The US art collective. Kanbas made the purchase of non -fungible token (NFT) larger in three years last week, obtaining a work of art of 1 of 1 from Sam Spratt for $ 3 million.
The art work is called “X.Masquerade” and is the sixth chapter of the “History of Luci”. It is related to an upcoming invitation event that allows followers to participate in a game buying a “Luci mask” for 2.56 ETH ($ 6,800).
“We are proud to stop by your side [Sam Spratt] and help share Masquerade with the world. It is our way of honoring Sam’s trust, the monumental work he has created and, above all, the shared values that support him, “Kanbus published in X
The purchase comes next to a timely impulse for the NFT sector after a marketing impulse of the Nft Opensa platform that includes a token airdrop. The negotiation volume reached $ 40 million in the last 24 hours, an increase of 29% the previous day according to Coingcko.
However, the NFT market as a whole has not been able to replicate the vertiginous heights of the previous cycles; The activity has decreased and the general feeling also decreases as the apartment prices of collections such as Cryptopunks and Ape Yacht Club boring and have decreased by 71% and 91% respectively.
Much of the difficult market situation is connected to the increase in memecoins of $ 73 billion of this cycle, that retail investors seem to prefer due to minimal transaction rates, more liquidity and a lower barrier for the entrance.
But perhaps the purchase of $ 3 million kanbas demonstrates a maturation of the NFT market away from the collections of speculative profile images (PFP) and towards real art, whose value lies in the worship of some instead of the attention of many.
The rapid growth of NFT in 2022 was addictive; He captured millions of participants and accumulated billions of dollars in weekly volume, but the market itself was unsustainable. When the underlying assets used to buy digital art began to fly, NFT collectors tried to reduce losses by subfuting other vendors, creating a liquidity crunch and an eventual waterfall.
All speculative bubbles appear at some point, most 2017 ICO tokens are no longer operational, but those that still are worth billions. For NFT now it seems less about the monetary value and the aspect of “fast enriching ‘and more about the cultural and creative value of art itself.
