Artists have struggled to pay the bills since time eternal, and when NFT mania struck, many hoped it would provide a lasting solution. But the value of most NFTs is closely tied to the crypto market, which has been in full retreat.
NFTs are digital records of ownership existing on a blockchain — commonly, the Ethereum blockchain. Artists can "mint" their work as an NFT, then sell the digital ownership rights to collectors.value of most NFTs is closely tied to the overall crypto market, which has been in full retreat this year.
The number of daily transactions on OpenSea, one popular NFT platform, is down to around 60,000, compared to a high of nearly 225,000 this past April.The NFT market, experts say, was flooded with content of varying quality, creating a glut that forced prices down. There were also more people creating NFTs than buying them.
"I just think there isn't as much of this hype that was really prominent on Twitter in the early days, with quarantine and COVID when people were home and had less things to do."a photographer in New York's Catskills who was relatively early to the NFT world, the phenomenon has shifted from something that could pay the bills to another revenue stream alongside his other work.
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