(1) My current thoughts on the NFT market; where I think we are heading over the next few months.
Another thread from a 🧙♂️
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(2) An updated one from a while back and a lot of things have actually changed since then, specifically:
• More projects selling out
• More volume on these projects, bringing money to collectors
• Sales stabilised after the hype period
• More auction house involvement
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(3) Apes, Cats, Goats, Camels...
Whatever avatar collectables you have seen over the past month. Yes, that's right, it's only been a month.
A huge success in growth for these projects but we are still noticing things slowing down... ever so slightly.
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(4) So, what's next?
I personally don't think the hype period is completely over yet. I do see us being in a stagnant stage for a while... unless we see huge growth in the ecosystem.
What I mean by this is:
• long-term projects
• technological smart contract advancements
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(5) • more collectors in the space
• more investors and funds being allocated for (non-profits?)
• NFTs separating from just art
Again, I am always bullish on NFTs long-term, and I have a few long-term projects in the works too. But, I def am not the only one.
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(6) What can artists expect?
Well, if you sold in the hype-media stage, I'd say find where you stand again in terms of sales. Find a standing ground because hype-sales won't be your standing ground.
Continue building your own platform and innovate.
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(7) In stages like this for such a new concept, growth won't historically follow anything.
No one knows what is going to happen, one can only speculate. This is me speculating.
So, it will be demotivating imo because I don't think art will be the next "hyped" thing once again.
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(8) I believe NFTs will start to branch more to other worlds, gaming, entertainment, tickets...
This doesn't mean art will just disappear. Traditional art collectors ARE looking in and their money will be coming in too. Right now the space needs more collectors.
Give it time.
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(9) Again, like I always say:
If you are here for the long run, you shouldn't even be worried. I'm happy the market is correcting because it only makes sense.
Don't fret, keep making art & doing your degen things.
<3 🧙♂️✨
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@loopify Great insight. I think as artists we need to be true to ourselves and our goals and create what needs to be created- but with an eye on trends in tech and community as we go. The NFT space is new for most of us. We are fresh babies and it is OK to go slow and steady.
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@loopify Perfectly said, and this will also mean that pure money grabbing projects will not be so successful. At least that's what I like to think
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@loopify Same rationale here, I guess the market is figuring out the real value of the new commodity.
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