Ringo Starr NFT auction needs a little help from its friends

By Raffaele Redi

Sale is finding it hard to attract buyers’ attention as NFT market witnesses a downtrend

Ringo Starr                                 
Sir Ringo Starr achieved international fame as the drummer for the Beatles – Photo: Shutterstock
                                

A Ringo Starr NFT auction is struggling to take off, as the NFT market witnesses a 15% drop in sales over the past month.

The auction, which opened for bidding on 24 May and will start in real-time and in lot order for live bidding on 13 June 2022, has received the attention of only a few collectors so far, with a few tens of bids placed on the 20 pieces under the hammer.

The sale came as the NFT market went through a downtrend, with monthly sales slipping to $3bn and the number of traders drastically falling, one of the worst periods for NFT investors in 2022.

At the time of writing, the highest bid placed on any of the 20 NFTs being auctioned is $3,500 for “Crash N1”, while the floor price of all the NFTs in the collection is $1,000.

A portion of the proceeds would benefit The Lotus Foundation, founded in 1998 by Starr and his wife Barbara Starkey, to fund charitable projects aimed at advancing social welfare in diverse areas.

The Creative Mind of a Beatle NFT series

The NFT series, five limited editions of four auctioned off by Julien’s Auctions, features an original animated painting with a custom-made drum composition recorded and played by the Beatles’ drummer.

The NFTs were minted with special audio and visual motifs from the time back when Starr played in the Beatles, as well as signposts of his “present and future creative journeys”, while each digital piece is accompanied by a small canvas print signed by the iconic musician

Ownership of the NFTs also grants access to join Starr on an exclusive virtual tour of his digital gallery experience, RingoLand, created by Spatial.io.

Starr said: “I only ever wanted to be a drummer yet you never know where a new idea or path will lead you. This new technology is so far out it’s inspired me and I loved creating these NFTs combining my art and my music. Who’d have thought I would be spreading peace and love in the metaverse.”

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