Gate NFT Offers up to $2,000 to Artists as the NFT Landscape Evolves
Once dubbed a fad, NFTs have undeniably become engrained in the blockchain world, both figuratively and literally. Some sources even estimate that the total NFT market valuation could exceed $200B by 2030. In contrast, the physical art market has generally stagnated between $50B to $60B over the past 15 years.
As most of the potential uses for NFTs have yet to bloom fully, digital art remains the core of what drives the market. Specifically, blue chip NFTs often carry the market, which are the most popular and highest-valued NFT art collections, such as Bored Ape Yacht Club, CryptoPunks, and others.
However, the market is changing, as the total valuation of blue chip NFTs has had a lacklustre performance this year, according to Blue Chip Index data on NFTGO. In contrast, the total market cap of the entire NFT market has held on to higher levels during the same period. So far, blue chip NFTs have yet to experience the same level of performance achieved by the rest of the crypto market in 2023. Part of this may be due to changing sentiments and expectations of the communities around these highly valued collections, which could cause further shuffling of the market dominators.
The NFT landscape is evolving
Several other changes in the NFT space are grabbing attention. Recently, Bitcoin Ordinals have enabled users to mint and trade NFTs on the Bitcoin blockchain, opening up a new realm for collectors and traders. However, Bitcoin’s NFT market still lacks liquidity and doesn’t have the robust marketplaces found on other blockchains, such as market analytics and smart contracts.
While several projects are working to address the liquidity and functionality issues of the Bitcoin Ordinals market and marketplaces, various developers are aiming to unlock more functionality for NFTs on Ethereum. Some of these developments include shareable ownership (ERC-5023), NFT leasing/renting (ERC-4097), customizable/combinable NFTs (ERC-6220), and several more. Time will tell if these standards become a part of the non-fungible space.
Experience everything NFTs have to offer
Despite the challenges of bringing new uses for NFTs and the changing dominance of blue-chip collections, there’s still a ton of potential in the NFT market. The non-fungible space is just evolving alongside the rest of the blockchain space. Also, let’s not forget that the entire market grew more than 11,000% between 2020 and 2022.
For traders looking to take advantage of the current market, a great place to look at is Gate NFT, a thriving NFT marketplace and launchpad on the global crypto exchange Gate.io. Traders can find everything from high-value NFTs to new collections launched by reputable artists and creators. Furthermore, traders can access various analytics and trading tools, social media features, highly-liquid fractional NFTs, and more.
On the creator side, Gate NFT has started the Digital Artist Support Program, offering up to $2,000 for artists who launch collections on the platform. In addition, Gate NFT presents creators with a comprehensive platform to set the sails on their NFT collections, with free minting, exclusive marketing and promotional support, instant royalty payments, and increased exposure to over 12 million users on Gate.io.
