"This will probably be a huge mourning festival": Deepening cryptocurrency markets cast a shadow over the opening of the world's largest NFT conference |  Artnet news

“This will probably be a huge mourning festival”: Deepening cryptocurrency markets cast a shadow over the opening of the world’s largest NFT conference | Artnet news – Mail Bonus

Fourth annually NFT.NYC the conference began today with 1,500 speakers to showcase their shiny new NFT collectibles.

Speakers are taking the stage at a time when cryptocurrencies are plummeting – Bitcoin and Ether have both lost more than 70 percent of their value since November. Media headlines are full of stories of cryptocurrencies that are dissolving. The NFT market is also experiencing pain. All told, it’s a miserable time to sell NFT. New NFT projects are not seeing anything close to the momentum they did a year ago – or even a few months ago -.

Japanese artist Takashi Murakami recently apologized to his fans on Twitter after the price of his NFT flowers, released in May, plunged.

Francis Kim, the Australian entrepreneur behind the NFT project AI-Zuki, is experiencing a similar struggle. “I launched my collection two days ago. “I have not seen my millions yet,” he told Artnet News. “Bad timing maybe”

He spent $ 5,000 to create his digital art gallery and the return to date has been zero. Kim, who made the news earlier this year after losing a huge amount of money on cryptocurrency trading, does not show up NFT.NYC due to travel expenses.

“I feel like the victim in every story,” he said.

It is difficult to get a clear picture of exactly what is happening in the NFT market as most of the trading data comes from the NFT market itself. The three main indicators of market performance are the volume of platforms, the floor price of blue-chip NFT projects and market attitudes – none of them look good right now.

NFT.NYC 2022. Photo: Ben Davis.

Although OpenSea still has the status of being the busiest NFT market, its average sales price, number of merchants and sales volume are all falling. On May 20, the daily trading volume on the platform was $ 43 million; Tuesday, daily trading was less than half of that – 17 million.

Coinbase spent $ 600 million on its new NFT marketplace, which was supposed to pump weak cryptocurrencies with new growth, but it has not taken off as planned. After attracting $ 75,000 in trading volume when it opened its doors to the public on May 4, business has shrunk, but the volume was only $ 19,000 on June 20, according to Dune. Recently, the company said it would cut one-fifth of its employees in a contraction in the market.

So-called “blue-chip” NFT libraries are also in trouble. Bored Ape Yacht Club, one of the most popular ethereum NFT projects, with more than $ 2.2 billion value of trading volume to date, has declined upset in the market. The cheapest available Bored Ape NFT has fallen by more than 13 percent over the past 30 days, at the current price of 80 ETH ($ 91,000), pr. NFT Floor prices.

ApeCoin, the brand of the Bored Ape Yacht Club ecosystem and its future Otherside game, has lost 85 percent of its value. After peaking at $ 27.57 on April 28, just before the Bored Ape Yacht Club launched its sale on Otherside Land, it is now trading at a dismal $ 4.48, according to CoinGecko.

Similarly, CrytpoPunks has not been spared from the crash. Its floor price is 67 ETH ($ 76,000), down 33 percent over the last 30 days, according to the NFT Floor Price. And Meebits, launched in 2021 by Larva Labs, the same company that founded CryptoPunks, has dropped 5 percent in the last 30 days, at a floor price of 4.8 ETH ($ 5,472).

All three of these “distributed” museums, which represent the top NFT collectibles, are now managed by Yuga Labs.

Market sentiment is declining as the voices of NFT critics become louder in the bear market. Microsoft Founder said Bill Gates the other day that NFT images are “100 percent based on more stupid theories,” and then added, ironically, “Obviously, expensive digital images of monkeys will greatly improve the world.”

Adam McBride, who records the first history of the NFTs, has a long-term perspective in mind as the broader cryptocurrency market collapses sharply. “I have said in the middle of last year that we would come to the ‘NFTs are BS’ moment at some point in the bear market,” he told Artnet News. “Who knows how low we can go. But I definitely have a number where I’m going to buy some CryptoPunks. “

Meanwhile, people who bought at the top are not doing well. Someone who bought Bored Ape in early May has dropped 70 to 80 percent in dollars, Kim said. “NFT.NYC will probably be a great time of mourning. “

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