The king is dead, long live the king!
The king is dead, long live the king! is a traditional proclamation made following the accession of a new monarch in various countries. The seemingly contradictory phrase simultaneously announces the death of the previous monarch and asserts continuity by saluting the new monarch.
NFT are dead, long live NFT!
Similarly, in the context of NFTs, the statement "NFT are dead, long live NFT" suggests a shift in the NFT space.
However, the assertion that NFTs are dead refers to the decline of certain trends and speculative projects, such as Profile Picture (PFP) and meme-based collections like PEPE and Monkeys. These projects were prominent during the initial NFT frenzy in the early 2020s but have since waned in popularity. The statement emphasises that what truly persists and thrives are the artistic expressions that have found a digital platform through NFTs.
Just as the gold rush in the past did not devalue gold itself but rather the frenzied pursuit of it, the statement draws a parallel to the NFT space. The rush and hype around NFTs may have subsided, but the underlying value and potential for artistic expression through this medium remain. It emphasises that art evolves through new mediums, and NFTs have become a significant platform for artists to explore and showcase their work in the digital age.