The American art collective Kanbas made the largest non-fungal token (NFT) in three years last week and scooped a 1-of-1 artwork by Sam Spratt for $ 3 million.
The artwork is called “X.Masquerade” and is the sixth chapter in the “Story of Luci”. It is in line with an upcoming event with only invitations with which supporters can participate in a game by buying a “Mask from Luci” for 2.56 ETH ($ 6,800).
‘We are proud of being next to him [Sam Spratt] And help Masquerade share with the world. It is our way of honoring Sam’s confidence, the monumental work he has created, and – all – the shared values that support it, “Kanbus posted on X
In addition to a timely boost for the NFT sector, the purchase comes after a marketing push from NFT platform OpenSea with a token AirDrop. The trade volume has reached $ 40 million in the last 24 hours, an increase of 29% compared to the previous day according to Coetecko.
However, the NFT market as a whole did not succeed in replicating the dizzying heights of earlier cycles; The activity has fallen and the general sentiment also decreases as floor prices of collections such as cryptopunks and bored Aapjachtclub and have fallen by 71% and 91% respectively.
Much of the market of the market is connected to the $ 73 billion increase in this cycle of memecoins, which Retail Investors seem to prefer as a result of minimal transaction costs, more liquidity and a lower access barrier.
But perhaps the purchase of $ 3 million from Kanbas shows a maturation of the NFT market away from the speculative profile photo (PFP) collections and to real art, the value of which is in the worship of a few in contrast to the attention of many.
The rapid growth of NFTs in 2022 was addictive; It conquered millions of participants and raised billions of dollars in weekly volume, but the market itself was not sustainable. When underlying assets were used to buy digital art, NFT collectors started tumbling, trying to reduce losses by undermining other sellers – to create a liquidity crunch and eventually create cascade.
All speculative bubbles jump at some point, most ICO tokens of 2017 are no longer operational, but those who still exist are worth billions. For NFTs it now seems less about the monetary value and ‘get Rich Quick’ aspect and more about the cultural and creative value of the art itself.