The Japanese NFT market is still in its infancy…but for how much longer?
Last week, I talked about a business influencer, Kamogashira, entering the NFT space, as I thought that his move could have a noticeable impact on the Japanese market. He has more than one million followers on his YouTube channel (you can read up on the last week’s news here).
Interestingly, we have started to see the effect already.
Taking the CNP collection as an example, I would like to give you an idea of how Kamogashira’s move is starting to change the Japanese market.
After announcing his entry by changing his icon to Clone X, Kamogashira tweeted that he had purchased CNP (CryptoNinja Partners) as his first Japanese generative NFT. CNP is the largest generative collection by market capitalization in Japan.
— 鴨頭嘉人＠YouTube講演家 (@kamohappy) August 19, 2022
This tweet attracted a lot of attention in the market, and as a result, the CNP’s floor price started to rise.
What’s interesting is that the CNP’s number of wallets started to increase suddenly after Kamogashira’s original announcement on 15 Aug.
Just like most other collections, CNP had been affected by the global bear market, and its floor price was in a downtrend as it struggled to increase the number of owners. However, after the announcement, the trend changed and it started to attract new buyers, gaining more than 100 new wallets in a few days.
I have been monitoring the wallets of buyers, and interestingly, I spotted some completely new investors purchasing NFTs for the first time. And I’m starting to see more new investors buying their first NFTs as the days go by.
This movement reminded me of what happened in the global NFT space a year ago – the summer of 2021. As more influencers and celebrities entered the NFT space, they attracted new investors. As a result, the market grew exponentially.
The Japanese NFT market is still in its infancy – similar to how the global market was in early 2021. In this type of environment, the move of one influencer can change the trend completely.
It is still too early to say if other Japanese influencers and celebrities will follow Kamogashira’s move, but I feel that it is highly likely.
If so, what might happen to the Japanese NFT market?
I’ll keep you updated!
Full disclosure: I own CNP NFTs at the time of writing.
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