Remember the stonking prices being paid earlier this year for NFTs released by artists including Grimes, A$AP Rocky and Shawn Mendes? One of the key points about these NFTs (well, about NFTs generally) was the potential resale value. How’s that going? Not so well.
Bloomberg has been examining some of the prices paid for those early music-related NFTs more recently, as they were resold on the secondary market. One of the NFTs sold for $7.5k in Grimes’s ‘Earth’ collection in February recently resold for just $1.2k. “Likewise, a piece rapper A$AP Rocky sold for $2,000, showing him spinning around in space, in April just traded for about $900,” noted the report. One of Mendes’s NFTs has similarly halved in price at resale.
The sky’s falling in! But wait: perhaps this isn’t actually a bad thing. Or rather, it may shift the discussion around NFTs to be about what represents true value for the people buying them: about rewards and fandom, rather than a future bumper-resale payday. That feels like a healthy discussion.