⚓️ what to do in the NFT bear market
gm.
evergreen Friday rolls on.
BivNFT readers…let’s ride.
BivNFT readers let’s ride.
BivNFT readers……les ride.
⚓️
in this market, it might seem like the sky is falling (and it might be, to be fair), but maybe this is the best time to change your mindset when it comes to NFTs.
let’s face it. you’re not going to make money in the bear market unless you’re extremely lucky or extremely well-researched (or you have access to insider trading info).
and for many, not making money from NFTs means they are *out* on them completely. you’ve seen this on NFT Twitter…people are leaving in droves.
but that’s a bit short-sighted, don’t you think?
it’s a cliche at this point, but builders in the bear market will reap the benefits in the bull. so why are you sitting around or quitting when there’s still some meat on the bone here?
a simple shift in mindset fixes the problem many are having right now with NFTs. they’re asking, “how can this NFT make me money?” when they should be asking, “how can this NFT get me to where I want to be?”
⚓️
first, let’s make sure your expectations are reasonable.
are you investing in a project thinking it’s going to be the next Bored Ape Yacht Club right now? if so, please enjoy this cold water to the face…that’s not happening.
and as we just established, profits will be hard to come by too. so set your expectations that *any* profit right now will be good and make a list of projects in your head that maybe could that.
these are ones that if a few things break your way, you could *potentially* see yourself turning for a profit (of course, your guess is as good as anyone’s).
is it high risk? if so, it’s probably best to cast those to the side unless you’re flushed with cash.
obviously, the best kind of plays (with any investment) are low-risk/high-reward ones. does that obvious statement shorten your list at all? if you planned on taking out a loan to get into some of these NFTs…that’s probably not wise (but you do you, luv).
now…a little exercise to solidify this list.
imagine it’s the next cycle. NFTs are cranking again (wishful thinking, I know). new money is flooding in and they’re buying into NFT projects left and right. one project in particular is ripping harder than others though. you say to yourself “that was such an obvious play 6 months ago (wishful thinking again, I know) in the bear market when it was X ETH”.
…and invest in that one.
⚓️
now what if a project can’t offer you profits? what can they offer you? there’s a quid pro quo here that you *might* not be considering.
you buying into a project and then proping them up helps the project, no? have you ever asked yourself what you could get in return? I’m sure Farokh asks these kind of questions.
let’s get selfish for a second…and dive into what *you* can get from a project instead of thinking about it the other way around.
community
yes, community. the most overused word in all of NFTs…
however, this doesn’t mean that it’s a phantom idea. community truly is one of the biggest benefits of NFTs. misery loves company, right?
in short, NFTs and profile pictures offer us an online identity. this means that you’re crafting an entire persona online, which can make you friends, enemies, and acquaintances…just like in the real world.
and that is much easier to do when circles are small (you’ve heard Drake say this, I’m sure).
let me tell you, these circles are getting *really* small these days. so why not join a community and see what happens. put yourself out there.
engagement
are you looking to gain followers on Twitter? well, some communities can help get your voice heard better than others.
‘Ape follow Ape’ was a successful strategy for a reason. it built that community, but more importantly it got Bored Apes addicted to Twitter.
for that reason, projects have all followed suit and engage with their communities. the good ones will do it on a daily basis by retweeting new members, and really trying to build from a grassroots level.
if you’re new to Twitter, certain projects can offer you a platform to get you new followers and help make you new friends.
networking
which leads to the biggest part of joining NFT communities right now…networking.
it’s something I hate doing normally, but if you are committed to NFTs during a bear market, I’m sure there are people out there who will see that passion and be interested in your journey.
is there anyone there you would love to have a connection with? though it’s unlikely, buying an NFT could provide just a little extra social proof that can you in touch with people. now reach out to them and shoot your shot.