There is an interesting trend in the NFT space, while the overall sales are going down, minting rates are going up.
Artwork credit: crowley2315
Crypto Devil "7 Years V I" NFT by Russian crypto artist Serge (2315art) Crowley. 1/5 editions. Available on NFT Showroom.
What is CryptoArt?
CryptoArt/NFTs are a revolutionary new way to buy and sell digital art online in limited editions with the power of blockchain technology.
NFT Sales Down, Minting Rate Up?
NFTs are far from dead, but sales have definitely crashed which is not surprising considering the overall crypto market downtrend.
But what is interesting is that according to theblock.co the minting rate (on Solana, including Gaming NFTs) is actually increasing.
There is also a daily flow of new art on NFT Showroom despite the crypto bear market.
So in my opinion, artists are continuing to create more art (also thx to AI art generation), but it's getting harder and harder to sell. Just like in the real world.
But remember, crypto art is all about utility and usage rights. NFTs without a function are more or less worthless (except speculation), but NFTs with usage rights and utility will prevail.
Gaming NFTs in particular are saving the NFT space, pulling the market out of trouble, I guess. Gaming is really booming. Just think about how many gaming NFTs have been minted on the Hive Blockchain in the last few weeks. Splinterlands, Riftwatchers Launch, Tower Defense, Promo NFTs, dCity and soon Genesis League Sports (GLS).