NFT Digital Art is Back, But Not in the Way You Think
There's been a lot of chatter lately about whether NFTs are making a comeback. My answer? YES—but not in the way you might expect. People are no longer buying NFTs solely with the hope that their prices will "go to the moon."
Recent data points suggest a shift towards purchasing NFTs for the purpose of collecting them. I believe there are two reasons for this change. First, there's a strong sense of community around NFTs, with people wanting to support the ecosystem. Second, we're witnessing a shift in incentives—from quick money gains to genuine collecting.
Take Sotheby's Digital Art Day Sale in August 2024, for example, which saw 1,165 unique bids. (See more interesting stats below.)
1165 unique bids in todays Contemporary Digital Art Day Sale 🤯 @Sothebysverse
— Jacuelz.eth | Sothebys Digital Art (@jaclynlavy) August 22, 2024
It’s a wrap ! Congrats to all parties involved!
— Michael Bouhanna (@michaelbouhanna) August 22, 2024
Here’s a few stats :
✅ Total sales : $798,000
✅57/60 lots SOLD
✅ 1165 bids (record for any Digital Art Sales)
✅ 160 bidders !! (smashing by 50% the previous record of participation) pic.twitter.com/AlTF7p5cjS
Additionally, NFT18's report shows that the average holding duration of NFTs is increasing over time, indicating that the market is attracting more collectors.
In conclusion, this is an interesting transition to observe as the market evolves and matures.