Kanbas Acquires Sam Spratt’s NFT for $3M Amid Market Shift

U.S.-based art collective Kanbas has made the largest NFT purchase in three years, acquiring X.Masquerade by Sam Spratt for $3 million. This piece marks the sixth chapter in Spratt’s Story of Luci series. The acquisition aligns with an upcoming event where supporters can buy a “Mask of Luci” NFT for 2.56 ETH ($6,800).

Kanbas shared their excitement on social media, stating, “We’re proud to stand beside him [Sam Spratt] and help share Masquerade with the world.” Their investment highlights a shift in the NFT market from speculative profile picture (PFP) collections to high-value digital art with cultural significance.

The purchase comes as NFT trading volumes surged 29% in 24 hours, reaching $40 million, partly fueled by OpenSea’s token airdrop campaign. However, despite the recent uptick, the overall NFT market remains subdued. Iconic collections like CryptoPunks and Bored Ape Yacht Club have seen their floor prices drop 71% and 91%, respectively.

One factor impacting NFT demand is the rise of memecoins, which have attracted retail investors with lower fees, higher liquidity, and easier accessibility, drawing attention away from traditional NFT investments.

The NFT boom in 2022 saw billions in trading volume, but falling cryptocurrency values triggered a liquidity crisis, leading to widespread sell-offs. Now, the market appears to be evolving, with a growing emphasis on the intrinsic artistic value of NFTs rather than pure speculation.

Kanbas’ $3 million investment in X.Masquerade signals confidence in this evolving landscape, potentially paving the way for a renewed focus on digital art as a lasting asset class in the Web3 space.