What these projects do to survive the NFT crash
“I think [the downturn] is an opportunity for companies that are going to do something unique and interesting to really be able to do it, says Rizzuto. “It’s a shift to more reliable, more established brands and organizations that can showcase and do incredible things. I think people are going to be less interested in risky things where they don’t quite know who that brand is.”
To gain this trust, some brands add value to NFTs that have lost value. Daz 3D, for one, debuted the NFT collection Non-Fungible People in December 2021. At that time, the collection of 8,888 NFTs representing women and non-binary people was marked for 0.2 ETH and was quickly sold out. Less than a month later, the average price to land one of the NFTs was more than tripled. As prices fell, average sales fell to 0.05 ETH. As a consolation, Daz3D threw in a free coin for their collection of non-fungible pets, with some proprietors receiving a free airdrop from the company’s partnership with Clinique.
“In NFTs, you’re trying to find ways to add value to your collection and do something interesting and fun,” says Rizzuto.
In the long run, Daz 3D believes that their NFTs are useful enough to hold value. Before July 15, owners of non-fungible individuals can create a pet for their avatar, which includes full-body images and 3D files. These 3D files, says Rizzuto, can be used to make movies, games, livestreams or more. They are completely ready for the future of the metaverse, no matter what it may be.
“We have thousands of customers every day buying 3D models on the Daz site, and they make movies with it, they make art with it, they make illustrations,” she says. “So for me, I look at ours, and I said ‘It’s just amazing benefit, and you can take it so many places and do so many creative things.’
Still, Rizzuto says it’s “anyone’s guess” where NFTs will go in the future. Without the lid on rapid value increases, NFT projects will have to deliver again. That’s why the popular Utah soda shop Thirst sells NFTs that come with free menu items for life and other discounts. Thirst founder Ethan Cisneros says that concrete benefits are the future of NFTs, and he puts some of the blame on existing projects to create a bubble in the market.
“People are starting to realize that this is crazy how much we spend [NFTs], and people turn them around for millions of dollars. It makes no sense, says Cisneros. “I think that’s what’s going to start to change. The real benefits of an NFT and the things you can do with it are the real benefits of it. When value is created, they’s going to start to rise to the top, and “I’m honestly excited about it. Yes, the NFT market is crashing, but that’s because all the projects have delivered with zero value.”
