The fever-pitch euphoria of nonfungible tokens (NFT) reached its proverbial all-time highs in the hours preceding the calamitous gas wars of the Otherside metaverse land sale.
But, by most reputable accounts, following almost a year of frantic exponential growth, rife speculation and cultural spotlighting, the market was long overdue a respite — a hiatus from minting drama. It has now subsided and officially entered its inaugural bearish cycle.
Statistical data from OpenSea paints a sorrowful assessment of the market’s financial fortunes, with the floor prices of some highly popular collections more than halving since peak highs.
The eminent Bored Ape Yacht Club is down from its peak floor price of 156 Ether (ETH) from the beginning of May to 98.8 ETH at the time of writing. Similarly, CryptoPunks dropped from 125 ETH on Oct. 2 to its current value of 50 ETH.
Other profile picture projects (PFP) such as RTFKT Studios’ CloneX, Azuki, Doodles and even metaverse lands The Sandbox and Decentraland have all suffered similar fates.
The highly revered Cool Cats and World of Women — which just six months ago were categorized as blue-chips for their innovative approach to intellectual property and community spirit — have experienced the most drastic reductions in the value of the top collections.
However, the NFT market is by no means alone in this trend. Macroeconomic factors of inflation, stock declines and a lack of consumer affordability have been compounded within the crypto industry this week by the devastating collateral damage of the Terra stablecoin crisis.
And yet, despite the mellow social atmosphere and cultural admission of the falsehoods of WAGMI, the underlying sentiment among experienced artists, founders and advocates of the space is that the bear market will provide an opportune moment for reflection and rebuilding.
Alongside this, founders and core holders are welcoming the moment to broaden the conversation from greed-obsessive floor prices to more conscious subjects such as utility,…