Last week, American collector Kanbas purchased a unique NFT artwork by Sam Spratt for $3 million. This purchase marks the largest sale of a non-fungible token in three years, indicating a possible shift in the market.
Sam Spratt’s “X.Masquerade” (Source: Kanbas, X)
The artwork titled “X.Masquerade” is the sixth piece in Sam Spratt’s Luci series. For an upcoming exclusive event, supporters purchased LUCI masks at a price of 2.56 ETH, which is approximately $6,800.
The NFT market is attempting to revive
In a post on X, Kanbas stated, “Proud to stand beside him (Sam Spratt) and help share the masquerade with the world.” Kanbas added that they “respect Sam’s trust” and that the artwork he created symbolizes values of sharing.
Kanbas’s purchase follows an increase in NFT trading volume, attributed to Opensea’s marketing efforts. According to Coingecko, NFT trading volume reached $40 million, a 29% increase compared to the previous day. At the time of writing, the trading volume was $37 million, down 8.4%.
The NFT market has experienced a temporary surge, but overall market performance remains struggling. The market values of Cryptopunks and Bored Ape Yacht Club collections have significantly dropped, decreasing by 71% and 91%, respectively, from their original peak prices.
Market sentiment has turned negative, as investors are now showing greater interest in Memecoins (currently valued at $73 billion) due to easier entry, lower fees, and increased liquidity.
The focus of the NFT market is evolving for survival
Kanbas’s investment indicates that digital art collectors now prefer artist-centric, meaningful projects that can enhance artistic and cultural value, rather than pursuing quick financial gains through profile picture collections.
In 2022, billions of dollars flowed into the non-fungible token market, attracting millions of collectors. However, the explosive growth of the market did not last long. The decline in cryptocurrency values led NFT collectors to sell their assets, which in turn caused a liquidity crisis and market failure.
The NFT market experienced a fate similar to ICOs in 2017, losing speculative projects. Nonetheless, art and cultural non-fungible tokens hold long-term potential.
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