Why did The NFT market crash? Is there any future for artists in the NFT market?
Originally published at https://mladek.substack.com on November 18, 2022.
The market prices plummeted from the hype cycle we saw in the summer of 2021, this is true. However, it is important to remember that NFTs represent a technology that continues to be developed and adopted by the biggest companies in the world.
The technology behind NFTs hasn’t crashed, in fact, NFTs as an industry have never been in a better position. The speculative trading has died down significantly and builders have come to the forefront.
It’s important to remember that NFTs represent digital ownership. That is it.
Recent NFT Adoption
1)Starbucks- Odyssey program using Polymatic chain
2)Reddit — Digital Collectible Avatars
3)Instagram — NFT intrigution
4)Nike — Swoosh
Checkout this tweet announcing Nike — Swoosh
Is there any future for artists in the NFT market?
Heading into the winter of 2022 — at the lowest points in crypto in years the answer is an absolute YES there Is a future for artists presently and in the future. Everyday artist are finding success.
The NFT market is very liquid even in these low times. Millions of dollars are transacted each and every day across multiple NFT marketplaces. The most notable is Opensea.
At the core of any successful NFT artist is community. (supporters)
Simply uploading your art (minting) and expecting it to sell is pretty audacious. You’ll have to put in work first to build an audience. The most widely used platforms currently are Twitter & Discord. Both are great mechanisms to communicate with your community.
The beauty of Web3 is that there is very little distance between you and your community. It creates an environment of real connections despite anonymity.
There are lots of different ways to market yourself and build the community, which I will write about another day.