U.S.-based art collective Kanbas made the largest non-fungible token (NFT) purchase in three years last week, scooping up a 1-of-1 artwork by Sam Spratt for $3 million.

The artwork is called «X.Masquerade» and is the sixth chapter in the «Story of Luci.» It ties into into an upcoming invite-only event that allows supporters to participate in a game by purchasing a «Mask of Luci» for 2.56 ETH ($6,800).

«We’re proud to stand beside him [Sam Spratt] and help share Masquerade with the world. It is our way of honoring Sam’s trust, the monumental work he’s created, and—above all—the shared values that underpin it,» Kanbus posted on X

The purchase comes alongside a timely boost to the NFT sector following a marketing push from NFT platform OpenSea that includes a token airdrop. Trading volume hit $40 million over the past 24 hours, a 29% rise on the previous day according to CoinGecko.

However, the NFT market as a whole has failed to replicate the dizzying heights of previous cycles; activity is down and general sentiment is also waning as floor prices of collections like CryptoPunks and Bored Ape Yacht Club and are down by 71% and 91% respectively.

Much of the market’s plight is connected to this cycle’s $73 billion rise of memecoins, which retail investors appear to prefer due to minimal transaction fees, more liquidity and a lower barrier for entry.

But perhaps Kanbas’ $3 million purchase demonstrates a maturing of the NFT market away from speculative profile picture (PFP) collections and towards real art, the value of which lies in the adoration of a few as opposed to the attention of many.

The rapid growth of NFTs in 2022 was addictive; it captured millions of participants and racked up billions of dollars in weekly volume, but the market itself was unsustainable. When underlying assets used to purchase digital art began to tumble, NFT collectors attempted to cut losses by undercutting other sellers —creating a liquidity crunch and eventual cascade.

All speculative bubbles pop at some point, the majority of 2017 ICO tokens are no longer operational but the ones that still exist are worth billions. For NFTs it now seems less about the monetary value and ‘get rich quick’ aspect and more about the cultural and creative value of the art itself.