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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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Sammie
@samm008
I don’t feel like dipping into the nft thing now. Been so long haha I just can’t get myself to start getting updated about it again. Have a few rug pulls lying around 🥲
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Breech 🎩🍖Ⓜ️
@breech
You don’t wanna see what my OG main wallet’s NFT collection looks like, it’s a graveyard 🤣
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