NFT Sells for $3 Million, Signaling a Potential NFT Sector Revival

US-based art collective Kanbas Collection bought a 1-of-1 digital artwork for $3 million, a sale that suggests that the NFT sector may have matured to be more sustainable than it was three years ago.

Artist Sam Spratt confirmed the news on the official website, saying that this is the highest sale for a non-fungible token (NFT) in the past three years.

Also, this is his latest piece and the highest single sale. The artwork is ‘X.Masquerade,’ the sixth chapter in Spratt’s ‘Story of Luci’ collection.

“To us, patronage is about true friendship—embracing the artist, their world, and their craft,” Kanbas said . “Sam tells a story of all of us, great and small […] We’re proud to stand beside him 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.”

$6.2 Million in Primary Sales

Spratt is a US-based artist, currently working on his ongoing series LUCI (pronounced Loo – See) which debuted on SuperRare in October 2021. It’s a collection of digital paintings that the artist paired with written psalms,

He released it as “episodic pieces of an evolving story about the rediscovery of our most ancient human values in a post-historic world,” said the artist.

Since 2021, LUCI generated $6.2 million in primary sales across the 10 digital paintings released so far. ‘VII. Wormfood’ was sold at Christie’s for $252,000.

Per the Nifty Gateway marketplace, Sam Spratt launched four collections on this platform, with a total sales volume across all collections of $5.6 million. The average sales price is $9,312, while the floor price is $65,500. There are 172 unique owners.

Additionally, his ‘Mask of Luci’ sale ends in two days, as part of a game known as the ‘Masquerade.’ As the FAQ explains , the Masquerade is the next chapter of the story of Luci, following The Monument Game . There are four ways to join it, the last chance being the public drawing starting on 18 February for the chance to purchase a Mask needed for entry.

Meanwhile, Spratt previously partnered with many large names in the games, films, music, books, comics, and other industries. This includes Rockstar Games, Netflix, Marvel, Universal Music Group, Kid Cudi, Donald Glover, and many others.

NFT Sector in a More Sustainable Place

The NFT sector is not at the height it saw back in 2021-2022. However, that short-lived burst could be considered a passing frenzy, comparable to the 2017 ICO booms. What we’re currently seeing may be a more sustainable market.

Nifty commented in a newsletter that Masquerade’s record-breaking $3 million sale “has reignited interest in the otherwise struggling NFT art market.”

“This is coupled as various Spratt collections are seeing substantial upward momentum as the Masks of Luci mint draws to a close,” it added.

Source: NiftyNoon Newsletter

However, there was another potential boost to the NFT sector. Just recently, OpenSea’s much-anticipated OS2 update went live . It includes new chains, improved search and explore features, marketplace aggregation, cross-chain purchasing, and lower fees at launch, the marketplace said.

Also, the launch includes a SEA token airdrop . The new coin is designed for NFT user engagement. Users can earn XP by bidding and listing NFTs.

Over the past 24 hours, the trading volume reached nearly $37 million over the past 24 hours, an 8.7% drop, according to CoinGecko. The global NFT market cap today is $4.87 billion.

Meanwhile, the highest price paid for an NFT to date is $91.8 million for ‘The Merge’ by digital artist Pak, bought in December 2021. It’s followed by Beeple’s ‘Everydays: The First 5000 Days,’ which went for $69.3 million.