The state of NFT markets during these turbulent times
GM! This is Focus Market. The only NFT photography newsletter that keeps digital artists calm during these turbulent times.
Here’s what we got for you this week:
- Does the downfall of crypto markets affect the overall Web3 space?
- The state of NFT markets
- Quick intro to Web3 photography
- Photography feature of the week
Does the downfall of crypto markets affect the overall Web3 space?
If you’ve been following the events in crypto during the past few weeks then you’re probably aware of all the madness that’s been taking place.
For those who might have missed it, here’s a quick summary:
As a result of being unable to keep up with the increasing demand for customer withdrawals, FTX, one of the biggest cryptocurrency exchanges, has filed for bankruptcy.
The markets reacted immediately, and everyone rushed to sell their FTT holdings or withdraw their personal funds from FTX accounts.
Since the beginning of the past summer, cryptocurrencies have been experiencing a constant decline which naturally prompts a question of what’s bound to happen next.
Here’s our take on the situation:
First of all, we have already experienced several of these downturn markets in the past. People that were heavily active in the general Web3 space before the market crashed are still there, which makes the situation quite different today.
Of course, the examples of FTX and Terra clearly indicate severe problems in the crypto segment that need to be dealt with. However, if we look at other Web3 applications such as NFTs, the picture is very different.
There is a large number of brands trying to utilize the vast opportunities of Web3 and use that to build a stronger connection with their audiences.
Examples worth mentioning:
A similar strategy is being taken by its main rival Adidas. The German sportswear brand is releasing a Virtual Gear NFT collection aimed to accelerate a collective drive towards strengthening web3, and the Adidas community-based, member-first, open metaverse pledge.
It’s very likely that we will see more interesting use cases in the coming months and years and they will certainly expand beyond typical monetary incentives that were available for holders during the NFT craze back in 2021.
As we look forward to the future, we are interested to see how Web3 is going to influence Web2-native photography brands and create a space for opportunities.
The State of NFT Markets
Here are the main takeaways:
The market slowdown clearly reflects the decreasing demand for NFTs. Particularly, digital collectibles. However, this situation may open the gates for new and more utility-based NFT use cases going forward.
Quick Intro to Web3 Photography
Our community manager, Paul Hamilton, has put together a quick easy-to-read guide explaining the core concept behind Web3 technology and how it can benefit the photography space.
Photography Feature of the Week
By Andrew Eberlin in A Photo and a Few Words A Day
The Barbican fascinates me. Built on a site razed by the Blitz as a city within a city. An example of the optimism and ambition of post-war architecture-an icon of brutalism.
At its opening in 1982, the Queen described it as “one of the wonders of the modern world.”
The sights and sounds of the Barbican show how concrete living could work.
Dominated by the splendour of the towers, the neighbourhood has adopted the church of St Giles (the one surviving building from the Blitz) and hosts a calming lake in the centre (which provides a roof to the Central Line).
The Barbican is a car-free, pedestrian-friendly neighbourhood.
The lack of traffic means you can listen to students practicing at the Guildhall School of Music & Drama, hear excited squeals at playtime from the London School for Girls and the bounce of a ball in one of the sports grounds.
I like a day like this. A day dedicated to photography in a place that inspires me. It gives me time to linger, absorb the place, and notice the details.Even in the rain.
