Video version of this article can be watched here: https://youtu.be/TWOOgwtS7Pw
Right now, the market is in a tumultuous state. Most of our bags are down by an unflattering amount. The critics are coming out stating that NFTs are just a fad and that we “degens” are just gambling and will be left with illiquid jpegs when we come out on the other side.
For some NFT holders, the past year may be their first interaction with the crypto market. But for us who have been here for quite some time, we are used to the critics shooting down our beloved digital assets. We’re used to the uncertainty. With each bear market that is thrown our way, we have to truly consider which assets we believe will be able to pull through. There has been consistent change in the top 10 crypto charts over the years.
There is no reason to not believe NFTs won’t also have consistent shuffles. BAYC is looking like the formidable player that is here to stay for the long haul. Doodles may be in that mix too. Maybe our beloved Moonbirds?
But who will be the other players in the top 10 during the next bull run is difficult to predict. So, it’s imperative to choose your picks wisely, especially in the bear market. Everything pumps in a bull market, very little has to do with fundamentals. When hype fades, you can see which projects are more than just skeletons.
Choosing winners in the bear market requires a healthy amount of fundamentals. Which of the communities are growing? Which are still working on developing? Which are just chilling and waiting for the market to heat up again? I am bearish on projects that solely time their project development on market trends. Teams that keep their heads down and deliver value to their community no matter what the external factors are like are more than likely going to be the ones that have what it takes to stay scrappy and grow. They’ll also probably be the ones that can receive the real gains during the bull runs.
NFTs are a new technology. We’re approaching the end on the first chapter of development but there are many more chapters to come. With the digital and physical worlds becoming more intertwined, NFTs will become more commonplace. Each major company will have an NFT team just like they currently have a social media team. Just like the Mom&Pops company that poopooed on social media only to then create a company profile page.
Mass adoption requires reducing the friction though. This is partly why people are so bullish on Solana Summer. Solana is faster and cheaper than Ethereum. Well, when Solana is live that is… More solutions will come out to help make it easier to interact with NFTs and new use cases will be implemented as well. Ethereum is looking to be the ultimate settlement layer though for blockchain as a whole. More layer 2 solutions will be coming out to cater specifically to NFTs. We can’t have a bunch of jpegs breaking Ethereum every time a major mint reveal happens. Perhaps other blockchains will capture more of the market share. Elrond is my under the radar pick.
Although we’re in a slightly bearish market, I’m super bullish on NFT technology. These stress tests for the market creates more resilience. It’s short-term pain but creates more long-term confidence when we get through this.
About NSWAP, Inc.: NSWAP, Inc. is building a decentralized, multi-chain information aggregation platform (Launchpad) and open market (Marketplace) for NFTs. We hope that everyone has the opportunity to experience, access, and own NFTs. With Nswap, you can access NFT collections for sale on our primary Launchpad and trade them freely on our secondary Marketplace.
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