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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 evening we have been hanging out at Station3, and we bought onto the subject of how one other Crypto Punk NFT simply offered 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.
Which means, if you happen to purchased an NFT for $5,000 USD again when Ethereum was $1k (spending 5 ETH complete), greatest case?
That NFT continues to be value $5k USD, not 5 ETH (which is $17k at as we speak’s costs).
Now, right here’s why that’s a great 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 start out goofing round and shopping for .jpgs.
It’s onerous 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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