Art Market Report - 1/29/2023
A weekly report on the NFT Art Market, covering 1/1s, editions and other important news.
1/1s
Surfacing Water Lilies IV by Matt Kane was collected by 6529 Fund SZN 4 on SuperRare’s secondary market for 110 ETH. The piece was first collected by SuperRare Zack for 1.1 ETH back in December 2019.
Laundry by Grant Yun was collected by MarkKatakowski on AOTM for 70 ETH.
Botto had another 4 sales on SuperRare this week, a total of 41.55 ETH.
ANIMA by NudeYogaGirl was collected by Cyborgnomad for 35 ETH on AOTM.
Musician at Ipanema’s Beach by omentejovem was collected by Blockpoint for 27.69 ETH on AOTM.
0xdgb had 2 sales on SuperRare this week. Holy Grail was collected by gmoney for 6.9 ETH and then Botted collected by merv for 13.2 ETH.
Space To Feel by Pop Wonder was collected by NetReturn for 14.69 ETH on SuperRare.
DEGEN EVOLUTION by KING XEROX was collected by landbaron555 for 14.69 ETH on SuperRare.
bongdoe’s genesis piece bear the burden of society on SuperRare was collected by Aura for 14.3 ETH.
Editions
Proceed w/ Caution by Lucréce saw 2,490 ETH trading volume in the past 7 days. The original open edition had 8408 editions minted at the price of 0.06 ETH on Jan 18. Over a week later the floor has gone up to 0.65 ETH.
Boots by jeremybooth saw 135 ETH trading volume in the past 7 days.
DeeKay released a new edition of 25 Self-Control on Jan 26 with ranked auction, which saw average bids 4.13 ETH.
NessGraphics released an Open Edition M0N3Y PR1NT3R G0 BRRRRRR. on Manifold on Jan 28 for 69 minutes with minting price 0.069 ETH. 20,357 editions were minted, a total of over $2M generated.
A lot of discussions happened around Open Edition the following day. There’s nothing inherently right or wrong with OEs so it really depends on the artists and the market. A few thoughts:
To artists: be thoughtful when you plan to do OEs, as there are potential downsides (oversupplying your market, bad looks of OEs with no demands, price trading down which is highly likely, and bad handling of roadmaps/gamifications or these simply being too time/energy consuming, etc.)
To collectors: don’t have expectation of returns when the minting price is ~$100. One problem of the last NiftyGateway OE boom in 2021 was the high pricing, where many OEs were considered failures or cash grabs when $5,000 went down to 0/became illiquid. In the recent OE boom, however, the pricing is usually around ~$100, so collectors should expect that they are mostly buying for the art or to support the artists.
Artists shouldn’t be judged just because they make a lot of money.
It really depends. No one has the 100% right answer for what an artist should or should not do. So be thoughtful FOR YOURSELF, no need to follow the trend if it doesn’t suit your career trajectory at the moment.
Other big news
pho CC0’d the “The Spiral” and started an art contest #phospiral. Over hundreds of submissions can also be viewed here. The contest ends on Jan 31. The 1/1 piece THE SPIRAL is currently being auctioned on AOTM.
Nifty Gateway co-founders Duncan and Griffin Cock Foster announced that they are stepping down after 4 years. Their departure comes amid challenging times at Gemini, which acquired Nifty Gateway in 2019.
Crypto art collector Omz launched new platform Filtered to solve the problem of digital art discovery. Learn more HERE.
Kevin Rose was hacked, losing $2M+ in assets including 25 squiggles and other NFTs. Worth noting that 2 XCOPY 1/1s And how does that make you feel? and When Airdrop? were saved in time.
Interesting lecture and analysis, thanks for sharing An. About OE, without a large base I find it pointless to release one, so not doing for myself.
Happy new week An! Proceed w Caution has killed it! Thanks for the updates ✨