What was supposed to be a great publicity and profit-making stunt turned into a disaster. The auction of Madonna ‘s daring NFTs did not attract the expected revenues.
A couple of weeks ago, Madonna unveiled a collection of daring non-fungible tokens (NTF). It showed the singer in 3D giving birth toa tree, a millipede or butterflies. The star had to defend her artistic choices in front of the comments received on social networks.
But now the market has spoken and the prices obtained for the works are disappointing, with revenues of$135,000, $346,000 and $146,000.
The once thriving NFT market has become a spectacular fiasco. More and more high-profile auctions are failing, and investors who paid millions are now struggling to sell them for a fraction of the price paid.
Case in point? Last March, Bridge Oracle CEO Sina Estavi bought an NFT of Twitter co-founder Jack Dorsey’s first tweet for $2.9 million, calling it the “Mona Lisa of the digital world.” Last month, he dropped out of an auction to resell it after the highest bid fell below $14,000.
According to NonFungible, aresearch firm specializing in NFTs, the number ofnon-fungible tokensalesis hovering around 24,000 per day this week, down from 225,000 per day in September. Money spent on NFTs has also dropped, with last week’s sales totaling $205 million, down nearly 90 percent from the August peak of nearly $1.9 billion.
Despite the difficulty that NFTs have been experiencing in recent weeks, other artists are not hesitating to launch their works. This is the case of the former Beatles Ringo Starr who made his known yesterday. An auction of the Beatles’ drummer is planned for June.