09/12/2024 NFT volume hits 6-month high, but still 90% down from 2021

Non-fungible token on the binary code background

Non-fungible tokens(NFTs) made a comeback in November after dipping for seven consecutive months, hitting $563 million in monthly volume as the positive momentumfrom the United States electionsspread to the NFT market.

Since their emergence in 2021, NFTs have mirrored the overall digital asset market sentiment, with trading volume and overall activity surging during bull cycles. It was no different in November, where 427,000 unique sellers transacted $562.92 million worth of NFTs,datafrom CryptoSlam shows. This represented a 58% increase from October’s $356 million.

This was a reversal of a downward trend that had been ongoing since March when the sector hit a yearly high of $1.614 billion. Over the next seven months, the volume dipped every month, hitting a low of $300 million in September.

Despite the rebound, NFTs are still far from their 2021 highs.Extreme speculationled to a sustained period between August 2021 and May the following year, during which the monthly trading volume was above $3 billion. Many NFTs were just mereJPEGs, but they were going for millions of dollars. The trend spread to the mainstream market, and once celebrities aped in and began purchasingBored Ape Yacht Club (BAYC) NFTsfor millions, the market was only going in one direction.

However, the hype was unsustainable, and once ‘crypto’ stopped pumping, NFTs hit the floor. Tokens whose floor price was previously thousands of dollars were going for less than $100, and the trading platforms started drying up.

Crypto analytics chart weekly volumeSource:Dune

OpenSea, the market leader, laid off50% of its employeeslast year. Last week, Kraken announced that it was shutting down its NFT platform just a year after its launch. The exchangeclaimedthe shutdown was to “shift more resources into new products and services, including unannounced initiatives in development.”

While the speculative NFTs may have died out, companies that built utility into these tokens are still thriving. One of these,Rad TV, has been changing the ownership model of digital content using NFTs on all major platforms. Founder Tony Mugaverotold CoinGeekthat his company uses smart contracts embedded in NFTs to ensure that every stakeholder in the content value chain is fairly compensated for their effort.

Watch: Using blockchain tech to create efficiencies in Hollywood

Arts

https://coingeek.com/nft-volume-hits-6-month-high-but-still-90-down-from-2021/

Interesting NFTs
Hell Riders
A still image NFT. Exclusive to makersplace. February 2020.
Alex in Wonderland
A figure, Alex, stands mostly naked in the midst of a physical and psychological maelstrom. He is clad only in nostalgic 80’s era socks, on a tenuous island between active waters and a variety of shark denizens. Sharks on the right side of the image are all beached, including a shark with a quartz crystal snout, an orange shark wrapped in a life buoy, and a shark further in the distance wearing an 80’s style shirt with the number “88”. On the left side is the largest shark, wearing bright glossy red lipstick and brandishing prominent teeth with braces. She is cordoned off from the figure by a roped float divider, and within her thought bubble is a warning symbol. Behind the figure, hovering in the air, are Grey aliens emerging from the distance, out of a series of elliptical UFO shaped interdimensional membranes. The Greys take on the visual form of spermazoa ostensibly impregnating the interdimensional thresholds. As is typical, these Greys inhabit a zone just behind the unconscious topology of Alex’s dissociative mind. Though Alex’s bottom half is representative, his top half mutates into a psychological cornucopia. In a manner akin to “Auto-Erotic Sphinx”, a predecessor work, the figure has self suctioned—an act of sensual infatuation, enjoyment, and exploration. Upward exists the figure’s primary conscious eye, adorned with a revolutionary beret emblazoned with a Bitcoin badge. The figure’s summit features the nose of a fighter jet facing off against video game Bullet Bills, one of whom is marked by a communist North Korean star. A cropped section of a UFO observes the contest. Alex’s mind branches both left and right. To the left is more singular embodied consciousness, manifesting two eyes and a Ganesh trunk grasping crayons. The right branch dissociates upward diagonally, emerging into an array of eyes, faces, teeth, tail, a unicorn horn, and much more—all of which participate in expressing his unconscious being; a democracy of psychic factions representing thought impressions and associations. All illumination and darkness– fernal, infernal, high consciousness and corporeal underbelly–reside in this realm. In the distance are relatively languid, light clouds, and against the firmament hovers a colossal distant eye peering over the scene and far beyond. This painting possesses underlying genetic traits with previous works such as “Auto-Erotic Sphinx with Toys”, “Dionysus”, and “Fuku-Shiva”. The work serves also as a nod to an earlier period of art inspiration during late teens and early twenties— born out of the nakedness, vulnerability, curiosity, and wonder inherent to coming of age and all subsequent psychedelic revelation.
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).
Genesis
JosĂ© Delbo sent me his striking pencil sketch and powerful inked work, which I then interpreted in oil on canvas. I wanted to create a very painterly piece with obvious brush marks etc, but I was also aiming for a nostalgic feel, a kind of 1980’s superhero comic book look, the kind I grew up with. My goal with this animation was to try to recreate, in part, the creative process that both artists went through with the visual information I had. I was able to showcase my painting process more accurately as I could take photographs of my progress throughout. Consecutive images could then be layered like brush strokes over José’s drawing to create the impression that this was one continuous artwork from pencil, to ink, to completed painting. The representation of the line sketch at the beginning, then pencil/ink and lastly the paint layers being applied demonstrate both artists’ struggle for the right lines, tone, form, and colour until the work is finally completed. As the oil was still wet with each photograph the glare of my studio lights can be seen in the brush strokes. Eventually, the figure emerges and as it does, our hero comes to life, looking directly at the viewer -- but is he grimacing in approval or disgust? We will never know for sure as just before he can say anything, white paint is brushed across the canvas entirely and the process begins again. Only the bat is quick enough to escape.
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By OthersideDeployer