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Alright, this article is going to feel like an ongoing string of contradictions — but bear with us!
It’ll make sense in the end.
So last night we were hanging out at Station3, and we got onto the topic of how another Crypto Punk NFT just sold for $16M.
Which prompted our mate to point out that most NFTs haven’t held their value, and of the ones that have held their value, it’s been in USD, not ETH.
Meaning, if you bought an NFT for $5,000 USD back when Ethereum was $1k (spending 5 ETH total), best case?
That NFT is still worth $5k USD, not 5 ETH (which is $17k at today’s prices).
Now, here’s why that’s a good thing in this current market:
In the last cycle, NFT mania only really kicked once everyone felt like they’d made a silly enough amount of money from their investments to start goofing around and buying .jpgs.
It’s hard to tell exactly where we are in the current cycle (because no two cycles are ever the same), but the fact that we haven’t hit all-out NFT mania just yet is a sign of market health.
Let’s pencil in a check up, in say? 8-12 months…
