⚓️ capitulation
gm.
would you look at that? CryptoPunks have flipped Bored Apes again. the constant battle rages on…
but why is this happening? you’ll find out after a quick little rant by me ⤵️
ALPHA ⚓️
who’s active rn?!
over the last year, I have poured my heart and soul into the NFT space and this newsletter in particular. and if this is sounding to you like I’m going to sign off today and never return…you’re wrong.
but in recent weeks, I have found myself accidentally taking a detox from NFT Twitter.
in the process, I’ve been in a better headspace than ever and my relationship with NFTs is thriving. I’m suddenly thinking more long-term and not getting caught up in the FOMO of the moment.
sure, the dopamine hits aren’t the same (buying groceries just doesn’t do it like sweeping the floor does). but I’ve found myself asking myself: “Nakamigos? Naka-who-gives-a-crap.”
is taking a step back from Web3…in particular from NFT Twitter…the most obvious play right now?
BETA ⚓️
Franklin
piggybacking off my rant…for every person like me, there are 100 others that sign off from NFT Twitter and never return. their reasons vary, but I usually *understand* them all.
some have gotten sick of the toxicity in the space (for which there is plenty). others have lost too much money to ever look at an NFT again. and then, there are the more well-adjusted folks…the ones that leave the space because they have found better things to do with their time.
(these are the ones I envy)
on Thursday, Franklin…the famous Ape flipper…fell into one of these groups. he revealed that his wallet had run dry and that in order to pay off BendDAO loans…he would be selling most of his Apes.
(additionally, he’d be removing himself from the NFT world for a while)
it’s a sad end for someone who seemed immune to the market’s volatility. that being said, he worked on the margins and made plenty of mistakes in his day. we can’t be too surprised by this news.
but as Franklin dumped his Apes, the Bored Apes floor jumped down to ~50 ETH floor as I write this. and with no Machi and no Franklin to come in and sweep, it uncharacteristically did not bounce back. now *that* is what is surprising.
while I will miss Franklin’s flips for 0.06, I now realize that stepping away for a bit probably is best for me. I’m not nearly as smart as Franklin, and if he can get liquidated…then there is little to no hope for a casual flipper like me.
GAMMA ⚓️
NFT100 controversy
as if the space needed any more unnecessary drama, the NFT100 list was revealed by NFTnow this week. on it, you’ll see familiar faces (which I’ll get into in the DELTA section).
however, one face you will not see is that of Nicole Behnam. after she was caught “dumping” on her followers, they have since redacted the award from her.
(they did however leave her name on the list, for some reason, with links to her Instagram and Twitter)
now I’m not going to defend Nicole here, but I would say roughly 50% of this list is *probably* guilty of the same malfeasance. she just committed the act too close to the reveal of this list…and since our collective memories only last 2 days around here, NFTnow was left with no choice but to remove her.
DELTA ⚓️
🚩🚩🚩
so back to my original thesis…should we be taking a step back right now?
I don’t want to guide you any certain way on your NFT journey.
but that being said, I will say that a great reshaking of the snow globe *may* be in order.
the NFT Twitter ecosystem has characters in it that have risen to power (as evident with the NFT100 list) that are certainly loud…
but are they good?
we are finding that people we’ve listened to and (maybe) respected over the past two years are just as flawed, broke, or malicious as the rest of us.
as I’ve stepped back, I see firsthand just how intoxicating and damaging their personas can be. it’s always “buy, buy, buy”.
it’s yell, yell, yell…never sell, sell, sell.
so what would happen if we cut off the eyeballs, earholes, and attention we are giving them? I can’t say that a lot of the NFT100 would still be institutions of the NFT space (with their short-term, prisoner-of-the-moment thinking)…with the exception of a few.
and I’m not saying I’m any better than them and that you should be listening to me instead…
(trust me, I’m not in it for the clout, my follower count and subscriber list prove that)
I just want us all to WAGMI (still)…and I’m worried that NFT Twitter isn’t helping anymore.
see you Tuesday.