10 August 2023

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The Seed Round Fxhash, the groundbreaking generative art platform and marketplace, has successfully closed an oversubscribed $5 million seed fundraising round. Spearheading this investment initiative was 1kx, an early-stage crypto-focused venture capital firm renowned for its strategic ecosystem growth investments. Founded in 2021, Fxhash has emerged as the...

Tezos NFT Platform Objkt.com, is Staking its Place as the Marketplace of Choice for Artists as ETH Creatives Jump Ship

In May, Objkt.com, the largest Tezos marketplace eclipsed $100 million in sales.

In the same month, an NFT art piece titled REACHBACK sold for a whopping 82k tez.

The news follows a trend of NFT sales on Tezos surging, while competing marketplaces are experiencing periods of sharp decline.

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Objkt.com Surpasses $100 Million In Sales

  • Lifetime NFT sales on Objkt.com surpass $100 million. 
  • XCOPY’s REACHBACK recently sold for 82k tez on Objkt.com – largest ever tez denominated sale. 
  • Tezos NFTs sales experiencing a strong trend upwards amidst general market downturn.

Despite the recent NFT sales downturn, the energy-efficient Tezos blockchain is surging, with news of leading NFT platform Objkt.com surpassing $100 million in sales last month and the sale of XCOPY’s REACHBACK for 82k tez.

In May, Objkt.com, the largest Tezos marketplace eclipsed $100 million in sales. In the same month, an NFT art piece titled REACHBACK sold for a whopping 82k tez.

The news follows a trend of NFT sales on Tezos surging, while competing marketplaces are experiencing periods of sharp decline. 

Objkt.com surpassing $100 million in sales and an 82k tez sale does not tell the whole story.

If you dig a layer deeper, NFT sales on Tezos are up over 50% in the last 30 days while Ethereum NFT sales are down nearly 70%. Furthermore, the 82k tez sale did not happen on Tezos by accident. 

The artist, XCOPY, a well-known ETH artist who has minted other versions of the REACHBACK series on OpenSea, minted the original REACHBACK NFT on Tezos indie marketplace HicetNunc in April 2021.

The piece, originally listed and sold for 5 tez, instantly became an item of folklore. The piece would be listed multiple times for between 10k – 30k tez until it was purchased for 31,337 tez in August 2021.

The other versions of REACHBACK on OpenSea failed to sell for over $20,000.

The sale of REACHBACK, which is part of an edition of 3, for 82k marks an important milestone for the Tezos NFT community – demonstrating the stigma of it as a low priced, experimental space is dead and its legacy as the place for high-priced NFT art is beginning to form. 

The emergence of Tezos as the premier blockchain of choice for artists is being voiced by some of the leading figures in the digital art world.

Snoop Dogg’s alter-ego, Cozomo de Medici, recently quipped that “If you’re not collecting on objkt.com, are you even collecting?”.

What’s more, fx(hash), a leading generative art NFT platform, has reported surging volume amidst a general NFT market downturn with nearly $6 mm in sales in May.

The open generative art platform built on the Tezos network overtook Ethereum-based Art Blocks in total sales earlier this month for the first time.

Disclaimer

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Read our full disclaimer here.

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