16/03/2022 NFT Market Continues to Outperform Crypto Despite Correction – Nansen

Source: iStock/ShariffC

The market for non-fungible tokens (NFTs) has outperformed the broader crypto market this year both when measured inethereum (ETH)and US dollar terms, according to the Ethereum-focused data analytics firmNansen.

The year-to-date outperformance of the NFT market relative to the crypto market stands at 68.5% when denominated in ETH, and 20.9% when denominated in USD, their new report said. This shows that the NFT space has held up better than ETH, with crypto prices tumbling lower for the better part of the year.

Since the beginning of 2022, the price of ETH had fallen by 32% at the time of writing, whilebitcoin (BTC)was down by 19% over the same period.

Also, according to the firm, the year-to-date performance of itsNansen NFT-500 (ETH)index shows that the NFT market has what is described as “a relatively weak correlation” with the crypto market when measured in US dollar terms.

Measured in ETH terms, however, the two markets are inversely correlated, the report added.

Source: Nansen

The Nansen NFT-500 index is one out of six NFT indexes created by Nansen since September 2021 to track performance across the NFT market.

“Index investing typically seeks to offer investors exposure to a market sector as opposed to picking winners,” Louisa Choe, Research Analyst at Nansen, toldCryptonews.com.

Drilling down to specific sectors of the NFT market, Nansen said that itsArt-20index shows that art NFTs is the leading sector in the space, with a year-to-date return of 192% in ETH terms and 108% in USD terms.

At the other end of the spectrum was the gaming segment of the NFT market.

Despite being described by Nansen as the “fastest-growing segment of the NFT market,” gaming-related NFT collections saw the worst performance this year with a return of 42% in ETH and just 14% when measured in US dollars, the report said.

Further in the report, Nansen also said that the gaming-focused part of the NFT market is among the least volatile segments of the market.

The reason for this could be that the gaming segment is “mature and have an expanding user base,” Nansen hypothesized. As evidence for this, it pointed to the entrance of major companies such asGrayscale, which offers aDecentraland (MANA)investment trust, into the space as one factor that makes the related NFTs less volatile as an investment.

Worth noting is that the gaming segment only accounts for a relatively minor share of the overall NFT market, with a market share of close to 8%.

The biggest segment by far is what’s known as social NFTs, which include profile pictures for use in social media. This segment makes up a whopping 79% of the total NFT market, Nansen’s report said.

Source: Nansen
Arts

https://cryptonews.com/news/nft-market-continues-outperform-crypto-despite-correction-nansen.htm

Interesting NFTs
Genesis
José 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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Coffin Dance (Dancing Pallbearers)
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Saycheese Sandalwood Jwls
Oh hi! I'm Saycheese Sandalwood Jwls. I want to live in a world where people believe that one day cats will rule this planet. My great-great-great-great-great-great grandkitty lived with Princess Diana. I look forward to tricking babies with you.
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.