As we all know, the stock and crypto markets have been crippled by the idea of the country heading into a recession. With Bitcoin topping at $67K, Ethereum topping at $4,700, and Solana topping at $251 in early November it’s easy to say that this is the end of crypto. Most people look at the ATH (All-Time High) for these 3 coins and assume that NFTs are dying when in reality the opposite is happening.
What Does That Mean for The NFT Space?
People do not see that with the price of crypto going down, fewer people will be coming into the space looking for quick flips and cash grabs. This allows the real builders and creators to enter the space with less competition from other projects that have hyped mints and sell out quickly. The people running those projects are just looking for money without providing real utilities to their holders. I have both of my feet engulfed in the Eth and Sol ecosystems. I can be a witness to the greatness that is being built within the shadows of the bear market.
Who’s Still Thriving?
Here is a quick list of projects around the space that are still doing numbers in this bear market and the reason as to why they are:
- Doodles – Space Doodles, Dooplicator, Genesis Box, Doodles 2, Pharrell as Chief Brand Officer, amazing NFT.NYC experience
- Bored Ape Yacht Club – A lot of people who want in on the project now have the opportunity to buy in at a lower price, Otherside game in development
- Chromie Squiggle – WAGMIUnited x Crawley town FC x Adidas jersey
- Clone X – A LOT is happening so just read THIS article
- Ethereum Name Service (ENS) – Names for wallet addresses are sold for high amounts and there are an unlimited number of combinations for the names that are being sold
These projects are making a stand to not go down considering the decline of wallet transactions and volume on OpenSea. Most people take this bear market as an opportunity to join the blue-chip projects, seeing it as a discount on a high-priced item. Regardless, these projects have had some serious news pop up within the bear market to keep their community engaged.
What Groups Are Being Affected By Crypto Bear Market?
People not being affected by the Crypto bear market are long-term holders who invest in a collection. These HODL’ers (Hold On for Dear Life) are making new friends as their communities are now easier to access, and able to accept the utilities they receive from their projects. Day traders are the only people losing as the price of crypto drops so does their ROI in a project. Day traders are people who just want a quick flip with no community engagement or utility from a project, so they gain nothing in the long run of things.
What Does the Future Hold for NFTs?
Because the volume of NFTs and hype died down, creators are building in the dark. I personally believe that this is just the beginning of NFTs, and mass adoption of the technology will soon happen. Social contracts will soon be needed for physical contracts, event tickets, IP rights, and even supply chain management.
This adoption will happen within the next 5 years as people’s preconceived notions of NFTs and blockchain technology are skewed to believe that they are a scam or a money laundering pyramid scheme. This is just ignorance of new technology like the people who did not believe in the internet back in 2000. Technology does NOT wait for anybody. It grows and develops every second of the day just like the people who are working hard to make NFTs a part of everyday life.
When Might the Crypto Market Bounce Back?
A lot of market analysts believe that the crypto bear market will follow the trend of the US stock markets. Since the stocks have just started going into a recession-like state, this may just be the beginning of the decline rollercoaster for crypto and NFTs. There will also be trends of the price of crypto going up, but this is just false hoping… or is it?
Your Personal Top 3?
This is NOT financial advice, but my own personal top 3 NFT projects are:
Doodles – Just look at this video from their Twitter… DOODLES
- I already own a Genesis Box and am waiting for Doodles 2 to launch to the masses
Cardboard Citizens – Here’s a look at their roadmap from their website, CITIZENS.
- This project makes Good2Earn a real process for businesses and non-profits
- Using its holders as validators for the transaction depending on the traits of your citizen(s)
- A win-win-win situation
- Here are my 3 Citizens
Solana Monke Rejects – If crypto does go $0 at least I’ll still have this BEAUTIFUL art from REJECTS.
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