crypto

Bull case for NFTs this cycle is 1) non-fungible media make them more fun than fungibles 2) belief that they will be more Lindy on a decade long horizon (ie crypto hodler mentality)

Bear case is 1) memetic speculation is reduced to its purest form in memecoins 2) decade long horizon is way more of a wealth sink 3) Doge is an example of Lindy memecoin

pretty clear that memecoins have stolen the speculative fervour for this cycle

but wouldn’t rule out an NFT season towards the end as ETH holders finally see some gains and want to flex

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Right but last cycle had DeFi -> NFTs which was very much wealth effect / an easier thing for normies to do.

But maybe pump is able to ride it the whole cycle like Coinbase in 2017

Yeah would expect the ETF to be a big source of overall wealth effect for blue chip NFTs to benefit from

true, though I don’t really think pump is the main catalyst. pepe arguably started the memecoin “meta”in March/April 2023, and by now memes have become the new altcoins of this cycle.

remains to be seen if there’s a significant rotation elsewhere but I wouldn’t count on it with likely ~ 12 months left or less.

we haven’t seen decent ETH price action yet this cycle except for the ETF announcement so imo that’s the only hope for an NFT season, but likely alongside memes rather than instead of.