The post Art Collector Kanbas Reignites Nascent NFT Market, Buys Digital Artwork for $3M appeared on BitcoinEthereumNews.com.

U.S.-based art collective Kanbas made the largest non-fungible token (NFT) purchase in three years last week, scooping up a 1-of-1 artwork by Sam Spratt for $3 million. The artwork is called “X.Masquerade” and is the sixth chapter in the “Story of Luci.” It ties into into an upcoming invite-only event that allows supporters to participate in a game by purchasing a “Mask of Luci” for 2.56 ETH ($6,800). “We’re proud to stand beside him [Sam Spratt] and help share Masquerade with the world. It is our way of honoring Sam’s trust, the monumental work he’s created, and—above all—the shared values that underpin it,” Kanbus posted on X The purchase comes alongside a timely boost to the NFT sector following a marketing push from NFT platform OpenSea that includes a token airdrop. Trading volume hit $40 million over the past 24 hours, a 29% rise on the previous day according to CoinGecko. However, the NFT market as a whole has failed to replicate the dizzying heights of previous cycles; activity is down and general sentiment is also waning as floor prices of collections like CryptoPunks and Bored Ape Yacht Club and are down by 71% and 91% respectively. Much of the market’s plight is connected to this cycle’s $73 billion rise of memecoins, which retail investors appear to prefer due to minimal transaction fees, more liquidity and a lower barrier for entry. But perhaps Kanbas’ $3 million purchase demonstrates a maturing of the NFT market away from speculative profile picture (PFP) collections and towards real art, the value of which lies in the adoration of a few as opposed to the attention of many. The rapid growth of NFTs in 2022 was addictive; it captured millions of participants and racked up billions of dollars in weekly volume, but the market itself…

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Filed under: News - @ February 18, 2025 8:22 am