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Go beyond the initial hype

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Gaining popularity in the first quarter of 2021, this year seemed to be the year of non-fungible tokens (NFTs) as celebrities, athletes and prolific musicians poured into the space awash with buzz and enthusiasm for revolutionary creative possibilities. of the emerging ecosystem. present. But as quickly as the NFT phenomenon emerged, activity in the NFT market froze, leaving creators, collectors and other market participants to wonder if the NFT market was dead and if a bear market extended over several years. would follow.

Over the past few weeks, with the emergence of new community-driven NFT products and platforms, the NFT space has sparked new hope that life will return to the marketplace and booming technology is not. not just a passing fad of celebrities taking advantage of the hype.

Weekly NFT trading volume in major NFT markets jumped 3,300% year-to-date ($ 5.9 million) to peak in February ($ 198 million) before plunging 82% to $ 35.3 million in May. Since then, NFT activity has grown to $ 78 million in trading volume in the last week of June, a 120% month-over-month rebound.

Source: DappRadar, TheBlock

The recent rebound can be attributed to the renewed interest in the space as the creators of NFT began to understand how to build communities and incorporate incentives into their NFT constructs to properly energize community members and cultivate natural evangelists. .

For a collector, it is now a status badge to proudly display her NFT on social media, signaling that she is a member of a community that embodies the avant-garde values ​​of open technological experimentation and development. ‘social engagement. Similar to exclusive luxury brands and products, high-value NFTs begin to impart cultural capital as they quickly permeate public consciousness and are adopted by community leaders and influencers.

CryptoPunks was originally released in June 2017 as one of the very first NFT projects and set the standard for the modern crypto art movement. Inspired by a combination of London punk scenes, the cyberpunk movement, and electronic artists such as Daft Punk, digital collectibles represent the zeitgeist online of digital exploration that is instantly mimetic and viral.

Only 10,000 CryptoPunks will ever be hit, and each has unique traits with varying degrees of rarity generated algorithmically by computer code. They were originally published for free and can be claimed by anyone, but are now in high demand with secondary sales exceeding millions of dollars for individual CryptoPunks. CryptoPunk owners proudly display their avatars to signal that they are the first to adopt the Ethereum-based NFT ecosystem and that they value an irreverent culture ready to push the boundaries of society’s preconceptions about expression and value. artistic.

Adding his credibility and weight to the project, Jay-Z recently bought a CryptoPunk and set it as his Twitter profile picture, exposing the project to his three million followers for the first time. He allegedly bought it on April 25 for 55 ETH, worth $ 126,000 at the time.

To capitalize on the success of CryptoPunks, communities and similar NFT projects have emerged and implemented additional innovations to spur increased participation among a larger cohort of collectors.

Such a project, Bored Ape Yacht Club (BAYC), has created 10,000 unique digital monkey avatars that give homeowners access to special features such as a digital graffiti wall called The Bathroom. The BAYC bathroom is a canvas accessible only to wallets who own at least one monkey, and it serves as a common digital mural where community members can draw, doodle, or swear words. Community members can paint a pixel on the bathroom wall every fifteen minutes, resulting in a collaborative and emerging art experience open only to members and residing in the native internet metaverse.

BAYC has also included other fundamental changes such as clear intellectual property rights for great ape owners. This means that NFT token holders can create t-shirts or other merchandise with art related to their monkey, effectively marketing their digital avatars without fear of copyright infringement or messy legal battles. Additionally, BAYC core developers recently released the Bored Monkey Kennel Club, rewarding monkey owners with a free drop of an NFT canine companion for each monkey.

Cool cats is another recent project launched on July 1st and created 10,000 randomly generated cartoon cat avatars by programming. Each Cool Cat has a unique body, hat, face and outfit with 300,000 total possibilities. Future Cool Cat developments will include breeding capabilities, exclusive and personalized monthly Cool Cat drops, giveaways, cash pools to split and stake Cool Cats to receive token rewards and potential derivatives of community created cats, such as 3D cats or cat comics. The creative possibilities for increasing engagement are truly endless, and community members are encouraged to come up with new ideas to increase the market value of their Cool Cats.

Incorporate unique experiences and historical tributes into NFTs

In addition to creating rare digital cartoon avatars, NFT content creators partner with top talent to deliver unforgettable experiences. Started by acclaimed NFT artist Mike Winkelmann (known professionally as Beeple), WENEW is an NFT platform that curates and delivers iconic moments and powerful cultural artifacts. Winkelmann is best known for selling his $ 69 million NFT article “Everydays: the First 5000 Days”, and WENEW represents his next act as an entrepreneur creating a premier NFT platform.

WENEW’s first NFT auction commemorates tennis star Andy Murray’s historic victory at Wimbledon in 2013. The top edition offers the auction winner the chance to play tennis with Murray at the All England Club, two experiences of VIP tour and center court tickets for the Wimbledon Gentlemen final in 2020, as well as a variety of physical and digital memorabilia. The auction ended on July 5e with the winner offering $ 177,777 for the best edition.

Beyond sporting events, NFTs can also serve as an artistic tribute to important historical events. JP Metsavainio is a Finnish astrophotographer who has spent his life capturing fascinating images of our universe.

One of JP’s most prolific pieces, “Voices of Apollo 11”, is a tribute to Michael Collins and the Apollo 11 crew who completed the first moon landing in 1969. “Voices of Apollo 11” will be set auctioned on the SuperRare NFT Marketplace to celebrate 52 years of historic moon travel. The sale will begin on July 20, 2021 which corresponds to the moon landing in the Sea of ​​Tranquility and will end on July 24, 2021 which was the date on which the crew landed safely on Earth.

In the NFT, JP placed the transcribed audio of the Apollo 11 mission over his image of the moon to create a magnificent artistic piece that combines and transcends the audio and visual senses. JP’s work signifies the excellent work Collins has done in bringing the study of space to the public, especially through his efforts as director of NASA and the National Air and Space Museum.

“Because he was director of STEM educational projects for the Air & Space Museum, I decided to donate a large portion of the proceeds from the sale of the NFT to help fund the Virtual Moon project creating multi virtual experiences. -users for children. and provide access to the Apollo 11 landing site to educational institutions around the world, ”JP said.

A portion of the proceeds from the NFT sale will also be donated to Janet’s Planet, a charity that teaches young people about science, technology, engineering, math, art (STEAM) and space.

Like any other market with public liquidity, the NFT space will experience hype cycles with valuations fluctuating as sentiment rises and falls. The NFT ecosystem may have just completed its first market cycle with considerable volatility in user engagement and NFT ratings, but new projects and innovations are bringing the market to life.

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