NFT market becomes less attractive

In 2024, the biggest good news for the cryptocurrency market is the approval of the Bitcoin spot ETF. At the same time, good news may also come from the Ethereum ETF, which makes investors optimistic. It is expected that both Bitcoin and Ethereum are likely to hit new heights this year. new highs.

A recent report by Bloomberg pointed out that even if currency prices are rising, the "NFT field" in the encryption token market is in dire straits, with the floor prices of many popular NFT projects falling by 40% to 50%. For example, according to NFT Price Floor data, the floor price of the Ethereum NFT series CryptoPunks was 41 Ethereum at its lowest point in the market last year, and reached about 22.99 Ethereum this year.

The market situation last year was considered quite tragic in the eyes of many people, and they even considered it to be a "cold winter" for the market.

However, an NFT collector said in an interview with Bloomberg that NFTs in the pure art market continue to be bought and sold, and prices are stable, which shows that people are still enthusiastic about works of artistic value.

However, what exactly is a pure art NFT? How is it different from the popular profile picture (PFP) NFT in the past? And does the art NFT market really meet investor expectations?

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What is a pure art NFT?

Zhang Baocheng, co-founder of VolumeDAO, a Taiwanese art NFT collection and creation group, explained that the biggest difference between artistic NFTs and avatar NFTs is the "purpose" and "expression method."

Blue-chip projects such as Boring Ape and CryptoPunks have obvious illustration or pixel styles, and this type of NFT is usually a "mass-oriented" form of expression, which means that the holder can use it as a social media avatar to prove to others that, Show that you belong to a specific community.

Purely artistic NFTs focus more on what the artist wants to express. These works may be more abstract and focus on details such as texture, color temperature, and repetition, similar to the emphasis on the "soundtrack" rather than the lyrics in a song. Collectors of artistic NFTs are not concerned about community or empowerment, but the artistic value and meaning behind the work, similar to collectors of traditional art.

However, Zhang Baocheng emphasized: "Both types of NFT are both an artistic style, but the purposes of creation and collection are different."

objkt.com is one of the major artistic NFT stores on the TEZOS chain.

Who are the collectors of pure art NFTs?

There are two main categories of buyers who purchase pure art NFTs. One is collectors who are already familiar with traditional art and are curious about NFTs while collecting traditional art works; the other is buyers who like to pursue new things. You may not know much about traditional art, but you are very interested in NFT, an emerging creative medium.

Zhang Baocheng revealed in an exclusive interview in the past that he hopes to let the traditional art circle understand blockchain and NFT through VolumeDAO, and also allow Web3 people to understand different blockchain art.

Transaction volume has declined but creative energy remains abundant

As a senior collector of pure art NFTs, Zhang Baocheng pointed out that in fact, the transaction volume of the art NFT market is the same as the current overall market situation, and is almost declining. Even so, there are still a large number of wonderful works being launched in the market, and the creative energy is quite abundant.

As an art carrier, NFT is of great significance to native digital artists regardless of external perception or price. Digital native art works refer to "generative art" whose materials and visual elements all come from the digital world, such as generating results through operating coding (Coding) and presenting unique geometric shapes, color blocks and lines.

Generative art work 〈365〉 created by artist Yazid Azahari.

NFT provides a suitable digital presentation method for these works, giving digital art works independence and autonomy, and getting rid of the dilemma of relying on physical carriers.

"In the past, digital art works often relied on physical screens or USB storage devices for display or collection. NFT allows these works to be traded directly on the blockchain and stored in digital wallets. They are truly digital art works. Picture frame." Zhang Baocheng explained.

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