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Are NFTs flatlining?
It depends on who you ask.
If you ask the Wall Street Journal, you’ll find a pretty convincing article outlining why the NFT market year-over-year and quarter-over-quarter is in decline. But ask the same question to an NFT bull who is making generational wealth and you can expect the answer to be a firm “no.” Let’s look deeper.
If you haven’t read the bearish WSJ article that’s making the rounds, you can do so HERE
. The article is pretty straightforward. Here are a few of the general points regarding the market.
“The sale of nonfungible tokens, or NFTs, fell to a daily average of about 19,000 this week, a 92% decline from a peak of about 225,000 in September. The number of active wallets in the NFT market fell 88% to about 14,000 last week from a high of 119,000 in November.”
They also mention two examples of failed celebrity NFTs, featuring Jack Dorsey and Snoop Dogg. Do you remember all of the buzz around Jack Dorsey’s first-ever tweet turned into an NFT last year that fetched $2.9M? That same NFT was put up for auction last month with an ambitious asking price of $48M. The best offer was .09 $ETH, worth a total of $277.
Snoop Dogg’s NFT is suffering a similar fate. With an asking price of $25.5M, the current bid is .07 ETH, or roughly $210.
Jack Dorsey and Snoop Dogg are examples from a growing NFT graveyard. Celebrities, athletes, politicians, and superstars have taken their shots in the NFT market and failed miserably. These failures, plus the millions of knockoffs of successful projects have created an army of the dead. The Wall Street Journal makes a strong point - much of the NFT market is in shambles.
But these examples do not tell the entire story.
Let’s see what the bulls have to say. I’ll speak on their behalf.
NFTs are well established now as an emerging asset class. Ethereum is unsurprisingly the most sought-after blockchain, but others have become promising as well, with Solana being the most notable. If you have held any of the blue-chip NFTs, you have done much better than if you would have just held stocks or even crypto. Punks, Apes, Azukis and Doodles have been strong stores of value.
The NFT market as a whole isn’t flatlining. There is some over saturation, which is expected when people FOMO into a bubble with a new asset class. Interest in some areas is higher than ever. Considering the fact that all markets are down and a large portion of the crypto market is sustaining heavy losses, it’s actually quite impressive how well some NFTs have held their value.
Just a few days ago, the Otherside project broke a number of NFT records. According to Nonfungible.com, an NFT tracking website, “with nearly $8 billion traded in the first quarter of 2022, the market cannot really be considered to have collapsed. We are seeing more of a form of stabilization, in line with the last quarter of 2021.”
NFTs are here to stay. When the internet was first created, most websites failed. That’s the nature of hype and growth cycles. Most internet companies went bust, but the most important businesses on the planet rose from the ashes of the collapse.
Most fungible tokens have failed as well, or are on their way to 0 eventually. It’s difficult to assess the NFT market without definitive stats. Both CoinMarketCap and CoinGecko track NFTs, but are in beta forms.
Just ignore the hype and the FUD and focus on safe investing, that’s the key.
Choose your projects and coins wisely.
In This Issue:
- Are NFTs Flatlining?
- Bitcoin Thoughts And Analysis
- Altcoin Charts
- Powell Tames The Market
- Elon Musk Can Move The Market
- The Wolf Of All Streets Podcast Ft. Mark Moss
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