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Dan Romero
@dwr.eth
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
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matthewb.eth
@matthewb
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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Dan Romero
@dwr.eth
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
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matthewb.eth
@matthewb
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.
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Dan Romero
@dwr.eth
Yeah would expect the ETF to be a big source of overall wealth effect for blue chip NFTs to benefit from
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matthewb.eth
@matthewb
imo smart money will continue to skate where the puck is going which for the last ~ 18 months has been memes ETH wealth effect, whenever that happens in 2025, likely mostly benefits blue chips like punks and artblocks that are still seen as status goods personally doubtful that we see another full blown NFT mania this cycle with projects launching every day, crazy floor prices, discord grinding, etc. would be happy for the homies if so, just not my base case.
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