The Current Meta
November 2019 may not go down in history as the most dramatic month in cryptocurrency — Bitcoin was drifting around $8,800 after a difficult autumn, Ethereum sat quietly near $184, and the total crypto market capitalization hovered around $218 billion. But beneath the surface of a relatively placid market, something genuinely transformative was happening in the world of non-fungible tokens. A constellation of platforms, artists, and investors was quietly assembling the infrastructure that would, within two years, explode into a multi-billion dollar cultural phenomenon.
The NFT space in late 2019 was characterized by experimentation and grassroots community building rather than headline-grabbing auction sales. Platforms like MakersPlace were hosting digital art exhibitions at physical venues, bridging the gap between traditional art collectors and the emerging world of blockchain-based creativity. Meanwhile, gaming-focused NFT projects like Axie Infinity were proving that digital collectibles could sustain real economies with genuine trading volume. The meta was shifting from curiosity to utility, from novelty to nascent industry.
Volume & Floor Dynamics
By the numbers, the NFT market in November 2019 was tiny compared to what would come later — but it was growing with remarkable consistency. Axie Infinity alone had generated $1.8 million in peer-to-peer trading volume and sold over $1.1 million in game assets. The project set a record by raising 1,200 ETH in a single day, demonstrating that demand for well-designed NFT experiences was real and quantifiable.
Marketplace activity on platforms like OpenSea, which was still a relatively obscure platform at the time, was steadily climbing. CryptoKitties, the NFT project that had famously clogged the Ethereum network in late 2017, had matured into a stable — if less sensational — part of the ecosystem. New projects were emerging with more sophisticated mechanics, better art, and clearer value propositions for collectors.
The floor price dynamics were telling. Unlike the speculative pumps that would characterize the 2021 NFT boom, prices in late 2019 were driven primarily by genuine utility and collector interest. Gamers bought Axies because they wanted to play. Art collectors purchased digital works because they appreciated the creativity and the proof of ownership that blockchain provided. The market was small but surprisingly healthy.
Community Sentiment
The NFT community in November 2019 was tight-knit, passionate, and refreshingly free of the hype-driven excesses that would later define the space. On Discord servers and Twitter, artists, developers, and collectors shared their work, debated the merits of different blockchain standards, and collaborated on projects with a spirit of genuine creative exploration.
MakersPlace, a digital art platform, exemplified this community-driven approach. On November 8, 2019, the platform announced the results of its Pancakes & Booze Los Angeles digital art exhibition — a physical art show featuring blockchain-based works from creators around the world. Artists like Joe Chiappetta, Madalina Garbea, Yura Miron, and David Reza had their digital works showcased alongside traditional art at a pop-up event attended by hundreds of collectors and enthusiasts. It was a tangible demonstration that NFT art could exist in the physical world, not just in the digital realm.
The sentiment among early adopters was cautiously optimistic. They recognized that NFTs were still years away from mainstream acceptance, but they also understood that the fundamental technology — verifiable digital ownership on a decentralized blockchain — was too powerful to ignore. The community was building the foundations of what would become a cultural revolution, one artwork and one game asset at a time.
The Next Evolution
Several converging trends in November 2019 pointed toward the NFT explosion that would follow. The entry of major institutional players was perhaps the most significant signal. Animoca Brands led a $1.46 million seed round in Sky Mavis, the company behind Axie Infinity, with participation from ConsenSys, Hashed, Pangea Blockchain Fund, and 500 Startups. This was not hobbyist money — it was professional venture capital betting on the future of NFT-based gaming.
Simultaneously, the infrastructure layer was maturing. Partnerships between NFT projects and major technology companies were becoming more common. Samsung had integrated blockchain functionality into its devices, providing a direct on-ramp for millions of smartphone users. Kakao’s Klaytn blockchain was building a platform that could support NFT applications for one of Asia’s largest user bases. HTC was experimenting with blockchain-native smartphones. Each of these partnerships expanded the potential reach of NFTs far beyond the existing cryptocurrency community.
The art world was also beginning to take notice. Platforms like MakersPlace and Known Origin were attracting professional digital artists who saw NFTs as a way to monetize their work directly, without galleries or agents. The concept of provenance — a permanent, verifiable record of ownership and authenticity — was particularly compelling for artists who had long struggled with unauthorized reproduction of digital works.
Investor Takeaway
For anyone paying attention in November 2019, the signals were clear: NFTs were evolving from a niche curiosity into a legitimate market with real users, real revenue, and real institutional backing. The combination of gaming utility, artistic creativity, and blockchain infrastructure was creating a new category of digital asset that did not fit neatly into any existing framework.
The lesson for forward-thinking observers was that the most transformative market movements often begin quietly, in small communities, long before they capture mainstream attention. The $1.8 million in Axie Infinity trading volume, the carefully curated MakersPlace exhibitions, and the strategic investments from firms like Animoca Brands and ConsenSys were all data points pointing in the same direction. The NFT revolution was not coming — it was already here, just waiting for the rest of the world to notice.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. The NFT market is highly volatile and speculative. Past performance and trading volumes do not guarantee future results. Always conduct thorough research before engaging with digital collectibles or NFT investments.
BTC at $8,800 and ETH at $184. people were so focused on price action they completely missed the NFT infrastructure being built. classic
every bear market the builders go quiet and lay the foundation for the next cycle. 2019 NFT scene was exactly that
defi_pilgrim and those of us buying crypto art on superrare for 0.1 ETH got called insane. those pieces are worth 50x now
defi_pilgrim buying superare art at 0.1 ETH in 2019 was the original degen move. everyone called it stupid and those same people were begging for allocations 18 months later when the floor was 5 ETH. the bear market builder narrative is real
MakersPlace doing physical exhibitions for digital art in 2019 was genuinely ahead of its time. most people thought it was gimmicky back then
Carl J. makerspace physical exhibitions were genius marketing. got traditional art collectors comfortable with digital ownership before the 2021 explosion
mint_og_ the physical exhibitions were smart but lets be real, most of those collectors just wanted the flex. the actual onchain ownership was secondary for them
mint_archivist_ Axie proving digital collectibles could sustain real economies was the blueprint. pity the economy was a ponzi but the tech worked
axie_skeptic_ the Axie economy was a ponzi but it proved digital scarcity could sustain real GDP. the lesson was never about Axie itself
buying art on SuperRare at 0.1 eth when eth was 184 bucks. those pieces ran a 50x and the floor eth price did another 15x on top
eth_184_gang buying art at 0.1 ETH when ETH was 184 bucks. those pieces ran what, 50x plus the ETH itself did 15x. generational multiplier
MakersPlace doing gallery shows in person was the trojan horse for traditional collectors. got them comfortable with wallets before they knew what hit them
Larisa D. the gallery shows got traditional collectors into wallets before they understood what they were signing up for. brilliant trojan horse strategy
BTC at $8,800 and ETH at $184 while the NFT infrastructure was being built. nobody was paying attention to the right thing
axie infinity in 2019 was a game nobody cared about. two years later its a $3B economy in the philippines. timing is everything
Yuki H. axie in 2019 was literally a joke in crypto twitter threads. the schadenfreude when it became a billion dollar economy was incredible. timing really is everything in this space
bear_market_bag axie going from joke to 3B economy is the most philippines wealth effect story in crypto history. crazy that it started here in 2019 silence
floor_sweep_3 MakersPlace doing physical exhibitions in 2019 was ahead of its time. every major NFT platform does IRL events now but back then everyone called it desperate
bear market builders always look insane until the cycle turns. MakersPlace in 2019, OpenSea in 2020. quiet infrastructure during the silence
What I find most interesting is how these platforms bridged traditional art with blockchain technology.
ETH at 184 and people were buying JPEGs. that takes actual conviction or actual insanity. turns out it was conviction
MakersPlace hosting physical exhibitions in 2019 was the bridge nobody talks about. traditional art collectors actually showed up and bought digital work before the crypto crowd did
MakersPlace doing IRL exhibitions before the hype crowd arrived was genuinely visionary. traditional collectors got it before crypto twitter did
BTC at 8800 and ETH at 184. feels like a different universe. the 218B total mcap was less than what USDC holds now lol
218B total crypto mcap in late 2019 was literally a rounding error. Pavel S. is right, less than USDC reserves today. insane perspective
Pavel S. right? the entire market cap of crypto in late 2019 is basically a rounding error on BlackRocks balance sheet now. wild