At a recent panel discussion organized by RARI Chain in Bangkok, leaders from Arbitrum, Rarible, and other companies shared their insights into the current state of the NFT market. The focus was on new strategies for creators navigating the rapidly changing landscape of digital art. Below, we’ve summarized the key takeaways.
The NFT Audience is Changing
One of the topics discussed was the shift in the NFT audience. Early investors, often referred to as “degens,” have shifted their attention to memecoins, leaving room for a new wave of collectors. Experts emphasized that creators now need to focus on attracting people who value the long-term significance of art and its practical applications, rather than just speculative interest.
The idea that memecoins have caused a temporary decline in NFT audience interest was also previously noted by renowned crypto analyst Andrew Kang.
Blurring the Lines Between Digital Art and the Traditional Market
As the NFT market evolves, it increasingly resembles the traditional art market, where relationships between artists and collectors play a key role. Creators are encouraged to build long-term connections with collectors through engagement, unique events, and providing access to the artistic process. Experts believe that such strategies can ensure sustainable success.
Strength in Unity
Another important aspect is collaboration. Artists are encouraged to partner with platforms, other creators, and creative groups to expand their audience and gain support. In the Web3 environment, where community is key, collaboration allows artists to share resources, increase visibility, and develop creative projects.
NFTs and DeFi: New Earning Opportunities
The synergy between NFTs and decentralized finance (DeFi) opens up additional monetization opportunities. This could include launching staking mechanisms, fractional ownership of artworks, or using NFTs with built-in yield potential. However, experts caution that it’s essential to choose tools that organically align with the creative concept rather than chasing every trending tool.