⚓️ no more six figure PFPs...
for those of us still here…congratulations, you really believe in this stuff.
(or maybe you’re just too stubborn to sell it all now)
I would be remiss not to lead this newsletter off with the state of the crypto market. and currently, it’s *checks charts again* yikes.
over the weekend, Ethereum prices fell below $2000 and continued to plummet into the mid-thousands, sending the NFT space into a full-scale panic.
as I write this, there is currently no PFP project valued at six figures. Doodles fell below 10 ETH, Cool Cats fell below 3 ETH, and Moonbirds fell below 20 ETH. am I worried about any of those projects though? absolutely not.
the advice from NFT Twitter has always been to bet on the “builders”. that’s because, in markets such as these, you can rely only on those with skin in the game to keep going.
as an optimist, I’m obligated to think that a lot of us will keep going.
both the people and projects who weather this storm will be better for it. can I guarantee better days and new ATHs (all-time highs)? no…but I do think that enough groundwork has been laid for NFTs to be a big part of our culture moving forward.
they might still be laughing at us in the normie world, but they certainly know what NFTs are now. the same could not be said a year ago.
our job now is simply not to go away.
however, there are plenty who will go away. they are the ones that were here not for the art, not for the community, but for the money.
(now that the well has dried up, they will move on to whatever new fad or trend they can chase for a few extra bucks)
the sad reality is that many of the friends you’ve met along the way in your NFT journey, won’t be joining you any longer. you’ll likely never hear from a huge chunk of “NFT Twitter” ever again.
I don’t blame them at all either. it’s tough out there, and you have to do what is best for you always. but I know for me, NFTs mean more than dollars and cents now. it’s a passion, a lifestyle, and (hopefully one day) a livelihood.
this bear market makes it tough to evangelize, but once we’re out of it, we must work again to onboarding new people to NFTs. except for this time around, we have to sell them - not on the money they can make - but on the community they can be a part of.
this is a newsletter after all and I have to provide you with some news for the day. believe it or not, things are still happening out there!
my beloved Cool Cats are entering the Metaverse. they’ll also have avatars in the Yugaverse/Otherside, so it appears that despite market conditions, we are still moving forward with the Web3 metaverses. much like the future is multi-chain, I’d imagine the future is multi-metaversal (going to trademark that now).
who said there isn’t innovation coming from the NFT community? getting served via airdrop? NFTs still sound like the future to me! a judge in New York recently ruled that legal documents could be airdropped into a wallet that was the perpetrator of an $8 million hack.