𝖀𝖓𝖕𝖔𝖕𝖚𝖑𝖆𝖗 𝕺𝖕𝖎𝖓𝖎𝖔𝖓 - 𝐍𝐅𝐓𝐬 𝐀𝐫𝐞 𝐃𝐞𝐚𝐝

2TSj...cEUn

27 May 2024

Crypto has probably been declared dead just as many times as it hit a bear market.

So let me cut myself off at the knees by saying that this could happen to NFTs as well.
But it does look like it´s Game Over for the NFT.

For full disclosure:
I am neither a fan nor a skeptic when it comes to NFTs.
I am not a creator nor a collector although I hold quite some.
I have been trading/selling NFTs but I did not invest anything in them.

How did you do that?

I had a little side hustle last Bull run from gathering and selling free NFTs on WAX it did not make me rich but it was fun and provided me with some free crypto. It also provided me with insights into how the market is doing.

Not too pretty insights I might say.

Where I used to sell an NFT or three a month easily in the summer of 2022, I saw interest dwindle. I saw offers dwindle, I saw creators disappear as soon as the hype and the buyers did. By Feb 2023 I did not sell any for six months....that is when I started believing that NFTS are dead.

Yes, the title was meant to lure you in, but I did mention opinion.
But to avoid discussion I will add a bit of nuance. When I say NFTs Are Dead I am not talking about digital trading cards nor concert tickets, or the ones you get for free when you buy too-expensive shoes.

Those all have some intrinsic value, some outside-world use case, or a keepsake status.
I am talking about digital art.

Silly Monkeys

The digital art market saw a Tsunami of artists during the Hype, people paid millions for silly Monkees....but well that proves once again that people themselves are silly Monkees.

There were silly Monkees creating digital art and even sillier ones buying that art. Some Monkees were worth millions some Monkees made millions, some Monkees are now holding Non-fungible JPEGS that they paid millions for.

The Tsunami took the market by storm and once the water started pulling back, people saw the mess they were left with.

Now I know there are some people that actual are digital artists who were able to use this hype to sell their work. But most were just there to make a quick buck. I mean even kids made millions selling Weird Whales.
And even old guys with weird hair started selling these blockchain pics.

But where are all those artists?

Or should I say, so-called artist?

I see a few still around promoting their stuff probably against better judgment or hoping that the hype returns one day when the bulls start running.

Who knows maybe the silliest of Monkees have not learned their lesson and start spending millions again because they want to own a picture, a piece of art that is hard to differentiate from a screenshot.

I don't hold mankind in the highest regard, but based on the absolute lack of interest in digi-doodles I think that the market is dead....

And then in 2023, I found a notion of a pulse. I noticed a slight heartbeat when three NFTs sold in one month:

Was this the universe trying to tell me my unpopular opinion was the incorrect one, or was this pure coincidence? I mean I was holding those cool collectibles for over a year at least 2 from those 3.

Back From The Dead?

Were people actually spending WAX again?
It ended up being a dead cat bounce, some peeps invested in those Digi-Doodles once more. It is hard to believe these Monkees did not learn their lessons.

Because it went dead silent afterward and the NFT market as a whole kept dumping while Crypto was climbing out of the gutter. But maybe this Baby is just becoming a boomer.

But with the whole AI picture-creating options we got lately we can all create art online, that was the last straw these artists were holding onto their digital creativity and it got rugged by a machine that can generate any idea and image if you just use the right prompt.
Are we now gonna pay millions for using the right prompt to trigger a picture that others did not think of?

I just don´t see it but then again I don't get Meme coins either.

Am I getting too sour because I even agree that 80% of the altcoins have no use case. They are only good for making more BTC and ETH when you can sell them with profit to another silly monkey that is looking for a pet rock?

In my opinion, there are too few real digital artists who create NFT art to validate the existence of even one platform for buying, selling, and trading art-based NFTs.
Now as I said this is an unpopular opinion, clearly people still see value in pixels on a blockchain, because when I polled an NFT-minded audience the results were clear.

Now maybe they are all deeply invested and at a loss, or maybe they understand and see something that I do not. Maybe I just don´t get art, even though I do like it I would never see the need to own it other than as an investment......

Bottom Line

Ooohhhh now I get it NFTs are not about art, but all about an investment.

Well, maybe something little lightbulb just went on above my head.
However, I still prefer to invest in more traditional stuff such as bricks, mortar, silver, gold, Ethereum, and Bitcoin.

Investing in Pixels on a blockchain is probably like investing in low-cap alts but somehow I feel more confident trading that market.

I will eat my words and apologize if I am wrong but for now, I think NFTs will never be as big as they were in the last months of 2021.
Even at the start of this bull run, none of the 2021 NFTS I am holding are selling.

I sold about 11/150 in 2023 and 3/144 in 2024.
While in 2021 I sold over 500.

That´s what you get for being a bag holder, think of that before you consider holding meme coins till the next cycle.