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Alright, this text goes to really feel like an ongoing string of contradictions — however bear with us!
It’ll make sense ultimately.
So final night time we have been hanging out at Station3, and we acquired onto the subject of how one other Crypto Punk NFT simply bought for $16M.
Which prompted our mate to level out that almost all NFTs haven’t held their worth, and of those which have held their worth, it’s been in USD, not ETH.
That means, if you happen to purchased an NFT for $5,000 USD again when Ethereum was $1k (spending 5 ETH complete), finest case?
That NFT remains to be price $5k USD, not 5 ETH (which is $17k at in the present day’s costs).
Now, right here’s why that’s factor on this present market:
Within the final cycle, NFT mania solely actually kicked as soon as everybody felt like they’d made a foolish sufficient sum of money from their investments to begin goofing round and shopping for .jpgs.
It’s laborious to inform precisely the place we’re within the present cycle (as a result of no two cycles are ever the identical), however the truth that we haven’t hit all-out NFT mania simply but is an indication of market well being.
Let’s pencil in a examine up, in say? 8-12 months…
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