NFT idealists are doubling my social morality in a bearish cycle

NFT idealists are doubling my social morality in a bearish cycle – Mail Bonus

The fat-pitch euphoria of nonfungible tokens (NFT) reached its all-time high in the hours leading up to the catastrophic gas war in the Otherside metaverse.

But by most reputable accounts, after nearly a year of raging exponential growth, much speculation and cultural spotlight, the market was long overdue. Break from coinage. It has now slowed down and officially entered its original bearish cycle.

Statistics from OpenSea provide a sad estimate of the financial wealth of the market, as the floor prices of some of the most popular museums have more than halved from their peak.

The infamous Bored Ape Yacht Club has dropped from a maximum price of 156 Ether (ETH) since the beginning of May to 98.8 ETH at the time of writing. Similarly, CryptoPunks dropped from 125 ETH on October 2 to its current value of 50 ETH.

Other profile picture projects (PFP) such as CloneX from RTFKT Studios, Azuki, Doodles and even the metaverse land of The Sandbox and Decentraland have all suffered similar fates.

The highly acclaimed Cool Cats and World of Women – which just six months ago were categorized as blue-chips for their innovative approach to intellectual property rights and community spirit – have experienced the greatest decline in the value of the top museums.

However, the NFT market is by no means alone in this development. Macroeconomic factors of inflation, stock declines and lack of consumer efficiency have been added within the cryptocurrency industry this week with devastating damage from the Terra (LUNA) stablecoin crisis.

And yet, despite the mild social atmosphere and cultural recognition of WAGMI’s untruths, the underlying feeling among experienced artists, founders and spokespersons for the space is that the bear market will provide a suitable moment for reflection and restoration.

At the same time, the founders and core owners are celebrating the moment to broaden the conversation from the greed-obsession of flooring to more conscious topics such as utility, social impact and IRL communication.

Like the cryptic winter of 2017-18, humility, resilience and determination are the core pillars needed to cultivate a revival.

To get a comprehensive overview of the ways in which NFT projects can preserve and continue to fulfill their initial philosophy, societal values ​​and vision, Cointelegraph technology journalist Tom Farren spoke to a number of expert idea leaders within the space.

Aleksandra Artamonovskaja, a passionate spokeswoman for the NFT and Joyn’s newly hired partner, spoke candidly about the importance of recognizing the opportunities offered by bear cubs, and shared her belief that it was “the perfect time to coordinate visions” before saying:

“When the market is hot, it is difficult to concentrate because there is so much noise […] This [downturn] has acted as a cleanser for all the speculation that takes place. It will now be clear, especially for investors, what projects are constantly being built up and upholding their value. It’s a good test to show that they are going to persevere, no matter what the situation. “

Regarding 1/1 artists, Artamonovskaya reflected that “two years ago, artists who were selling 1/1 did not have as much support,” but that now “this is a completely different matter due to the NFT galleries, marketplaces, artists’ residences, exhibitions, competitions and more.”

“It’s not perfect,” she says, “but it’s an opportunity for artists to explore how they can communicate, not just with the buyer, but within the ecosystem itself,” before concluding that “connection is a very good way to explore. ”

Related: NFTs could mark a revival in art galleries

Recognized as one of the most progressive organizations fighting for the leap into the distributed realm, TIME Magazine announced a number of cryptocurrencies throughout 2021, including the addition of Bitcoin (BTC) in their balance sheet and accept cryptocurrencies for 18 months of digital subscription options in partnership with Crypto.com.

In March of this year, the historic 99-year-old magazine published a revealing interview with Ethereum founder Vitalik Buterin, along with a memo from NFT magazine.

TimePieces, TIME’s Web3 creative subsidiary, has both embraced the space’s culture and ethics and launched a number of artistically diverse and culturally relevant NFT collections such as Slices of TIME and Build a Better Future, among others.

The president of TIME Magazine, Keith Grossman, shared his expectations for the future prospects of NFT projects based on their intentions – money or value-based, and estimates that many “greed based on communities [won’t] survive next year as their focus is primarily on rapid, monetary returns – no greater cause or religion. “

According to Grossman, “value-oriented societies” have the greatest potential for prosperity because “their members focus on building something bigger than each individual or immediate economic return and share a common belief that value creates value over time.

Later in the conversation, he openly revealed the growth areas that TimePieces will seek to develop through the bear circle in order to serve its community and wider ecosystem as best as possible, stating:

“TIMEPieces will focus on continuing to invest in building its Web3 presence and continue to lean towards our brand to provide strong programming and access for its community members. […] Our attitude will not change due to market conditions: we are developing our brand in this area for the next 100 years – not 100 minutes, weeks or months. Year! “

TimePieces is active recruitment for five roles, including Head of Collection Relationship and Reverse Experience Manager – all of whom have close ties to applicants within the TIMEPieces community.

Related: The NFT sector is forecast to move around $ 800 billion over the next 2 years: Report

Recognizing the current market activity, coupled with the relatively high risk of NFT within an investment portfolio, Rarible’s co-founder and CEO Alex Salnikov expressed his view that “NFT portfolios purchased for users or artistic appeal, which offer valuable utility , will remain relatively stable.

Rarible is the fourteenth leading market in terms of volume traded over a 30-day period of $ 2.81 million, according to data from DappRadar. Salnikov talked about the question of helping his community through what may be an uncertain time for many, Salnikov said:

“We strive to be a community-oriented market and it has never been more important to maintain this rule than in the bear market. Our team places special emphasis on supporting community-based NFT museums.

Quote their work with Solana-based Degenerate Ape Academy, and Meta angels to develop and launch customized marketplaces for its ecosystems, Salnikov noted that this supports their overarching ambition to “dedicate a larger proportion of the fees raised in the marketplaces to the project treasury or DAO and generally have more flexibility as opposed to a larger, centralized platform. . . ”