In 2021, we saw NFTs saying for tens of millions of dollars and acting as the profile pictures for some of the most famous A-listers on the planet. The only way was down, but how has 2022 been going for these art NFTs?
Token Gamer and NFT Insider have decided to combine forces to launch a weekly podcast, Mint One (formerly WAX Lyrical). John Nichols of NFT Insider and I will discuss a new topic every week, as well as feature special guests. If there’s a topic you’d like us to cover, make sure you let us know through the Token Gamer Discord or Twitter, or the NFT Insider Discord or Twitter.
In last week’s episode, John was being held hostage by crypto pirates so co-founder of Token Gamer, Dave, stepped in to discuss with me a topic we both put a lot of thought into: Why do gamers hate crypto? This week, having negotiated John’s safe passage back to England, John and I discuss how art-based NFTs are faring after their parabolic rise in 2021.
Episode 26: Are Art-Based NFTs Dying?
Have you ever heard of Betteridge’s Law? It states that in journalism, any title that is a question can be answered with “no.” This episode is an example of that law in action, but it’s more complicated than just “no”.
The dizzying heights art NFTs reached in 2021 caught almost everybody by surprise. They became a unifying and ubiquitous medium and ignited an interest in art that hadn’t been that fervent since early 20th century Paris. And so, a correction was due and has been delivered, aided in part by the crypto winter we have entered.
Nevertheless, NFTs are still growing in popularity by unique addresses purchasing them, NFTs sold, and amount spent. That might surprise you, but it also doesn’t tell the whole story. After all, blockchain gaming, metaverse, and utility NFTs have overshadowed purely art-based NFTs and make up a fair whack of the numbers. So, where does the art sector of NFTs stand now? What is the future for it? John and I hash it out.
We’d like to ask that if you listen to us on Apple Podcasts and/or Spotify that you rate us five stars and leave us a review if you enjoy Mint One. This helps both our podcast and the blockchain gaming ecosystem as a whole!