The NFT art creators are taking over the market during the crypto crash. Approximately a month before Terra Luna collapsed, an NFT star from Singapore, Shavonne Wong, sold a collection of NFTs in one minute.
The project named Proxy was born in collaboration with the photographer Lenne Chai. The project consisted of 60 pictures of sculpted schoolgirls against famous backdrops. The price of each NFT stood at 1.25 ETH. Which is about US $3,500, making it a total of 75 ETH.
Its success was partly from Wong, who achieved partial celebrity status. He became famous after a movie star named Idris Elba purchased one of his first NFTs.
Straight after, TerraUSD began declining, which resulted in wiping out about US$18 billion from the market. Following this incident, Wong didn’t release any new projects. He said, “Instead of watching the ups and downs of the market, I’ve been honing my skills and getting better at 3D art. I know that whatever happens, I’m acquiring skills that would be useful should I ever need to take on a commercial job.”
Members of NFT Asia, a Discord group with over 3,000 NFT artists and collectors, have admitted to being severely burned by the cryptocurrency fall. One participant mentioned giving up altogether. Another person mentioned attempts at suicide as a result of the crash.
Most NFT artists are taking this as Wong is. “We ultimately believe in the underlying technology and the opportunities it’s given us in creating and selling art,” Wong said.
How have NFTs changed the art world?
Before the NFT art take over, many artists would go unnoticed a year ago as the market had a certain type they would accept into the workplace. In addition, they are not able to participate in museum shows or fairs before being acknowledged by certain galleries, critics, and collectors.
The NFT world has given a shift to this reality, and many artists have easily entered NFT trading platforms. Many art fairs have unique spots for NFT showcases. Some artists have even left top agency jobs to go into NFTs full-time. Therefore, they’re not looking to escape the NFT world so soon.
A well-known Singaporean artist named Farizwan Fajari says, “A lot of us are now taking a step back to figure out what to do. Do we jump ship? Do we abandon the space? Would it be a total waste if we’d spend a year or more being heavily invested in NFTs?” He continued, “Some of us have found a lot of success creating NFTs while we were stuck at home during the pandemic. We’d managed to leverage on that success and get other commissions not related to NFTs. With most restrictions being lifted now, those kinds of opportunities have only increased.”
People are Looking for Quality:
Chong Huai Seng, the co-founder of The Culture Story and a former investment banker, believes in flight to quality. He says, “Collectors have become much more selective about which NFTs to collect. They are much more inclined to purchase something that has actual relevance to art history. For example, a recent project that worked was Unit London Gallery’s high-quality digital reproduction of Italian masterpieces by Da Vinci, Raphael, Caravaggio, and others, which were created in collaboration with the museums that own these masterpieces.” Seng believes these works are not leaving museums. Something on the same level as these famous paintings is rare, and NFTs are possibly the closest you’ll get.
He added, “So I think there will always be demand for NFTs that are unique, relevant, and conceptually appealing.”
A photographer and a member that founded NFT Asia, Jonathan Liu, shares his thoughts. “We’re in a bear market now, and the number of collectors willing to buy NFTs has gone down. What that means is that you have to be extra worth it as an artist for collectors to want your work”. He added, “Unfortunately, a lot of the headlines these days have focused on the so-called blue-chip artworks like Bored Apes, which people bought for 150 Eth but are now selling for 85 Eth. These are illiquid, highly risky assets… The fact is, there are many independent artists out there who are still making strong work and selling them at reasonable prices-and finding buyers.”