NFT artists face their first huge challenge since the breakdown of cryptocurrency

As NFT art sales drop, a few digital-art celebrities seem to be surviving the crypto turmoil.

 

 

The days of $69.3 million Digital photos may be over for the time being. Still, a bunch of top digital creators retained themselves during a Christie’s fundraising event Tuesday, which evaluated the everlasting effect of crypto art in the aftermath of a recent drop in virtual currency values.

 

 

The sale came in the wake of a cryptocurrency downfall, with many, such as Bitcoin and Ethereum, lately falling to less than half their maximum values.

 

 

Despite this, few of these visual artists have faced a significant trial run since the crypto marketplaces began to crumble this spring. 

 

 

Due to a lack of competitive intelligence, collectors now have trouble anticipating the route of blue-chip NFT art instead of collectible currencies. It illustrates why collectors were drawn to this small Christie’s sale organized by one of their investors, Ryan Zurrer.

 

 

Christie’s has stated that it is still prepared to accept cryptocurrency for some of its services, but the auction site has only sold $4.6 million in NFT art this year, not including Tuesday’s sale. It sold approximately $150 million in NFTs last year.

 

 

According to Nicole Sales, Christie’s corporate director of digital art sales, collectors are separating the best online artists from the rest, forming a universe that is more able to endure the turbulence of the wider crypto market. 

 

 

“It’s now about the art, not the buyers,” she explained.

 

 

The current market environment, according to Sales, is “below optimum”. Yet, she is optimistic about the future outlook.

 

 

Sales stated that “the line to get into last week’s NFT.NYC convention strained more than a major street and that “it was filled.”

 

 

 

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