Tezos NFT Platform Objkt.com becomes the NFT marketplace of choice for artists even as NFT sales slow down

Once written off as a fad by many including us, the NFT market has now surpassed $20 billion. In 2021 alone, NFT collectors and traders spent $22 billion on NFTs, up from $100 million in 2020, according to the Guardian. But the NFT market appears to be cooling off and sales are flattening.

In the first week of May, for example, the sale of nonfungible tokens (NFTs) fell to a daily average of about 19,000, a huge decline from its peak of about 225,000 in September 2021, according to a report from The Wall Street Journal, citing data from NFT tracking website NonFungible.

NFT is a type of cryptographic token on a blockchain that represents a unique digital asset. They are digital assets that represent real-world objects — such as art, music, real estate, and beyond — and can’t be replicated.

While many NFT marketplaces experienced sales decline, Tezos NFT Platform Objkt.com is thriving and surging. Despite the NFT sales downturn in the month of May, the energy-efficient Tezos blockchain Objkt.com had its best month,  surpassing $100 million in sales in May.

During the same month, an NFT art piece titled REACHBACK was sold on Objkt.com for a whopping 82k tez. The news follows a trend of NFT sales on Tezos surging, while competing marketplaces are experiencing periods of sharp decline.

What’s so amazing is the $100 million in surging sales and an 82k tez sale didn’t really tell the whole story. Digging deeper, we found that NFT sales on Tezos are actually up by over 50% in the last 30 days while Ethereum NFT sales are down nearly 70%. In addition, the 82k tez sale did not happen on Tezos by accident.

The artist, XCOPY, a well-known ETH artist who has minted other versions of the REACHBACK series on OpenSea, minted the original REACHBACK NFT on Tezos indie marketplace HicetNunc in April 2021. The piece, originally listed and sold for 5 tez, instantly became an item of folklore.

The piece was listed multiple times for between 10k – 30k tez until it was purchased for 31,337 tez in August 2021. The other versions of REACHBACK on OpenSea failed to sell for over $20,000. The sale of REACHBACK, which is part of an edition of 3, for 82k marks an important milestone for the Tezos NFT community – demonstrating the stigma of it as a low-priced, experimental space is dead and its legacy as the place for high-priced NFT art is beginning to form.

The emergence of Tezos as the premier blockchain of choice for artists is being voiced by some of the leading figures in the digital art world. Snoop Dogg’s alter-ego, Cozomo de Medici, recently said in a post on Twitter:

“If you’re not collecting on objkt.com, are you even collecting?”

https://twitter.com/CozomoMedici/status/1533562800504598528

That’s not all, fx(hash), an open platform to create and collect generative NFTs on the tezos blockchain, also reported surging volume amidst a general NFT market downturn with nearly $6 million in sales in May. The open generative art platform built on the Tezos network overtook Ethereum-based Art Blocks in total sales earlier this month for the first time.

The Tezos Foundation was founded by Johann Gevers. Tezos was created in 2014 by husband-and-wife team Arthur and Kathleen Breitman. Tezos is smart money, redefining what it means to hold and exchange value in a digitally connected world. A self-upgradable and energy-efficient Proof of Stake blockchain with a proven track record, Tezos seamlessly adopts tomorrow’s innovations without network disruptions today.