Crypto Art Platforms Gain Traction as Ethereum Istanbul Upgrade Sets the Stage for NFT Growth

The Current Meta

As December 2019 draws to a close, the non-fungible token ecosystem is quietly building momentum beneath the surface of a crypto market still finding its footing. Bitcoin trades at $7,511, up 3.10% on the day, while Ethereum sits at $132, gaining 3.32%. The broader market rally masks a more profound structural shift: the NFT infrastructure stack is rapidly maturing, and the pieces are falling into place for a transformation of how digital assets are created, traded, and valued. Crypto art platforms like SuperRare, KnownOrigin, and MakersPlace are attracting artists and collectors at an accelerating pace, while OpenSea is positioning itself as the marketplace aggregator for all things non-fungible.

Volume and Floor Dynamics

Trading volume in the NFT space remains modest by the standards that will later define 2021, but the trend lines are unmistakable. According to data from various platforms, the total value locked across DeFi protocols has reached approximately $600 million by December 2019 — a 166% increase year-to-date — and a meaningful portion of this activity involves ERC-721 tokens and NFT-adjacent smart contracts. On Kraken alone, $62.1 million was traded across all markets on December 22, reflecting healthy market participation even as the industry awaits the next catalyst.

Floor prices for crypto art on SuperRare typically range from 0.5 to 2 ETH, translating to roughly $66 to $264 at current prices. These valuations, while low by future standards, represent a significant milestone for digital artists who previously had no mechanism to monetize their work through scarcity and provenance. The Ethereum blockchain records every sale, transfer, and royalty payment, creating an immutable history that traditional art markets have struggled to establish for centuries.

Community Sentiment

The mood within the NFT community in late 2019 is one of cautious excitement. The Ethereum Istanbul upgrade, activated on December 8, 2019, brought critical improvements to the network, including reduced gas costs for certain operations and better interoperability between Ethereum and other blockchains. For NFT creators and collectors, these optimizations are not abstract technical achievements — they directly reduce the cost of minting, buying, and transferring digital assets, making the entire ecosystem more accessible to mainstream users.

Online communities on Discord and Twitter are buzzing with discussions about the potential of blockchain-based digital art. Artists who once gave away their digital creations for free are now earning meaningful income through NFT sales. The concept of programmable royalties — where artists automatically receive a percentage of every secondary sale — is resonating strongly with creators who have historically been marginalized by galleries and auction houses. The sentiment is that a fairer, more transparent art market is being built from the ground up.

The Next Evolution

Several developments point toward an acceleration of the NFT ecosystem in early 2020 and beyond. The ERC-721 standard, which provides the technical foundation for non-fungible tokens, is gaining widespread adoption across Ethereum-based projects. Nike’s recently granted CryptoKicks patent, awarded on December 10, demonstrates that major consumer brands are already planning to integrate NFTs into their product ecosystems. The patent describes a system where physical shoes are paired with digital tokens, enabling authentication, ownership tracking, and even digital “breeding” of virtual footwear.

Meanwhile, the DeFi ecosystem continues to expand, with protocols like MakerDAO and Compound providing the financial infrastructure that will eventually support NFT lending, fractionalization, and collateralized borrowing. The MakerDAO governance system is maturing, with discussions about risk parameters and community-driven decision-making processes gaining sophistication. By December 2019, MakerDAO alone accounts for a significant share of the $178 million in DeFi value locked on Ethereum.

The convergence of DeFi and NFTs is still in its earliest stages, but the trajectory is clear. As Ethereum’s infrastructure improves and more creators discover the benefits of tokenized digital ownership, the NFT market is poised for a period of rapid expansion that could reshape how value is created and distributed in the digital economy.

Investor Takeaway

The NFT market in December 2019 presents a textbook example of an emerging sector where fundamentals are improving faster than valuations. Ethereum at $132 is accessible, gas fees are manageable thanks to the Istanbul upgrade, and the infrastructure for creating and trading NFTs is operational and growing. For forward-looking investors, the current environment offers a rare window to accumulate quality digital assets and positions in NFT platforms before the broader market recognizes the sector’s potential. The combination of improving technology, growing creator adoption, and expanding financial infrastructure makes the NFT space one of the most compelling asymmetric opportunities in crypto as the decade comes to a close.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions. Past performance is not indicative of future results.