been seeing more takes that a big reason for ETH's poor performance this cycle is because of the decline of NFTs. While NFTs did play a part in ETH's last bull run, it was really only the last 2x (ETH was at $2500 around the time NFT summer started). It was DeFi that really put ETH on the map, and made it the best place to launch said NFTs because of the available liquidity.

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would love to know @emodi and @kayvon's take on this

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I’m intrigued though not 100% sure what you’re saying @serdave-eth

my points is: while NFTs were very "loud" during last bull market, it was a very short period of time and their impact on the price of ETH was not as large as DeFi, which is also reflected in NFT trading volume and market caps vs. DeFi. And I say this as someone who collects a lot of NFTs and is a big believer in their potential.