NFT collectors purchased digital art for $3 million, making it the biggest sale in three years

The US-based Art Collective Canvas made the largest impossible token (NFT) purchase of its three years last week, scooping up Samsplat's 1-of-1 artwork for $3 million.

The artwork is called “X. Masquerade” and is the sixth chapter of “The Tale of Luci.” This is tied to an upcoming Invite-only event that allows supporters to participate in the game by purchasing “Luci's Mask” for 2.56 ETH ($6,800).

“We are proud to be standing by his side (Sam Splatt). We help to share the masquerade with the world. It is Sam's trust, the monumental he created. It is a way to celebrate the work and praise the shared values ​​that underpin it,” wrote Canvasx.

The purchase is in parallel with a timely boost in the NFT sector following a marketing push from NFT platform Opsy, including token airdrops. According to Coingecko, trading volume has reached $40 million in the last 24 hours, up 29% the previous day.

However, the entire NFT market has failed to replicate the dizzying heights of previous cycles. Activities are declining, and general sentiment is also declining as floor prices for collections like Cryptopunks and the boring Ape Yacht Club have fallen by 71% and 91% respectively.

Much of the market's light form is associated with an increase in memokine $73 billion over this cycle. This is likely to be preferred by retail investors due to minimal trading fees, liquidity and lower entry barriers.

But perhaps Kanbas' $3 million purchase shows the maturity of the NFT market away from the speculative profile photograph (PFP) collection, whose value is indicative of a small number of worship, in contrast to the attention of many. there is.

The rapid growth of NFTs in 2022 was addictive. It captured millions of participants and won billions of dollars in weekly volumes, but the market itself was unsustainable. When the underlying assets used to buy digital art began to roll, NFT collectors tried to reduce their losses by covering other sellers. We created a fluid crunch and a final cascade.

All speculative bubbles pop at some point, and while most of the 2017 ICO tokens are no longer working, what still exists is worth billions. For the NFTS, there seems to be little about the financial value and the “rich quick” aspects now, and more about the cultural and creative values ​​of the art itself.