⚓️ uncertain times
send your NFT friend a DM today to see how they’re doing…
and if you’re feeling really down, send me one too. my DMs are open and I’ll try to help during these uncertain crypto times.
culture and community
the crypto community has been ravaged by the news of FTX’s insolvency.
many people’s funds are being held hostage on the platform and everyone is (rightfully) scared about what the future of crypto may hold.
writing about this is tough. friends are struggling. generational wealth has been lost. good people are having some really bad luck.
while some people feel this is the best time to tell you “I told you so” or that “we deserve to go to 0”, I encourage everyone to find *some* empathy here. and don’t forget that heart, understanding, and community brought us here in the first place.
how does one deal with financial losses like this? I’m not sure. but I do know that some of my biggest Ls have been helped by others in the NFT community.
over the past year, we have shared the highest of highest and the lowest of lows *together*. we have played the ‘coulda, shoulda, woulda’ game with ourselves more often than not…and today, we play that game more than ever.
we coulda sold earlier
we shoulda kept our funds on a hard wallet
we woulda reached out to help others before they left crypto Twitter for good
and while for many the losses are too much, many of us will continue. partly because we have nowhere to go at this point, but mostly because NFT Twitter is still an interesting place to be (until Elon ruins that too).
culture…community…art…these are the tentpoles of the NFT world. and none of those have gone away despite these turbulent times.
I for one know I’ll still be here watching and participating with everyone who sticks around.
time to put out some bids…
as I get off the podium, I’ll bring it back to that NFT world.
first off, do what you gotta do. sell what you need to sell. do what is best for you and your family.
but I generally agree with Cirrus and his statement above.
if you’re in a good spot…remember to be “fearful when others are greedy and greedy when others are fearful” (yada, yada, yada).
as people search for liquidity, they’ll be taking WETH offers…even if they’re lowball ones. NFTstatistics shows that accepted bids are already *way up* since yesterday. that means you have a nonzero chance of swooping that grail you’ve always had your eye on…all you have to do is bid on it.
you know it’s getting rough when people like Deepak are entertaining the idea of selling their Alien Punk. and if you’re looking to weather this storm of Crypto Winter…it might not be a bad play long-term.
in their short history, NFTs have often offered a place to store value during volatility. and typically, CryptoPunks have done that better than any NFT collection.
while the crypto world looks bleak, perhaps NFTs look a little *less* bleak right now (or at least I hope they are).
OpenSea changes course
some good news in a sea of crap…
after triggering the entire NFT community, OpenSea (smartly) has had a change of heart.
yes, after actually listening to their customers for once, they’ll continue to enforce creator royalties on OpenSea (for now).
Instagram Digital Collectibles
I just shouted out Drift in the DELTA section of my newsletter, but I feel the need to do so again.
that’s because along with Amber Vittoria, Refik Anadol, and Diana Sinclair, they became the first group of artists to both sell and *mint* their works on Instagram.
it’s an exciting innovation on a much more *visual* medium than Twitter. say what you will about Meta, Facebook, and Zuck, but it is promising to the future of NFTs that they’re finally on Instagram (even if they won’t call them NFTs).