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Indonesian NFT communities talk surviving its 'wintertime'
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NFT art enthusiasts: Some visitors attend the Tezos exhibition during Art Moments Jakarta in Sheraton Grand Jakarta. (Courtesy of TZ APAC) (Courtesy of TZ APAC)
Stakeholders in the country's NFT industry share their insights and tips to survive the sharply declining market.
Winter has come for those breathing and moving in the non-fungible token (NFT) space. Following the downtrend in the cryptocurrency market and the global economic crisis, we have seen NFT sales taking a deep plunge and encountering its biggest bear market in history.
This dire situation also impacts NFT creators in Indonesia.
"It's been [a] drastic [fall]," Addien Fachruroji, NFT creator and member of the Indonesian NFT community (IDNFT), said during a phone interview with The Jakarta Post on Nov. 18. "[Before the bear market], creators working full-time on NFTs could easily earn two to three times Jakarta's fresh graduate's salary each month. But now, it's been a 90 percent drop."
Prices of NFTs have indeed been dropping 70-90 percent since mid-year.
The blue-chip NFT project (NOUN) used to sell at 90 ETH (approximately US$288,000, 1 ETH = + $3,200 in 2021). But now, the floor price of these pixel-art NFTs is around 30 ETH (roughly $33,000, 1 ETH = + $1,100 today).
Another famous project, World of Women, is now priced at around 1.5 ETH (or equivalent to $1,650 today), a far cry from its record selling price of 260 ETH (approximately $615,900 in January 2022).
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