The NFT market has not been doing very well recently, to say the least. After peaking in 2021, NFTs were considered almost synonymous with the second coming, generating a whopping $41 billion worth of crypto by 2021. Since then, however, industry metrics have plummeted dramatically. At the time of writing, according to data from analytics site NonFungible.com, NFT sales fell 24% from the previous quarter.
Some analysts attribute this to a plethora of external factors, such as the ongoing conflict in Europe, the recession, and the general feeling of anxiety among investors. Instead, others look for internal trouble, claiming the industry is going through a rough patch due to seamless, faded knockoff projects that flooded the market.
As always, the truth lies somewhere in the middle, but the main takeaway is pretty straightforward: the conventional aesthetic of NFTs stopped resonating with their intended audience. Join me in today’s editorial to see why a promising project, Big Eyes Coin, could save the industry from stagnation and what role Ethereum plays in this effort. Let’s delve into.
Big Eyes Coin: When Going Against the Establishment Pays Off
If you look at most of the current projects on the market, you can see a pretty pernicious trend: they are dog-themed or ape-derived, with almost zero or no creativity behind them. Shuba Inu, Dogecoin, ApeCoin, and Bored Ape Yacht Club are among many projects that capitalized on a popular trend, but what used to fly in 2021 will now not be tolerated. This is why the Big Eyes Coin project feels like a breath of fresh air, as instead of following the established narrative, it actually went against it. Meet a cute Japanese-inspired kitty who plans to rule the animal kingdom of NFTs.
Although it is a new kid on the crypto block, Big Eyes Coin has a lot of potential not because of its flashy aesthetics but because of its value proposition. That is, it allows holders of the native token of the BIG platform to earn passive income by investing Big Eyes NFTs. The framework is relatively simple; each subsequent sale of an NFT will be taxed at 4% to the original seller, 5% distributed to BIG holders, and 1% going to support marine life in the oceans.
For most NFTs, one can make money just by selling it once, but with Big Eyes Coin, the sky is the limit. Considering that the project has just entered its last pre-sale stage, I suggest taking a closer look at it because there is huge potential for passive income if this project really makes it to the big leagues.
Why Ethereum is still the number one choice for building NFTs
Even when the NFT market is desperate, Ethereum continues to reign supreme, regardless of the obstacles in its path. If you look at the top 10 collections with sales records below, you can see that 8 of them are built on the Ethereum blockchain. Although competing blockchains like Solana or BNB offer similar functionality and custom features, digital artists continue to choose the Ethereum blockchain.
Why? Because despite having high gas prices, it is arguably still the most secure network and data architecture, where building on top of this blockchain gives wide exposure to a large and growing market (nearly 80% of all NFTs are built on Ethereum). This leads to NFTs being sold at a higher price on average, meaning creators would make more money from them.
The current state of affairs in the NFT market is a blessing in disguise showing everyone that there may be an alternative to soulless copycat projects. With Big Eyes Coin entering the scene and earning $3.2 million in pre-sale, it’s a sign that the community is ready to embrace a new trend in aesthetics. And since this project is coincidentally done on the Ethereum blockchain, his example could illuminate the dark forest of NFTs. So, if you are disappointed with what the NFT market has to offer, be sure to check out Big Eyes Coin before its final pre-sale stage is complete.