American art collective Kanbas made the most expensive NFT purchase in the last 3 years

American art collective Kanbas made the most expensive purchase NFT over the past three years: a unique digital work of art called X.Masquerade by artist Sam Spratt for $3 million.

This work is the sixth chapter in the Story of Luci series. It is connected to the upcoming exclusive event called Masqueradewhich will take place on February 21. You can get an invitation to the event by purchasing one of the 613 Masks of Luci for 2.56 ETH ($6,800).

This sale was part of a general increase in activity in the NFT sector, driven by a marketing push from OpenSea, which has held a token airdrop (although it is now paused due to criticism by users). Pros data CoinGecko, NFT trading volumes in the last 24 hours amounted to $37 million.

However, in general, the NFT market failed to resume the frenetic activity of 2022: the prices of the CryptoPunks and Bored Ape Yacht Club collections fell by 71% and 91%, respectively. The reason for this is growing popularity of memecoinswhose total capitalization increased by $73 billion this cycle. Investors prefer memcoins because of low fees, high liquidity, and a low financial entry threshold.

Source: Kanbas