- A renowned Korean artist is dropping an NFT collection.
- OpenSea is currently the biggest NFT marketplace globally.
The Non-fungible token (NFT) market almost doubled its sales despite the crypto bloodbath it saw in 2022. The sector has become a hotspot for digital artists given its potential to empower the creator economy. NFT-sphere has seen some of the most esteemed names from the industry such as Eminem, Snoop Dogg, Matt Shadows, and more. The saga continues as a Korean artist, Dain Yoon, is soon to drop an NFT collection dubbed Visionary on OpenSea, the biggest NFT marketplace.
OpenSea Still Floating Ahead of Everyone
OpenSea took the announcement to Twitter, revealing that the collection is set to be launched on April 25. Additionally, the Korean artist is famous for creating mind-bending optical illusions using make-up. Yoon made an appearance on Ellen DeGeneres Show in 2017. Her entry naturally surprised the audience as no one was expecting her to show up.
According to Statista, a market and consumer data aggregator, revenue in the country’s NFT segment might top $90.77 Million in 2023. OpenSea still holds a lion’s share, dominating almost 80% of the market. Platforms including Blur, LooksRare, and more have emerged as tough competitors but failed to rise to the top.
Non-fungible tokens will become among the foundational elements of the metaverse. The South Korean government launched a beta version of Metaverse Seoul in January. The authorities announced their plans for metaverse investments in 2022. The initiatives will potentially boost the country’s digital economy in the forthcoming years.
CryptoSlam data shows that the market has descended by around 30% in a month. Bored Ape Yacht Club (BAYC). Otherdeed by Otherside and Sewer Pass have lost 46% and 67% respectively during the same period. Overall, global NFT sales volume has shrunk by 30%.
Integration of NFTs with the creator economy may send digital artists to soaring heights. Data shows that there are nearly 200 Million content creators globally and 85% of them enjoy their work. However, gamers have rejected such integration in gaming considering it can damage the true essence of the sector.
Moreover, minting NFTs is usually linked with ascending carbon emissions. The US is working toward its objective to go carbon negative by 2030. This would deliver a significant blow to the non-fungible token sector. According to a study, the number of NFT owners grew from 4.6 Million in 2021 to 9.3 Million in 2022.
Research estimates that the global NFT market can grow to become a $125 Billion sector by 2027 at a CAGR of 27.3%. With such potential, non-fungible token space may attract actors from several other industries.
Source: https://www.thecoinrepublic.com/2023/04/01/korean-illusionist-to-drop-nft-collection-on-opensea-this-month/