FUD for thought
well, it was good run fam.
as we enter a bear market, there is plenty of advice from Twitter to go around. to be clear, most of it is useless; it’s idealistic at best and tone deaf at worst.
“did you take profits this time anon?”
“always stay liquid for bear markets.”
“did you expect it to be up only forever?”
to zag, I will not be dishing out advice today on how to manage your money. it’s yours and I don’t care how you choose to spend it (or not spend it).
what I will urge you to do is establish now what about this market is going to change your strategy in the long term. over the last year, NFTs have taught me more than the university I went to (where I was an economics and accounting major fwiw).
I learned how markets actually work at an individual/ground level.
I learned that you can’t be invested in everything…so to pick and choose what you buy wisely.
I learned that being comfortable is more important than being rich (for me).
“learning” has really become an ironic word in the NFT space - especially yesterday after Zagabond repeated it over and over in his Spaces regarding the Azuki drama (more on that in a bit).
however, if you’re not actually learning, you’re gonna have a bad time.
that’s my “advice” for everyone today. write down your learnings so come next cycle, they can be put to work and put you in a better spot than you were 12 months ago.
following up on yesterday’s drama with Zagabond and Azuki…
the damage control continues and unfortunately…seems to be working?
after a disastrous Spaces where Zag came off as arrogant and unfazed by the FUD (‘unfazed by the FUD’ will be the new of my new album btw), he waited 8 hours and issued an apology.
did he get a PR team to help him draft it? probably. did he “learn” (a term he repeatedly used yesterday during the Spaces)? you’re damn right he did.
many parties were in over their heads here, and it appears that the community at large was waiting for any excuse to jump back on the Azuki bandwagon.
the price floor bottomed out to as low as 6 ETH post-Spaces before bouncing back to over 10 ETH post-apology.
it’s been a wild 48 hours for Azuki owners and my heart goes out to them truly. this stuff isn’t for the faint of heart anymore. it begs the question though, at what point as a consumer do you cut bait with a project?
when a project is making you money, it’s easy to turn a blind eye to any ethical and problematic issues. when it’s not? not coincidentally, that’s when a lot of people decide to make their stand.
I wonder if we can do better.
will other founders start getting ahead of stories like the Azuki/Phunks/Zunks drama by doxing themselves and their past projects? it seems like the smart thing to do to avoid blowback. and you just know that there are projects out there that were funded by previous rugs. my guess is that it’s about to get spicy around here.
I don’t understand the Luna crash at all and this is an NFT newsletter so I won’t be touching on it in too much detail. I will note that this has been a rough week for my fellow crypto people though. keep your head up.
since it’s been a bit of a downer, what do we have to look forward to? anyone? Bueller? Bueller?