NFT artists who can no longer count on a frothy crypto market to buoy sales aren't giving up, but they're having to lower their financial expectations and get more creative.
Why it matters: Artists have struggled to pay the bills since time eternal, and when NFT mania struck last year, many hoped the tech would provide a lasting solution.
Catch up quick: NFTs are digital records of ownership existing on a blockchain — commonly, the Ethereum blockchain. Artists can "mint" their work as an NFT, then sell the digital ownership rights to collectors.
State of play: The value of most NFTs is closely tied to the overall crypto market, which has been in full retreat this year.
Between the lines: The NFT market, experts say, was flooded with content of varying quality, creating a glut that forced prices down. There were also more people creating NFTs than buying them.
Yes, but: Even though the hype has dwindled, there's still an active community of people buying and selling all sorts of NFTs, says Lynnette Blanche, co-founder of Desire Path, a digital community for NFT-curious photographers.
For Noah Kalina, a photographer in New York's Catskills who was relatively early to the NFT world, the phenomenon has shifted from something that could pay the bills to another revenue stream alongside his other work.
Commercial and fine art photographer Pete Halvorsen has been using the bear market to prepare for what many in the NFT world hope will be an eventual rebound.
The big picture: All of those in the NFT world who spoke to Axios for this story agreed that despite the financial pains, the community was better off now that those who were only in it for a quick cash grab have departed.
Plus, as San Francisco Chronicle photojournalist Scott Strazzante told Axios, artists can still find some financial success selling NFTs — provided they're already big names or get invited to sell their work along with other creators in high-profile collections.
Be smart: Lots of artists criticized NFTs because of cryptocurrencies' energy consumption.
What's next: Artists in the NFT space are holding out hope that the glory days will return. But many are realistic about that possibility while celebrating the still-lively community.
