Speaking about a bull run and the bear market implies that NFTs operate in a cycle.
BUT
NFTs haven’t had any cycles.
Just a rise and fall.
And that might be it.
📈📉
Nakamigos deciding to dilute by adding another 20k collection with a 0.05 mint.
This is coming off the heels of the Azuki elementals debacle.
In a time when the NFT market is shrinking (<50,000 active traders), these projects are just making a last ditch effort to make some ETH.
Flow makes sense for Doodles 2 🧵👇
1.
If you think the NFT space grows by having millions of people downloading MetaMask, understanding cold/hard wallets, contracts, signatures, gas fees, seed phrases, buying ETH, swapping weth/blur/Matic — then you’re clueless.
Projects are raising significantly less funds than 6 months ago.
Due to lower supply, lower mint price, and lower ETH value.
However, expectations are sky high — expecting utility, events, products, etc.
We need an expectation reset.
🧵1/3