Non-reversible tokens, or NFTs, took over the crypto sector in 2021. Increased interest in these digital holdings led to record trading volumes throughout August, with individual NFT sales exceeding $1 million on a regular basis. …
With so many NFTs on the market, it can be difficult to decide which unique collectibles are worth such high prices. It is also important to note that while NFTs are becoming mainstream, they are directly linked to the cryptocurrency ecosystem and are therefore vulnerable to market volatility.
For example, the data shows that the total volume of NFTs traded on leading markets declined in early September, around the same time that Bitcoin (BTC) fell below $43,000.
Disclosure of the value of NFTs upon request
Although NFT trading volume continued to decline this month, demand projects such as CryptoPunks and EtherRocks still saw strong sales. Although these were some of the first artworks on display on the Ethereum block, Andrew, head of marketing for the stablecoin project Reserve.org, told Cointelegraph that he believes EtherRocks in particular will continue to rise due to the fact that only 100 are established. “Bad guys, rockers, and cats are all Ethereum classics from 2017. However, there are thousands of cats and bad guys and just 100 stones.”
Andrew Snowfro, founder of art platform NFT Art Blocks, told Cointelegraph that in general, CryptoPunks operate independently of the market as a whole. “There are only 10,000 of them, and it is clear after all that more than 10,000 people will own one, so there will probably always be a lot of interest in punk,” they said.
Due to the limited number of CryptoPunks and EtherRocks on the market, owners of NFTs may also be reluctant to sell. According to Andrew, EtherRock owners likely won’t sell it just because they want to be a part of crypto history: “One of the reasons Van Gogh’s work is so highly regarded is its historical significance. The same can be said about EtherRock’s historical significance.” For his part, Andrew explained. That EtherRock NFT holders would immediately become part of an exclusive club that also produced astronomical prizes for EtherRocks: “The main rationale for me is that NFTs created in 2017 over the next three to thirty years will be very valuable… almost like old art.”
Based on the experience, the CEO of Greenleaf Ventures Fungibles told Cointelegraph that he bought EtherRock after receiving a personal message about the project from social media expert Gary Vaynerchuk:
“At that time there were only three stones left that sold for 8.5 ETs each. I had a good feeling about this project because it has been around since 2017 and only 100 stones have ever been created. I pulled the trigger and then tweeted about why I bought the 24,000 stone dollar. ”
Aside from the rarity and story behind the project, Fungibles stated that EtherRocks is also the perfect meme: “If this project took off, it would show that there is something beautiful in something so cruel that it can end up with zero. This makes the meme perfect and collectible.”
Fungibles also noted that some of today’s most in-demand NFTs also give owners access. In particular, he explained that owning EtherRock gives people access to exclusive pools around the world, and also allows this group to vote on some issues that may help increase the value of EtherRocks over time: “Communities gather around this token, which means access to certain things. This is a long-term investment for me.”
Anthony Scaramucci, founder of SkyBridge Capital and SALT, told Cointelegraph that SkyBridge has just announced the launch of Flatter, an NFT platform that combines an exclusive experience with popular collectibles. According to Scaramucci, Flatter aims to introduce traditional collectors to a broader market where they can experience digital art and experiences in a unique and immersive way: “Flatter NFT owners want access to a community that includes sharing experiences and events and early and exclusive access to events.”
Although the platform has just been launched, Flatter has the ability to showcase the various opportunities that NFT presents to traditional investors, especially as well-known art collectors begin to enter the NFT sector. Noah Davis, Christie’s digital and online sales specialist, spoke to the NFT panel during the annual SkyBridge SALT Conference, noting that several famous art collectors participated in Christie’s Andy Warhol NFT auction in May.