NFT art creators take cover amid crypto crash

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A month before the May collapse of Terra Luna, Shavonne Wong – one of the bona fide NFT stars from Singapore – sold a collection of NFTs (non-fungible tokens) to a global fanbase in just one minute. The project, titled By Proxy, was in collaboration with hot young photographer Lenne Chai. It showed 60 images of a digitally sculpted schoolgirl...

A month before the May collapse of Terra Luna, Shavonne Wong – one of the bona fide NFT stars from Singapore – sold a collection of NFTs to a global fanbase in just one minute.

Wong says: “Instead of watching the ups and downs of the market, I’ve been honing my skills and getting better at 3D art. I know that whatever happens, I’m acquiring skills that would be useful should I ever need to take on a commercial job.” Top art fairs such as Art Basel have carved out spaces for NFT showcases. Some creatives have been able to leave their full-time agency jobs to create NFTs full-time.

Speak Cryptic’s series of 50 avatars titled Current Surface sold well after famous crypto artist XCopy purchased the first avatar. But staying visible in the crypto space requires a lot of online engagement on Twitter and Discord where the NFT community lives and breathes – and SpeakCryptic, who identifies himself first and foremost as a contemporary artist, is using the market lull to return to his first love, painting.

Jonathan Liu, a photographer and founding member of NFT Asia, shares these sentiments: “We’re in a bear market now, and the number of collectors willing to buy NFTs have gone down. What that means is that you have to be ‘extra worth it’ as an artist for collectors to want your work. To put it in a Singaporean context, you have to be the best chicken rice stall for people to pay S$8 or more for your chicken rice.

 

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