Pop singer Katy Perry has announced the launch of her very first NFTs – on the Theta Network. The tokens will be released in the fourth quarter of this year.

Perry is quite familiar with cryptocurrencies: already in early 2018, she had posted the infamous “Crypto Claws”image on Instagram. This showed her fingernails, which were painted with various project logos-and was subsequently perceived by many as a sign of the peak of the bull run at that time.

The singer now joins the growing list of celebrities who have jumped on the NFT“hype bandwagon”-including Snoop Dogg, Paris Hilton and Lindsay Lohan.

Let’s hope history doesn’t repeat itself and crypto markets experience a bull run even after Perry’s NFT drop. Whether this also applies to NFTs is questionable – because sales statistics show a massive slump.

Is the hype about NFTs gone?

At NFTs, the spirits continue to separate. The so-called non-fungible tokens reached the peak of media hype in March of this year, when Beeple’s “The First 5,000 Days” sold for a record-breaking $ 69 million.

The retail price was a shock to most-and the common comments revolved around the lavish extravagance of spending such large sums on digital art.

Nevertheless, Vignesh Sundaresan, who bought the work, says: he does not regret anything. He was even motivated to pay even more if necessary.

Sundaresan justified his decision by saying that NFTs would represent the beginning of a new age in digital art. For him, the purchase of “The First 5,000 Days” at this price means the transition to this new phase.

However, Sundaresan admits that it will take some time for the general population to recognize and accept this.

“Sometimes these things take a certain amount of time for everyone to recognize and realize them. I have no problem with that. I had the opportunity to be part of this very important change in how art has been perceived for centuries.”

“The First 5,000 Days” was Beeple’s collection of his daily efforts to create works of art around the theme of social contradictions in the technological age over a period of 13 years.

According to Perry, her works would focus on” creative and memorable moments “from her stay at the” Resorts World Casino”, Las Vegas. But other than that, we have to wait for them to appear to get a better sense of what she means by that.

NFT sales have slackened

Data from NonFungible.com show that sales have fallen sharply in each NFT category. May 3 marks the peak at which NFT sales worth $ 102 million were made.

But today, total NFT revenue is just $1.1 million – equivalent to a 99% drop in revenue volume.

History of NFT sales, source: nonfungible.com

The recent crash of Bitcoin and the multiple environmental concerns expressed regarding NFTs have not made the situation any better. However, many, such as major investor Sundaresan, assume that this is only a temporary lull and that NFT markets will pick up again in the foreseeable future.

Text credit: Bitcoinist

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