Ethereum, most cryptocurrencies NFT Founded on Friday, it was below $ 1,800. This is the lowest value in over a year. It is far from the peak at the high of $ 4,000 last November.
Mourning began with the drop, even among the crypto community accustomed to surviving asset volatility. However, the NFT platform has not overcome five stages of sadness before taking action.
None of these pivots are clearly labeled as market response, but the timing and nature of the new initiative seems to be designed to make up for the lack of enthusiasm in the current market.
Take the Foundation as an example.
The Foundation is an NFT platform known for its focus on high quality, one-by-one or single edition NFTs (as opposed to large PFPNFT collections such as Bored Ape Yacht Club and CryptoPunks). This was partially possible, as it was necessary to invite artists from the Foundation or other artists who were already using the platform to sell their work at the Foundation.
Mid-May, Foundation publication The blockchain will abolish the invitation-only strategy they have set up as a transition from the gatekeeping spirit of Web 2.0 (now the Internet) to the greater freedom and democracy of Web3 (the Internet experience built from decentralization). Technology).
Still, the rigorous curation of the Foundation made a difference from platforms like OpenSea. OpenSea makes a lot of money, Fraud, hacking, rug pulling, and all other risks This does not include user confirmation. However, as the market changes, monopoly rights can emerge as a threat to the scale needed to survive.
On the contrary, the Foundation seems to be focusing on a new operating system initiative called Foundation OS, with the motto “New Internet Components”. The operating system, which is one of the major service infrastructures, is built from the Data Sharing Protocol Foundation, which was built for that market. Relying on the provision of infrastructure may seem like a more sustainable aspect of the business to focus on when short-term transactions are not in fashion.
Sunil Singhvi, Chief Business Development Officer for the NFT platform Rarible, said it is important to have this kind of diversity at this time (Rarible has not announced any changes).
“Protocols have always been our business and the market has been a brilliant example of what the protocol can build, but we have a lot of things built along the market,” said Symbi. ARTnews.
Meanwhile, the NFT platform SuperRare believes it has found a way to respond to changing markets without changing the core aspects of SuperRare’s identity.
“Super Rare represents trust,” said CEO Jon Crain. ARTnews.. But Crain said he knew the company had to try something new.
“Having a market is no longer new. Creating an NFT is nothing to write, so this moment really adds value to people and encourages them to push their limits. “He said.
Like the Foundation, SuperRare was a place to find artists selling unique pieces, as opposed to collector-type PFP NFTs. Moreover, SuperRare was never a secondary market. Currently, SuperRare is investigating both PFP and the secondary market.
of partnership SuperRare provided the first large collection called Across the Face, created by Nigerian artist Osinachi, using Async Art, an NFT platform that specializes in creating large, generative projects.This series is inspired by the famous paintings of Rene Magritte Child of man (1946) A floating green apple covered the face of a man wearing a fedora hat. In Across the Face, the face of a black man is hidden by a variety of objects with randomly paired accessories and colored backgrounds, such as doves, books, and Rubik’s cubes.
A SuperRare spokeswoman said that SuperRare typically works 20 to 30 times a day. ARTnews Although it’s email, Async is now able to handle a much heavier load. Async created 1,000 NFTs and sold them in the secondary market through SuperRare. This move is tightly controlled and SuperRare can expand its reach without suddenly flooding its market. In the future, more large collections will be available in Async.
Unlike many NFT initiatives and platforms, SuperRare did business before most people knew what an NFT was. That meant running for years with a small budget. For many platforms that emerged during the 2021 boom, this may be the first time it has worked in a major recession.
“In a bull market, it’s easy to get money, but venture capital spending on cryptocurrency start-ups and others peaked in December,” Crane said. “In this market, investors will certainly be trying to think twice about how they develop their capital, it’s no longer like” cool idea, there’s some money here. ” There is none. “
Whether these summer children’s platforms can survive the crypto winter is a question no one can answer. Especially when chasing the jagged peaks and bottoms of the market that are promised to skyrocket in the next moment.
However, if you have one platform that is too big to fail, it could be OpenSea. With a $ 13 billion valuation, OpenSea is arguably the most valuable NFT market around, but even this huge one has undergone some changes.
Unlike Foundation and SuperRare, OpenSea wasn’t built around monopoly, which helped OpenSea gain market share, but meant sacrificing visible quality of service. From the beginning, many crypto enthusiasts focused on getting as many users as possible. At this time, OpenSea didn’t have many options on how to extend it.Incredibly savvy, OpenSea Start-up Opening the market to NFTs made with cryptocurrencies called Solana.
Like Tezos, Solana is a cryptographic infrastructure that is considered environmentally friendly due to its low energy intensity. The same thing that makes it more environmentally friendly makes it cheaper to use. In other words, Solana’s gas charges, that is, the charges you pay when completing a transaction (such as purchasing an NFT), are much lower than the gas charges for using Ethereum.
Solana is also rated much lower than Ethereum. Its peak price was around $ 200, but it’s now worth about $ 40. By offering Solana NFTs on OpenSea, the platform encourages NFT collectors to continue their purchases without implicitly making large investments in Ethereum-based NFT transactions.
OpenSea’s Solana NFT is still in beta. In other words, it’s still being tested.
It remains to be seen if any of the changes the NFT platform is pursuing will be effective. Maybe the market has changed miraculously and this isn’t important anyway.
Or it may not be.