Feetpix is a new NFT art project of, well… pixel art feet, and it's currently one of the most popular collections on NFT market OpenSea. This matters because 2022 saw a downturn in the value of NFTs, and daft projects like this fell from favour. Does this signal the return of NFTs?
Feetpix is an NFT collection that consists of pixel art feet in various situations and states of undress; it's silly, weird… and a huge success. This really could be 2023's first and weirdest new NFT project and recalls the heady days when a trashcan image sold for 252k and easily compares with some of the weirdest NFTs of 2022.
Consisting of 10,000 pixel art images, Feetpix.wtf (to give the collection its full monicker) has out-performed established blue-chip NFTs such as Bored Ape Yacht Club (BAYC) on OpenSea and is now the fifth most-traded collection. It's huge, and has coined-in 640 ETH (about $855,000) in three days since launch.
While in the past such bizarre NFTs have found success through paying celebrities and influencers to promote the project, or making extravagant promises with complex roadmaps, the creators of Feetpix are keen. You know there's one reason for its success… a lot of people love feet.
0 Roadmap0 Promises0 Marketing0 Paid influencers1 Common love for feet pic.twitter.com/Z8R8BWTXFhJanuary 10, 2023
I can't see there being any real use case for Feetpix, but the collection does have the standard approach to rarity. The collection of pixel art feet have attributes that dress the feet in socks and nail polish, shoes and tattoos, and some feature dog poo and cigarettes (yes, really).
The sudden rise in people collecting a new daft NFT collection with zero use has caused many to proclaim the NFT bear market – the downturn in value and investment of NFTs – has come to an end. Twitter user and collector @slushygmi wrote, "Degen szn is back baby". More users are bragging of 'loading up since 0.25ETH', which recalls the heady days of CryptoPunks and Moonbirds.
Are we seeing a new rise in NFTs for 2023? Maybe, but let's not forget the NFT market dropped from $25 billion jin trading in 2021 by 88% in 2022 according to a report at Crypto.co from last year.
As the NFT market shrank in 2022 I actually found comfort in good projects launching that have uses or interesting ideas and creativity behind them – projects such as Fear City and Broadside and galleries like NFT Gallery London and the rise in NFT photography – so it feels like a step backwards for weird NFTs to be making a comeback.