NFT Media: Writing NFTs

Key Insights

• Most NFT media forms are figuring out the optimal way to monetize their respective intellectual property. One new NFT category is writing NFTs, pioneered by the Mirror platform.
• Writing NFTs are a very early niche, with fewer than 734 writers and only $60,000 in NFT volume, most of which has been generated by a few essays.
• While most individuals often first think of Mirror’s publishing platform, its crowdfunding aspect is more successful, having facilitated over 10,000 ETH in fundraising across nearly 17,000 buyers.

The NFT market is on pace to have its worst month since August 2021 and will probably continue to stagnate for at least several months as the overall equities and crypto markets suffer. That’s just the natural side effect of a market powered by the strong tailwind of speculation.

Reset: The NFT Media Market

As the NFT market resets, many forms of NFT media are getting repriced. Established NFT markets like Art will likely consolidate into the top collections and platforms. Nascent media markets such as music NFTs are experiencing a demand-side shock for both primary and secondary sales. Gaming has already fallen and will await the launch of its first AAA game. Pieces of content that seemed like they’d become valuable pieces of internet culture have since depreciated significantly.