Over the past 7 days, selloffs across stocks and crypto bled over into the NFT space, with virtually every top PFP collection on Ethereum, Bitcoin, and Solana in the red in that span.
However, one sector of the NFT market proved notably resistant to this recent downswing, and it was cryptoart.
Indeed, on the week we witnessed plenty of green among the ecosystem's most popular art series. Some of the 7-day runners here, for example:
Of course, when it comes to cryptoart vs. PFPs, the former tends to attract more long-term, conviction-based buyers that 1) are willing to buy when others aren't, and 2) are fine with volatility because of their focus on cultural value.
We see similar dynamics in traditional fine art markets, which sometimes remain hot or stable during wider financial downturns as collectors keep hunting and holding their favorite pieces.
All that said, if the trend of cryptoart outperforming continues, we could be in store for another 2021-style rally as the next big wave of attention arrives. Only time will tell, but review your collecting strategy just in case!
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Not financial or tax advice. Bankless content is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
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