“The Nft Market Has Failed to Reach the Dizzying Heights of 2022, But Maybe It Doesn’t Need to.”, – WRITE: www.coindesk.com
The Artwork is Called “X.MasQuerade” and Is The Sixth Chapter in the “Story of Luci.” IT Ties Into Into An UpComing Invite-Only Event that Allows Supporters to Participate In A Game by Purchasing A “Mask of Luci” for 2.56 ETH ($ 6.800).
“We’re Proud to Stand BESIDE HIM [Sam Spratt] and Help Share Masquerade With The World. It is Our Way of Honoring Sam’s Trust, The Monumental Work He’s Created, and – Above All – The Shared Values that Underpin IT, “Kanbus posted on x
The Purchase Comes Alongside A Timely Boost to the Nft Sector Following A Marketing Push from Prom From Platform Opensea That Includes a Token AirDrop. Trading Volume Hit $ 40 Million Over The Past 24 Hours, A 29% Rise On The Previos Day Access to Coingcko.
However, The Nft Market As A Whole Has Failed to Replicate the Drinkying Heights of Previous Cycles; Activity Is Down and General Sentiment Is Also Waning as Floor Prices of Collections Like Cryptopunks and Bored Ape Yacht Club and Are Down by 71% and 91% of ReSPECTIVELY.
Much of the Market’s Playht is Connected to this Cycle’s $ 73 Billion Rise of Memencoins, WHICH Retail Investors apper to prefer due to minimal transaction fees, more Laer.
But Perhaps Kanbas’ $ 3 Million Purchase Demonstrates a Maturing of the Nft Market Away from Special Special Many.
The Rapid Growth of NFTS IN 2022 WAS Addictive; IT CAPTURED MILLIONSS OF PARTICIPANTS AND RACKED UP BILLIONS OF DOLLARS IN Weekly Volume, But The Market Itelf Was Unsustainable. WHEN Underlying Assets Used to Purchase Digital Art Began to Tumble, NFT Collectors Attempted to Cut Losses by Undercutting Other Selers —Creating A Liquidity Crunch.
ALL SPECULATIVE BUBBLES POP AT Some POINT, The Majority of 2017 ICO Tokens Are No Longer Operational But The ons that Still Exist Are Wrtho Billions. For Nfts It Now Sems Less about the monetary Value and ‘get rich quick’ aspect and more about the cultural and creative Value of the art itlf.
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