In his podcast he called Nifty Alpha Podcast, NFT influencer Nifty Nick assesses the NFT market, which is currently going through its worst period. It highlights the responsibility of influencers in the deterioration of the market in recent months and presents possible solutions to restore it, especially with regard to the founders.
Like cryptocurrencies, the NFT market is going through the winter
Since the second quarter of the year, the market for There are no fungable codes (NFT) is facing an unprecedented defeat, which marks its first major setback. NFT sales began a gradual decline early in the second quarter to hit a record low in June. Then it was $884 million, compared to $3.9 billion in May.
A great disappointment to the enthusiasts who, a few months ago, mocked the traditional art system and praised the sector’s democratization, as well as its ability to rapidly enrich value chain actors.
Named main groups glaucoma They lost nearly a third of their values, compared to what they gave at ATH. Bleeding from the industry reinforces the skeptics’ belief that the emergence and existence of these projects is the influence of fashion.
For Nifty Nick, the collapse of the NFT market has also been attributed to unconventional practices, particularly on the part of influencers.
“Influencers who promote projects they secretly invest in and then walk away from, countless commercial hackers representing digital artists, various scams, etc. have contributed to this situation.”He said before lamenting the recent shift in the NFT ecosystem.
“Most NFT projects are undoubtedly bubbles, but the entire art and collectibles NFT commercial ecosystem feels like a new form of art-themed online gaming. It’s similar to horse racing or sports betting, but for digital users”
But in the face of constant criticism from skeptics, he assured that the market will hold out and recover from this crisis, because it is only. ‘mutated under pressure’.
Finally, actors must sell a story, which is constantly renewed
According to Nifty Nick, the failure of projects by many traditional artists in the market is linked to their belief that all you have to do is launch an NFT project which will then be sold to an audience that will somehow embrace it. negative.
“Continuous attention, constant new excitement, is what it takes to sustain interest, to ensure interest continues. Thus, the effect of NFT-ization of art seems more like an intensification of the demands of creative life in the age of social media and the tyranny of algorithmic feeding, than a healthy, closer alternative. To the people (…) Art is traditionally associated with meditation. In this space, art will be associated with being always active, always noisy.”He said.
In this sense, the podcaster cites the example of Beeple, the most famous artist in this environment, who saw his fame grow thanks to his project everyday To post a new artwork, every day.
As the NFT market grapples with an unprecedented crisis that has seen the stock market crash in recent months, YouTuber Nifty Nick depicts a deeply disillusioned environment as he is convinced to democratize and revolutionize the field of art. A case highlighting the responsibility of influencers. Anything that reflects the need for better oversight of the sector.
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Luke Jose Adjinaco
Far from discouraging my enthusiasm, an unsuccessful cryptocurrency investment in 2017 only added to my enthusiasm. So I decided to study and understand the blockchain and its many uses and pass on my pen information related to this ecosystem.