okay bears...NOT!
gm. did you miss me? I took yesterday off, but NFT news did not. so now, we have a lot to catch up on…
ALPHA
some personal news…I knocked one of my 2022 NFT goals off the list by acquiring a second Cool Cat.
it’s corny to say use the Warren Buffet adage at this point…to “be greedy when others are fearful”…but I feel we’ve entered that stage of the cycle.
the sentiment felt almost exactly like this last year. we were coming off buying Loot (now we’re coming off buying digit ENS domains) and flipped Cryptopunks (now buying flipped Solana projects - more on that later). everyone was worried the sky was falling and that we were headed to 0 (fine, so that was just me).
then? it turned around and made a huge comeback leaving us to where we’re at today.
I know that a year isn’t that long and there might not be a pattern here, but we are further from zero than we were back in May of 2021. our roots are far more established and though there might still be big corrections headed our way, I personally think the worst is over.
*cut to the bottom completely falling out and the worst most certainly not being over*
truly though, I believe better days are right around the corner. they might even be closer than you think. remember, all it takes is one piece of BIG news to turn everything around.
BETA
we talked about NFT feuds last week, but I hadn’t anticipated that we would have actual ‘chain wars’ this week.
speaking of repeating what happened last year, a lot of the NFT world decided to revive ‘Solana Summer’; their NFT sales on OpenSea skyrocketed over the weekend with multiple collections entering the OpenSea top 5 of daily sales. none were more successful than Okay Bears - a collection that has been called the Bored Apes of the Solana chain.
and because we can’t have nice things and let others be successful, a collection minted on Monday with a flipped version of the bears…on the Ethereum blockchain.
‘Not Okay Bears’ as they were called soon did…I kid you not…3K ETH worth of sales in less than 24 hours as purists stood to “make a statement” and try to assert Ethereum supremacy.
the problem? Okay Bears simply had to send a cease and desist to OpenSea. they complied with the DMCA and removed Not Okay Bears from their marketplace today temporarily bringing a ceasefire to Ethereum vs Solana NFT war.
ETH vs Sol has long been debated and I feel it won’t end anytime soon, so I won’t relitigate it. but it comes down to do people care more about security or speed?
our tribalism is once again showing and Not Okay Bears shows to a troubling degree that we’re all dug into our thoughts and ways.
men would rather spend .25 ETH on a derivative project than admit Solana has legitimate NFTs.
DELTA
a report surfaced this morning that Yuga was entertaining the idea of migrating their projects to another chain completely…with Avalanche and Flow being in the mix. they quickly shot down these rumors, but where there’s smoke, there’s fire. Yuga has recently bashed Ethereum’s high gas fees as a reason their Otherside land sale was botched. take that as you will.
this is not NFT-related, but since Mr. Top himself loves NFTs, I felt like posting Steve Aoki’s first pitch that went into the top deck of Fenway was relevant.
