With voluminous amounts of NFT projects now in existence, the number of NFT buyers remains relatively small, with just over 265,000 active wallets trading NFTs on the ethereum blockchain.
Indeed, the visual arts community has come a long way since the very first NFT project which launched on the Ethereum blockchain in 2015.
As of October, the sales volumes of NFT rose to just over $10 billion in the third quarter of 2021, a more than eightfold increase since the previous quarter, according to market tracker DappRadar. The third quarter figure was up from $1.3 billion in Q2 and $1.2 billion in Q1.
OpenSea, the industry’s biggest NFT marketplace, illustrated sales volumes of $3.4 billion in August 2021, with strong, continued growth in September when the global stock markets fell.
That’s exactly what Danny Maeegaard, better known throughout the NFT community as @Seedphrase, The Shady Shark, and Aleks Kay, the three co-founders of Party DeGenerates, did with their latest NFT project.
Party Degenerates is a collection of 10,000 NFTs representing the rebellious spirit of those who choose to celebrate life, with over 100 notable collectors including Gary Vaynerchuk, Michael Lazerow, and 3LAU who all bought into the project.
As of last week, it became the highest-selling generative art avatar project drop to date, bringing in over $23.5 million in 24-hours as of October 19 with then-market prices of Ethereum. Having created this successful and efficient solution for their own NFT ecosystem, Party Degenerates is the “first-to-knowledge” avatar projects to “mint blind” without revealing any designs or art.
Visual arts and electronic music have …