The art collective based in the United States, Kanbas, made the largest purchase of non-bubilistic tokens (NFT) in three years last week, picking up an illustration 1 of 1 of Sam Spratt for $ 3 million.
The work is called “X.Masquerade” and is the sixth chapter of “the story of Luci”. It is linked to an upcoming invitation event that allows supporters to participate in a game by buying a “Luci mask” for 2.56 ETH ($ 6,800).
“We are proud to stand next to him [Sam Spratt] And help share the masquerade with the world. This is our way of honoring Sam’s confidence, the monumental work he created, and – leading to all – the shared values that underlie it “, Kanbus posted on X
The purchase comes next to a timely boost from the NFT sector following a marketing thrust of the NFT Opensea platform which includes a token tray. The negotiation volume has reached $ 40 million in the last 24 hours, an increase of 29% the day before according to Coingecko.
However, the NFT market as a whole has failed to reproduce the vertiginous heights of the previous cycles; The activity is down and the general feeling is also directed as the soil prices of collections such as cryptopunks and the Yacht APE club is bored and is down 71% and 91% respectively.
A large part of the market fate is linked to the increase of $ 73 billion in this same cycle, which retail investors seem to prefer due to minimum transaction costs, more liquidity and a lower barrier for entrance.
But perhaps the purchase of $ 3 million from Kanbas demonstrates a maturation of the NFT market far from the collections of speculative profile photos (PFP) and towards real art, whose value lies in the worship of Some as opposed to 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 not durable. When the underlying active ingredients used to buy digital art began to tumble, NFT collectors tried to reduce losses by undercoing other sellers-creating a crunchy liquidity and a possible cascade.
All speculative bubbles appear at one point, the majority of ICO 2017 tokens are no longer operational, but those which still exist are worth billions. For NFTS, it now seems less on the monetary value and the aspect of “becoming rich” and more on the cultural and creative value of art itself.
