Ahoy, crypto enthusiasts! Get ready to set sail on the choppy waters of the NFT market. The past month has been a wild ride, with NFT sales experiencing a significant dip. But fear not, for every stormy sea has its calm, and every downturn, its potential for a rebound.
According to a report by InsideBitcoins, NFT sales fell by 30% in July. This downturn has left many traders and investors scratching their heads, wondering what the future holds for the NFT market. But as any seasoned sailor knows, the sea is unpredictable, and the winds of change can blow in any direction. Data compiled by CryptoSlam.io shows that the NFT market is down by nearly every traceable metric. In the past 30 days, the NFT market has recorded a trading sales volume of $531 million, representing a 29% drop from the previous month. During this period, non-fungible tokens hosted on the Ethereum blockchain have been the most traded NFTs, recording a trading sales volume of $315 million. Ethereum NFTs have dropped 21% in trading sales volume from the past month. Non-fungible token collections pegged on the flagship crypto “Bitcoin” have been the second most traded NFT collections this month. In the past 30 days, Bitcoin ordinals have attracted a trading sales volume of $63 million. This figure translates to a 48% drop from the past month.
Despite the recent downturn, some experts predict that the NFT market will see a resurgence in August. This prediction is based on various factors, including the launch of new NFT platforms and the continued interest in NFTs from both creators and collectors. The first quarter of 2023 saw a swift turnaround with NFT trading volume up by 137%. A contributing factor for the turnaround was the increased competition in the marketplaces to trade NFTs and increased number of blockchains supporting NFTs. OpenSea, once the undisputed leader in the NFT marketplace, has been surpassed by newcomer Blur, which now holds over 70% of the market share. One factor of Blur’s extraordinary gain is its financial power through the promise of future airdrops of its native token. However, just as users migrated to Blur, they are likely to switch platforms offering a better financial incentive.
Speaking of new platforms, the NFT platform market has seen some interesting developments recently. One of the most intriguing is the rise of CryptoDickbutts, a collection that began as a joke among early CryptoPunk holders and has evolved into a community that embodies core tenets of decentralization. The initial collection, released in March 2021, consisted of only 161 NFTs. However, the continued demand led to a Series 3 of 5,200 NFTs several months later in August. These NFTs were ranked according to traits like skins, butts, shoes, and hats. Notably, the Series 3 collection includes 14 “legendary” one-of-one NFTs, one of which sold for 69 ETH (roughly $246,744) in October.
The CryptoDickbutt community has been actively working to bridge the digital and physical worlds. They are planning to acquire a private island for events and downtime, which any holder—a group that includes Steve Aoki, Blondish, ProbCause and Sartoshi—can visit. This effort has led to partnerships with Silver Jets, which offer OG and Series 3 holders 15% and 10%, respectively, on access to private charter flights. Other collaborations include an interactive Metaverse-style VR setting created by Naughty America and derivatives with artists like Killer Acid and Sergs.The CryptoDickbutt DAO (Decentralized Autonomous Organization) is open to any verified CDB holder. The DAO has been involved in initiatives like merchandise and games. The pseudonymous Gremplinalso has mentioned ties between CryptoDickbutts and his most recent release, CrypToadz, via the same solidity developer that worked on both projects.
The steady rise of CryptoDickbutts is reminiscent of Bitcoin’s stand against the ivory towers of Wall Street. Its design mitigates brand takeovers and preserves key values for Web3 proponents. The token contract address 0x42069ABFE407C60cf4ae4112bEDEaD391dBa1cdB leads with “42069” (an homage to crypto culture) and ends with “1cdB” standing for one CryptoDickbutt.
Recently, the royalties on Series 3 were doubled to 5% to fund more regular community-led initiatives in the future. While there is no set roadmap, the community is actively engaged in shaping the future of CryptoDickbutts.
Recent reports suggest Amazon is expected to release an NFT marketplace this year without having to own cryptocurrencies directly to buy. Amazon’s venture would not be surprising given that CEO Andy Jassy has stated previously that he expects “NFTs will continue to grow significantly”. The platform could likely leverage and partner with Twitch game streamers, utilise its Prime Day to promote NFTs and possibly link NFTs to physical goods delivered by Amazon.
Although NFTs are most associated with artwork, several companies have begun to embrace this space to build deeper customer relationships. Recently, Salesforce rolled out an NFT management platform that allows brands to create NFT loyalty programmes and connect directly to its customers, allowing it to obtain first-party data. One company at the forefront of leveraging this use case is Starbucks. The company recently launched its Odyssey experience to selected members – an extension of the Starbucks Rewards programme where NFTs serve as an access pass to immersive coffee experiences and exclusive merchandise.
So, keep your spyglasses handy, crypto traders, because there might be a treasure chest of opportunities on the horizon.
Speaking of new platforms, the NFT platform market has seen some interesting developments recently. According to a report by UCReview, major players like Larva Labs, Dapper Labs, and Sky Mavis are making waves in the NFT seascape. These platforms are pushing the boundaries of what’s possible with NFTs, creating new opportunities for artists, collectors, and investors alike.
In addition to new platforms, the NFT marketing service market is also seeing some significant trends. Companies like AppDupe, Blockchain PR, and Chaincella are leading the way in NFT marketing, helping creators and platforms reach a wider audience. With the right marketing strategies, NFTs can reach new heights, so keep an eye on these trends, crypto traders.
Despite suffering massive losses amid the recent NFT slump, many NFT investors are still bullish that the NFT market will retest positive gains in the upcoming month of August. In their current prediction, Statista foresees the NFT revenue in the NFT market to reach $1600 million in 2023. The journey to this remarkable milestone is likely to start this August.
But remember, navigating the NFT seascape is not for the faint of heart. The market is volatile, and the winds can change at a moment’s notice. As always, it’s crucial to stay informed, understand the risks, and make calculated decisions. After all, the sea may be unpredictable, but with the right knowledge and a bit of luck, you can ride the waves to success.
So, grab your compass and your map, crypto traders and investors. The NFT seascape is vast and full of potential. Whether you’re a seasoned sailor or a novice navigator, there’s a place for you in the NFT market. So, set your sails, brace for the winds of change, and get ready for an exciting journey.
