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Breech 🎩🍖Ⓜ️
@breech
Why are NFT's getting rekt? To me, the answer is simple and I've been telling people this for over a year since I exited all of my ETH NFT's that had value. In 2023 we started the early phases of this bull run. Our NFT's are traded in the value of their underlying assets (for most, ETH) and not just USD. As "number go up" in a bull run, it becomes a lot harder for an asset to maintain a higher price in its underlying asset while that asset is simultaneously increasing its value in USD. People want to sell the NFT's to acquire/sell the underlying asset. For example, if NFT collection XYZ (made up) has a floor of 10 ETH while ETH is $3.5k, expecting this collection to not only maintain, but ideally go up in ETH value while ETH (let's guess here) goes to $10-11k by the peak of the bull run just isn't likely. What's more likely is that SOME might hold enough to maintain their previous USD value, but that's still taking an L compared to just holding ETH. Next NFT run is when this bull has culminated
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Duraa
@duraa.eth
Even art NFts included 👀
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Breech 🎩🍖Ⓜ️
@breech
Not particularly, this is more so targeted to the larger PFP / promised utility collections. I wouldn’t doubt if there’s a bit of overlap for quality artists too though unfortunately that when the big collections aren’t doing well, overall sales for all types are probably down more too.
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Duraa
@duraa.eth
Yes I can't argue with that .. to me as an artist who sold more than 509 NFts between 1/1 or editions. Right now art NFts are almost dead .. like on X. They send nudes for sales
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