What you need to know:
- An art collective has purchased Sam Spratt’s unique piece for $3 million.
- Buyers can engage in the Masquerade game by obtaining a mask NFT.
- The acquisition arrives as NFT volumes decline since 2022.
U.S.-based art collective Kanbas made headlines last week by completing the largest non-fungible token (NFT) acquisition in three years, acquiring a unique artwork by Sam Spratt for $3 million. This piece titled “X.Masquerade” is the sixth installment in the “Story of Luci” saga and will be linked to a private event where fans can partake in a game through the purchase of a “Mask of Luci” at 2.56 ETH ($6,800).
Kanbas expressed their support for Spratt by stating, “We’re proud to stand beside him and share Masquerade with the world… honoring Sam’s monumental work and the shared values that underpin it.”
This purchase reflects a resurgence in the NFT market contrary to the general decline seen since last year. Trading volumes surged, reaching $40 million in just the last 24 hours—a 29% increase from the day prior.
Yet, despite this spike, the broader NFT market continues to grapple with diminished activity levels and overall sentiment. Prominent collections like CryptoPunks and Bored Ape Yacht Club have seen their floor prices decrease by 71% and 91%, respectively. The current preference for memecoins by retail investors can be attributed to lower transaction fees and easier access to liquidity.
As such, Kanbas’ acquisition signals a potential shift towards valuing genuine artwork over purely speculative digital collections, moving past the pandemic-era NFT frenzy into a realm emphasizing cultural and creative significance.
