In recent months, the crypto market has seen a dramatic decline in value 📉. This has significantly impacted the NFT and art communities, with projects seeing their token prices drop and investors pulling out of the market.
NFT art was a thriving industry with many projects -some with real-world value. Artists were getting good value for their work. NFTs like Crypto Punks and Bored Ape Yacht Club continue to be the highest-selling NFTs and continue to make millions of dollars. Beeple is one of the most famous NFT artists, and his work (Beeple’s collage) sold for $69 million at Christie’s auction house. This makes Beeple the third most expensive living artist, behind only Jeff Koons ($91.1 million) and David Hockney ($90.3 million).
The bear market🐻 and its impact on NFT artists
Despite their meteoric rise, NFT artists have been struck by the crypto bear market. Many NFT artists have had to find new ways to make a living as the value of their NFTs has plummeted.
However, the good news is that $30 billion have been invested in NFTs in the last two years, according to David Pakman, Managing Partner of CoinFund.
He believes NFTs are the most successful new consumer product since the smartphone. But the most enticing data point Pakman shared was that even though asset values have gone down, the market cap of NFTs has continued to go up. The speed and quantity at which NFTs were being purchased were outpacing the effects of the bear market. Hence there is a silver lining for the industry reeling under macroeconomic factors.
Tips for NFT artists during the bear market
For NFT artists who are struggling to generate value during the crypto bear market, here are a few tips:
- They can offer NFTs in a variety of formats, including both digital and physical versions. This will widen their customer base and increase visibility.
- Artists could use social media to reach a wider audience. Platforms like Twitter and TikTok are great places to promote your NFTs. They can also participate in online forums and communities dedicated to NFT art.
- Collaborate with other NFT artists. Joint projects can help you reach new audiences and tap into new sources of value.
The Digital art Renaissance
Artists can also participate in contests that give them more visibility and traction. Projects like
offer NFT artists a platform to showcase their work and create buzz through its unique digital art competition👉 Non-Fungible Talent Season 1.
The competition, open to all digital artists, offers prizes worth $1000 for the top three NFT artists. In addition,
will be promoting the winning entry on its social media channels, enabling the artist to reach a wider audience. With AdLunam’s help, NFT artists can get the exposure they deserve and help to grow the NFT community🚀 .
So if you are an artist who wants to participate in a competition and win some prizes, do check out AdLunam’s contest.
AdLunam, Inc. is an Engage to Earn NFT-integrated IDO seedpad and launchpad for the Web3 Attention Economy using a Proof of Attention allocation mechanism. The Engage to Earn ecosystem enables crypto investors to monetize their social capital while allowing projects access to the industry’s top-most engaged retail investors throughout a token’s funding life cycle.
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