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The NFT market is seeing a considerable uptick. Despite the general market downturn, over 300,000 buyers joined the NFT action during the past week, up 43.48% from the week prior. With over $256.69 million in NFT sales recorded during the course of a week, of which $206.06 million were Ethereum-based NFTs, it is likely that the phenomenon is only gaining momentum.
Those who had heralded that NFTs are on their last legs should take into account that new players are entering the fray with innovative ideas that take usage of Non-Fungible Tokens beyond the collecting domain into the realm of global affairs. That is precisely what Concept2048 is doing with its Metamorphoses collection – the brainchild of Ekaterina Perekopskaya and Rostyslav Brenych, who presented their artwork at the recent Venice Biennale’s Personal Structures exhibition.
By rethinking the concept of NFTs as vehicles of sustainable development, the artistic duo is using their collection to advance awareness of global problems and allow collectors to have a say in solving them. Based on the Ethereum and TON blockchains, a limited number of the 2,048 unique images of the Metamorphoses collection are still up for auction.
As revealed by the founders, the Metamorphoses’ public sale will give collectors both ownership of a unique image imbued in an otherworldly palette of colors and an instrument that can allow them to contribute to solving specific issues the image touches on. Part of the proceeds obtained from the sale of the collection will be directed at solving the most-pressing global and humanitarian problems, such as poverty, ecological disasters, overconsumption and others. All are tethered to a corresponding charitable initiative that will benefit from the donations.
The innovative art offering launched by Ekaterina Perekopskaya and Rostyslav Brenych has heralded a revolution in applying NFT art as a solution to truly pressing issues. Since the launch of a presale, the Metamorphoses NFTs have surged by 350% in price. With a limited number of Envoy images left, collectors have little time to claim theirs and lend a hand to resolving some of the issues plaguing our beleaguered world.
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
