Non-fungible tokens (NFTs) have taken the digital art world by storm, but they are now struggling to maintain their position as the hype cycle shifts and gas fees rise on the Ethereum network. In this blog post, we will explore the reasons behind these challenges, who is most impacted, and potential solutions for artists and collectors alike.

Shifting Crypto Trends

The crypto markets are known for following trends, and this year has been no exception. We’ve seen the emergence of farming NFTs on BLUR, the shift to Open Edition and burn mechanics on manifold, and a renewed focus on altcoins. The ease of creating ERC-20 contracts has shifted the narrative back to high-risk gambling for the crypto community. Consequently, the attention that was once focused on NFTs has waned, and artists are left grappling with these changing market dynamics.

High Gas Fees and Its Impact

The influx of funds chasing altcoins and meme coins has made the Ethereum network incredibly expensive for NFT participants. Profile Picture (PFP) projects, Web3 Games, and especially 1/1 artists are hurt the most. The constant appearance of memecoins and the competition among power users to get in quickly have led to skyrocketing gas fees that impact the entire network.

Artists are greatly impacted by high gas fees

One option for artists to circumvent high gas fees and the uncertainty surrounding NFTs is to work directly with collectors and facilitate private sales of art. If the art is already minted, fees can be lower in this scenario, as long as there is trust between the artist and the collector. However, adding a middleman or escrow service negates much of the potential savings due to the additional transaction involved.

High gas fees on the Ethereum network have significantly impacted both artists and collectors. For artists, the cost of minting new NFTs has become prohibitively expensive. Settling auctions and transferring ownership of NFTs can also incur high fees, discouraging collectors from participating in auctions or purchasing artwork directly. This, in turn, can lead to reduced demand and lower prices for NFT art.

Fear, uncertainty, and doubt (FUD) can further exacerbate the challenges faced by artists and collectors. As the hype around NFTs subsides and crypto trends shift, speculators may lose interest, causing the market for NFTs to contract. A decline in demand can lead to lower prices, making it even harder for artists to recoup their initial investment in minting and marketing their artwork.

Working directly with collectors can help artists bypass some of these challenges by establishing personal connections and building a loyal customer base. Artists can also use this approach to gain valuable feedback from collectors, helping them to refine their work and better understand market preferences.

Furthermore, by engaging directly with collectors, artists can educate them about the value of their work beyond mere speculation and hype. This can help to build a more sustainable market for NFT art, as collectors come to appreciate the artistic merit and intrinsic value of the pieces they acquire.

To mitigate the impact of high gas fees and the challenges posed by FUD and speculation, artists can explore various strategies such as offering discounts for bulk purchases, providing exclusive access to future work, or bundling digital and physical goods as part of the sale. By offering added value and fostering a sense of community among their collectors, artists can better navigate the uncertainties and fluctuations in the NFT market.

Exploring Alternative Blockchains

The post The Struggle of NFTs in the Face of Shifting Crypto Trends and High Gas Fees appeared first on NFT CULTURE.

Apple stock jumped nearly 5% after hours with comments made by Tim Cook about the companies plans to explore augmented reality and the metaverse.

“We see a lot of potential in this space and are investing accordingly,” said Cook, in response to a question about its plans for the metaverse, a broad term that generally refers to shared virtual world environments that people can access via the internet.

An AR device could open many opportunities to grow subscriptions. Existing offerings for fitness workouts and video content could grow more attractive through immersive AR experiences.

What is Augmented Reality and why does it matter for apple and the metaverse

Augmented Reality (AR) is the integration of digital information with the user’s environment in real time.

AR overlays are becoming more popular because they are less obtrusive than VR headsets. AR can be accessed by using a smartphone or tablet, while VR needs to be experienced through a headset.

Augmented Reality is not just about adding graphics to your environment, but also about adding information that will change how you interact with it.

Apple is working on a pair of augmented reality glasses that will be able to project images and video onto the lenses, according to people familiar with the company’s plans.

The device would be able to show users information about the world around them without requiring them to look down at a screen. Apple has ordered near-eye displays from companies including Samsung and LG, according to these people.

The Metaverse is a virtual world that exists electronically. It is a computer-generated space that people can interact with.

The Metaverse is a virtual reality which exists electronically. It is a computer-generated space that people can interact with, in the form of text, graphics, video, or audio. The term was coined by Neal Stephenson in his 1992 novel Snow Crash.

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Dr. Helen Papagiannis, Thank you for agreeing to this interview. We’re incredibly excited about your art and the blending of digital and non-digital spaces through NFTs and Augmented Reality. How did you get started? 

I first started making art with Augmented Reality 15 years ago. I remember experiencing my first AR demo and being totally awestruck! It was super simple: just a blue 3D cube, no interactivity, but I was completely mesmerized that there was something in my physical reality that wasn’t actually there! I was hooked from that moment and began to make work endlessly experimenting and pushing the limits of the medium.

Who is your favorite artists (Non NFT)? 

If you could travel anywhere in the world where would you go? 

What are your other passions besides art? 

What other forms of art do you create? 

How did you come up with your specific style? 

How has your style evolved over the years?

What is coming in the near future?

If you could collaborate with one artist who would it be?

It would be excellent to collaborate with Krista Kim. I share her vision for a Digital Zen. Krista’s work has powerful qualities: her colour scapes and atmospheres are beautiful healing spaces. Krista is committed to NFTs for wellbeing and uplifting humanity, and we’re very much aligned here as well. In my book “Augmented Human,” I write about how it’s not just about augmenting reality, it’s about augmenting humanity. I think we could be an unstoppable duo in the space

Do you have any upcoming drops?

Where can collectors learn more about you? 

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