart contract with no coding required in a matter of seconds, allowing them to create customized loyalty offerings without as much hassle,” as we wrote. In early May, Americana raised $6.9 millionfor its plans to help“brands and creators to turn physical items such as streetwear, collectibles, cars and artwork into NFTs.”

The list of recent NFT-related deals continues. Zora Labsraised $50 million in May; its protocol, TechCrunch said at the time, “allows artists and developers to create NFT marketplaces and collections.” Less than a week later,Arianee announced that it had raised $21 million for its work assisting “digital ownership and authenticity certificates on behalf of partner brands.” And in late May,Ayokenraised $1.4 million for its creator-focused NFT marketplace.

All those funding events are predicated on the NFT market growing. TechCrunch cited data in April, for example, that the NFT marketreached $41 billion in 2021, and another source said around the same time that the market could double this year.

Arts

https://techcrunch.com/2022/06/08/the-nft-slump-is-real/?guccounter=1

Interesting NFTs
The Harvest
An anthropomorphic figure stands, wide eyed, staring at the viewer; its body masculine, muscular, and humanoid. Its “mind” dissociates into a conglomerate of structures resembling feathers, grain, teeth–as well as a radial flower “node”, casting linear rays throughout the composition. To his left, a vat of bodies gesture and writhe in a kind of amniotic soup, attended by a video game robot. The bot's red display reads “uWu”. Behind the robot and filling the left side of the composition is an archaic figure composed of a variety of vintage objects and symbols. Among them are a hardbound book with ancient cuneiform scripts, indicating barley, beer, bread, ox, house, and sky, behind which is a grimacing, salivating jagged toothed maw; and an old Commodore floppy drive. The figure’s head tilts toward an illuminated crescent moon, suggesting the Egyptian Sacred Bull. The archaic figure is composed of a variety of mutating cells, which shift in color, and pattern; eventually breaking free into an ephemeral broadcast of bubbles which move across the background. The work came into being against a psychological introspection, which included associations to pop culture such as alien abduction and pod people, as well as quite a bit of reflection on grains as a symbol of civilization, agriculture, sustenance, life, and imbibing (mainly whiskies).
Mars House
Mars House is the first NFT digital house in the world. Upon purchase of Mars House NFT, 3D files will be sent to the new owner by Krista Kim Studio Inc. for file upload to the owner’s Metaverse. Technical support for Mars House integration on Metaverse is provided. (Architectural Digest, March 14, 2021) “Kim ventured into NFTs while exploring meditative design during quarantine; her hope was to use the influx of digital life as an opportunity to promote wellbeing. Comprised entirely of light, the visual effects of her crypto-home are meant to omit a zen, healing atmosphere. The artist also partnered with musician Jeff Schroeder of The Smashing Pumpkins to create a calming musical accompaniment. So what makes the file a compelling purchase? Beyond the promise of buying into the lucrative NFT market, the home and all of the furniture in it can be built in real life by glass furniture-makers in Italy, as well as through MicroLED screen technology. Kim also has a strong visions the art being projected, as well. “Everyone should install an LED wall in their house for NFT art.” says the artist. “ This is the future, and Mars House demonstrates the beauty of that possibility.” The owner is in agreement to the following terms and conditions upon purchase of Mars House (hereby referred to as Mars House NFT): The collector agrees to own one copy of Mars House NFT on a single Metaverse platform. The collector is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio Inc. will provide technical support to upload and integrate Mars House NFT on a Metaverse platform. If/when Mars House is resold, the collector is required to delete all Mars House NFT 3D file(s) from his/her Metaverse, and provide verification of deletion to Krista Kim Studio Inc. before new 3D files are transferred to the new owner by the artist. The new owner is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio will send Mars House NFT 3D files directly to the new owner and provide support for Metaverse integration. This verified ownership transfer system will be appointed to Krista Kim Studio Inc. trusteeship, after 40 years of the date of the sale. Krista Kim Studio Inc. retains ownership of Mars House NFT copyright. All rights reserved. All reproductions of Mars House (NFT) in both digital and physical formats, are restricted. Mars House NFT physical furniture pieces, made of tempered printed glass in Italy, may be commissioned by the collector as NFT physical pieces.
The King
Part of a series of three artworks entitled "The Rulers". Inspired by the rulers of the animal kingdom, african mandalas & diamonds. A very complex digital illustration, each lion consists of hundreds of custom diamond shapes. Each background is an intricate custom mandala that compliments the lions facial features.
Craving (Standard Ed.)
Ali Young is a Filipino Neo-soul singer. Ali is the first southeast Asian act to use NFT as a distribution channel for her debut track Craving. The song is about liberation & freedom from the idea that only men are supposed to make moves to get what they want. In today’s world, women should be able to express how they feel without being judged. This is the Standard edition of Ali Young's Craving. Recorded at Kerplunk Studios. Written by Choi Padilla, Errol Apacible, Alibatta.
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By OthersideDeployer