Shrugging off crypto winter, Galaxy Digitals Mike Novogratz calls inaugural NFT launch building for the future

Despite a prolonged crypto winter, Galaxy Digital and its CEO Mike Novogratz remain bullishand theyre ready to tell the world about the companys first NFTs.

The 3,210 digital collectibles, announced Friday as part of Galaxys Explorer Collection, will be released Oct. 14. The NFTs will celebrate not just the companys new logo, a square and circle that resemble a space helmet, but also Novogratzs confidence in the sector.

Crypto is having a rough time, but were still here, he told Fortune. Were building for the future.

NFT sales have been declining for months. Transaction volume on the most popular NFT marketplace, OpenSea, has declined more than 12% over the past 30 days, according to crypto analytics platform DappRadar, which also recorded over that same time period the most popular collection, Bored Ape Yacht Club, slipping about 11%.

Despite that, Novogratz pointed to the technologys adoption by big companies like Nike and major sports leagues like the NBA as evidence that NFTs are here to stay.

In a lot of ways [it] was easier to get people to understand blockchains through NFTs than it was through Bitcoin, Novogratz said.

Galaxys NFT collection, created in partnership with Times Web3 initiative TIMEPieces, will feature designs from three generative artists: Jake-Andrew, Parin Heidari, and William Kwaku Amo. They created the pieces using computer code to reflect their own distinct styles, said Eva Casanova, head of labs for Galaxy Interactive, one of Galaxy Digitals funds.

Each NFT is unique, Casanova added, and using code, the artist gives each piece a number of different traits, similar to collections like CryptoPunks. But unlike CryptoPunks, which have traded for hundreds of thousands of dollars, the company is airdropping the NFTs for free to employees, portfolio company founders, as well as industry partners. Although the pieces arent meant to be sold, if any are, proceeds will go to the artists.

Were not doing this as a financial endeavor. Were doing it to create spirit in our community, Novogratz said. Were here for the long haul.