In his podcast called Nifty Alpha Podcast, NFT influencer Nifty Nick takes stock of the NFT market, which is currently going through its worst period. He highlights the responsibility of influencers in the deterioration of the market in recent months and offers possible solutions for its recovery, particularly with regard to the founders.
Like cryptocurrencies, the NFT market is experiencing its winter
Since the second quarter of the year, the market for No Fungible tokens (NFT) faces an unprecedented rout, which represents its first big setback. NFT sales began a gradual decline early in the second quarter to post a record low in June. They were then 884 million dollars, against 3.9 billion dollars in May.
A big disappointment for the enthusiasts who, a few months earlier, mocked the traditional art system and praised the democratization of the sector, as well as its potential for rapid enrichment for the actors of the value chain.
The main collections named bluechips have lost almost a third of their values, compared to what they represented at their ATH. A haemorrhage from the industry that reinforces the belief of skeptics that the appearance and existence of these projects is a fashion effect.
For Nifty Nick, the collapse of the NFT market is also attributable to unorthodox practices, particularly on the part of influencers.
“Influencers who promote projects they are secretly invested in and then walk away, the countless number of business hacks that pose as digital artists, the various scams, etc., have contributed to the occurrence of this situation “he said, before lamenting the recent transformation of the NFT ecosystem.
“Most NFT projects are undoubtedly bubbles, but the entire art and collectibles NFT trading ecosystem feels more like a new form of art-themed online gaming. . It is the same as horse racing or sports betting, but for digital users”
But in the face of continued criticism from skeptics, he assured that the market will hold and recover from this crisis, because it only “mutate under pressure”.
To last, actors must sell a story, constantly renewed
According to Nifty Nick, the failure of projects carried out by many more traditional artists on 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 who will adopt it in a way passive.
“Constant attention, constant new excitement, is what it takes to keep the ball of interest going, to guarantee a continuous drip of interest. Thus, the effect of the NFT-ization of art looks more like an intensification of the demands of creative life in the age of social media and the tyranny of algorithmic feeding, than an alternative healthier and closer to people (…) Art is traditionally associated with contemplation. In this space, art is going to be associated with always being active, always hustling.”he said.
In this sense, the podcast host cites the example of Beeple, the most famous artist in this environment, who saw his fame grow thanks to his project Everydays of posting a new work of art, every day.
While the NFT market is facing an unprecedented crisis that has seen exchanges collapse in recent months, youtuber Nifty Nick depicts an environment that is suffering great disillusionment as he was convinced to democratize and revolutionize the field of art. A state of affairs in which he highlighted the responsibility of influencers. Anything that reflects the need for the sector to be better supervised.
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