Darkest before the dawn
The press, understandably, keep running with the same mantra - crypto winter is here. Plenty of examples of pain, from bankruptcy and scandals to details of malfeasance. But while the fall from grace has been precipitous there are clear signs of a bottom formimg - financiers in the virtual and real world are "saving" (buying on the cheap) fallen angels or simply picking over the corpses. That's a healthy development and without wishing to diminish the agony people least able to afford it have experienced, the rapid & efficient clear-out of leverage and excess is nothing but positive from a industry and investment perspective. Today we will look at the nascent NFT market to ses how it is weathering crypto winter. Naturally, the press is highlighting the pain & underwhelming volumes: Ahoy! Thar Be Layoffs Upon That OpenSea https://gizmodo.com/opensea-nfts-layoffs-bitcoin-1849180090 As ever you should look beyond the news, and scratch beneath the surface to jusge what is going on. Because as we all know, spring always follows winter. Might this be a case of its always darkest before the dawn (things always seem the worst right before they improve)? Well, there are some interesting green shoots appearing: NFT volume sees a yearly low in June, but first-time buyers remain consistent https://cointelegraph.com/news/nft-volume-sees-yearly-low-in-june-but-first-time-buyers-remain-consistent "beacons of long-term optimism and assurances as to the long-term demand of the space flicker when looking at the charts of returning monthly users, and first-time buyers." Solidity in prices for the quality side of NFTs is also a positive development: CryptoPunk sells for $2.6M as big NFT brands floor prices increase https://cointelegraph.com/news/cryptopunk-sells-for-2-6m-as-big-nft-brand-floor-prices-increase It is still winter, but there are signs of improving market fundamentals and certainly not the death of the NFT marketplace. Spring always follows winter - we believe the forthcoming FIX00 asset-backed NFTs will be part of the rejuvenation of this market. For a short overview of the FIX00 project 🙂 please use this link: The Start of something new
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