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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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dd8🎩🎭
@dd8
Thanks for sharing fren. I feel the same way. I don't know if NFTs will ever be able to run again, but I hope so. 🍖 x 35
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Breech 🎩🍖Ⓜ️
@breech
Thanks fam! Most of the ones we know today will die off. Pudgy’s and a small group of others will survive, the rest will perish. By the time the next NFT run happens, there will be newer, shinier toys - possibly even with new tech - that will soak up most of the liquidity.
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dd8🎩🎭
@dd8
I like your insight. I really want to catch the next Pudy. If you find one, take me with you.😂
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Breech 🎩🍖Ⓜ️
@breech
Tbh I'm not really searching for it until the bull is (at least) nearly over lol.
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