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⚓️ build-a-bear market
gm. if you want NFTs to be big, remember you have to put in more than you take out.
luckily for me, I’ve put in way more ETH than I’ve taken out! we’re on our way, fam!
how long have you been collecting NFTs? for me, it’s been (a crazy) 1 year.
think back now - who has impressed you the most throughout your time so far? is it a certain team? is it a particular artist? is it a dev who actually does something?
it’s important to take note of these “NFT all-stars” so to speak, and I’ll explain why.
we know that when it comes to delivering value Yuga Labs is the best to do it, so I’ll use them as an example.
now that they’ve established themselves to such a wild degree, you can bet they surely won’t let this cash cow go. the chances that Yuga Labs packs up tomorrow and rugs is 0% (conservatively). bear or bull, they’re building…because their community and now their investors depend on it.
with other NFT projects, we do not have that kind of assurance.
when looking for diamonds in the rough in a bear market, it basically comes down to this…who is going to keep working and who is not? is your NFT a legitimate business or merely a fun side project for folks? (I don’t mean who has incorporated, though that does help in legitimizing them). what are the stakes?
if you’re not in it for the money, that’s fine too.
which artists will continue to work if the NFT trend dies? which teams will continue to engage with their community? if there was a Mount Rushmore of NFTs, who would be on it (so far)?
I won’t answer any of these questions for you. it’s all subjective. but I will tell you your answers are where want to park your ETH right now. look to projects that will still be working 5 years…10 years…20 years from now and “invest” in them before it’s too late.
I didn’t want to talk about it, but a slow news day leaves me no choice…I regret to inform you that Martin Shkreli, serial grifter, is into NFTs.
after being released from prison, Shkreli took to Twitter under the handle @Enrique5060782, where he did a 4-hour Spaces on Sunday professing his love of all things crypto.
as I understand it, prison is a great time to get some reading done, so Martin did exactly that and did his own research into the crypto space (apparently, you get GitHub in prison, who knew?).
in the Spaces, he was rocking his Miladys profile picture (fitting) and making the NFT space look horrible yet again.
why do we continue to let people like Shkreli and Jordan Belfort raise their public profiles by drifting off of NFTs and other people’s hard work? sure, their names and their stories are often compelling, but their track record shows they are bad for business…full stop.
stop giving dudes like this a platform.
though with Shkreli, it is nice that he’s using an NFT profile picture instead of that ugly IRL mug that he normally uses. it’s a great use case for NFTs; we don’t have to see his face anymore!
the Ethereum merge is apparently going to happen sometime in August. all that locked ETH is set to hit the market again. I hope you all enjoyed your 5% returns on it. I know I did and I surely regret staking it now.