$3M NFT purchase becomes largest digital art sale in three years

Source Cryptopolitan

Last week, the US-based collecter Kanbas purchased Sam Spratt’s unique NFT artwork for $3 million. This purchase marks the biggest non-fungible token sale in three years and indicates a potential shift in the market.

$3M NFT purchase becomes largest digital art sale in three years
Sam Spratt’s “X.Masquerade” (Source: Kanbas, X)

The artwork titled X.Masquerade is the sixth addition to Sam Spratt’s Story of Luci series. It is also crucial for an upcoming exclusive event for supporters to join a game by purchasing the Mask of Luci for 2.56 ETH, which amounts to approximately $6,800.

The NFT market is attempting a resurgence

Kanbas shared in an X post that it is “proud to stand beside him [Sam Spratt] and help share Masquerade with the world.” Kanbas added that they are “honoring Sam’s trust” and the artwork that he created symbolizes shared values.

Kanbas’s purchase follows an increase in NFT trading volume, which is credited to OpenSea’s marketing efforts. According to CoinGecko, the NFT trading volume reached $40 million because of the OpenSea token airdrop, which generated a 29% increase compared to the previous day. At the time of this writing, the trading volume sits at $37 million, with a drop of 8.4%.

The NFT market experienced a temporary surge, but the general market performance has struggled. The market value of CryptoPunks and Bored Ape Yacht Club collections has decreased substantially, falling by 71% and 91% from their original peak prices, respectively.

The market sentiment has turned negative because investors now show more interest in memecoins (now worth $73 billion) due to their simple entry, reduced fees, and increased liquidity.

The focus of the NFT market is evolving in order to survive

Kanbas’s investment demonstrates that digital art collectors now prefer artist-focused, meaningful projects that add artistic and cultural value instead of pursuing quick financial gains through profile picture collections.

In 2022, billions of dollars entered the non-fungible token market, attracting millions of collectors. However, the explosive market growth did not last long. The reduction of cryptocurrency values led NFT collectors to sell their assets, which in turn created a liquidity crisis and market failure.

The NFT market experienced a similar fate to ICOs in 2017, losing its speculative projects. However, artistic and cultural non-fungible tokens demonstrate long-term potential.

Cryptopolitan Academy: How to Write a Web3 Resume That Lands Interviews - FREE Cheat Sheet

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Ethereum Price at Risk of Extended Decline as Bears Regain ControlEthereum price started a downside correction below the $1,850 zone. ETH is now consolidating and might drop further below the $1,785 support zone.
Author  NewsBTC
May 06, Tue
Ethereum price started a downside correction below the $1,850 zone. ETH is now consolidating and might drop further below the $1,785 support zone.
placeholder
Solana (SOL) Faces Continued Downside Risk—More Losses LikelySolana started a fresh decline from the $155 zone. SOL price is now consolidating near $145 and might extend losses below the $142 support.
Author  NewsBTC
May 06, Tue
Solana started a fresh decline from the $155 zone. SOL price is now consolidating near $145 and might extend losses below the $142 support.
placeholder
XRP Price Dips Further: Key Support Levels In JeopardyXRP price started a downside correction below the $2.20 zone. The price is now declining and might extend losses toward the $2.020 level. XRP price started a fresh decline below the $2.20 zone.
Author  NewsBTC
May 06, Tue
XRP price started a downside correction below the $2.20 zone. The price is now declining and might extend losses toward the $2.020 level. XRP price started a fresh decline below the $2.20 zone.
placeholder
Analysts Highlight 4 Reasons Why ETH Price Could Rebound Strongly in MayEthereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
Author  Beincrypto
Yesterday 01: 34
Ethereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
placeholder
Ethereum Price Regains Traction—Can Bulls Break Through the Barrier?Ethereum price started a downside correction and tested the $1,750 zone. ETH is now rising and attempting a move above the $1,850 resistance.
Author  NewsBTC
Yesterday 03: 31
Ethereum price started a downside correction and tested the $1,750 zone. ETH is now rising and attempting a move above the $1,850 resistance.
goTop
quote