Art Market Report - 1/15/2023
A weekly report on the NFT Art Market, covering 1/1s and editions from both emerging and sought after artists.
1/1s
Moon Festival by SeerLight was sold to Curated for 60 ETH on AOTM.
ModeratsArt bought 5 1/1s by Botto on SuperRare this week, a total of 47.77 ETH.
Prophets by Other World was sold to zepump for 44 ETH on SuperRare’s secondary market. The piece was first collected for 12.5 ETH back in April 2021.
Le Chemin De Vie by Cath Simard was sold to Claude Rich for 30 ETH on AOTM.
The Maestro by terrell jones was sold to Aura for 24.9 ETH on Foundation, an ATH for the artist.
Curated acquired Departed by XCOPY for an undisclosed price. According to a thread posted by Curated, “Departed is known for being XCOPY’s very first 1/1. Minted on the original Ascribe platform, it was promptly moved over to SuperRare after Ascribe shut down.”
Editions
The Memes by 6529 had the highest trading volume week with the release of Meme Card #52 from Grant Yun - MEME FACTORY, edition size 1420, mint price 0.06529ETH and CC0. Current floor price is at 1.1 ETH. Life In Japan Editions by Grant Yun also had its biggest week since launch in May 2022, having seen 50 ETH trading volume in past 7 days.
Eggditions by CMPLX has seen 40 ETH trading volume since Wednesday. It was revealed on Saturday, with 9 different editions (69, 69, 36, 18, 18, 9, 9, 9, 3), 240 mints in total.
…some observations & reflections from me
We all know the pros of larger size editions - it lowers the barriers of collecting, especially for bigger artists whose market prices are way beyond what most people could afford; it also provides a source of income to smaller artists during the bear market. Editions build community, gamify the collecting experience and grow interactions, engagements around the artists in general. However, Artists need to be cautious about the difference between real art collectors and pure speculators, with the latter more attracted to larger/open editions as the market is far more liquid and easier to enter/exit. While art collectors tend to collect for the long term, build legacy and real relationship/partnership with the artists, speculators, driven by FOMO, may intend to flip for a quick profit, and therefore pressure the artists to keep raising the floor price. Artists in the NFT space are especially vulnerable to such pressure as the space is highly related to crypto and PFP trading. Protect your independence as an artist (instead of a money making machine), and build long term, healthy connections with collectors who have good intentions, conviction and genuine love for your art. Here’re some good threads related to this topic from art collectors Artifaction² and AlphaTrilogy.
Other big news
Foundation launched Worlds, a web3-native curation tool. Curators earn ETH when the NFTs listed in their world sell. Fees are determined by the curator, enforced on-chain, and paid out automatically. Learn more about World here.
AOTM announced the representation of a few more artists this week, including Vittorio Bonapace, terrell jones, pho, and C3.
Loving the new tool by FND. Cheers An!