DCG NFT Updates
Recap from DCG Update NFT Call on 7/5/2022 (From Shahab)
- Write up on what we discussed on the last NFT call with brother Jamar and my thoughts about the current NFT market.
- Yes, we are deep in a bear market and here’s why it might not be a bad thing for NFT traders.
- Over the last few months we have seen the NFT volume in dollars go lower and lower forming a floor between May and Present.
- The overall trend has been bearish since the February war in Eastern Europe and final catalyst being the Otherside mint from which the market never recovered.
- We have seen many metas and mini metas since then but profiting from NFT trading has generally become more difficult and nothing compared to the free handout Bull markets of January and February.
- Given current market conditions it’s not realistic to look at the market with January being the benchmark.
- We need to look at current market from a completely different lens but the picture is not as doom and gloom as it looks from a January lens.
- Even though the dollar values of NFTs are very low compared to Spring. The Ethereum values of Blue-chips are more or less the same.
- This is a bullish sign for long term future of NFTs. Even in the worst economic times of modern history it seems this new volatile type of asset is here to stay.
- What does it mean for us? With Ethereum prices this low and Blue chips some what stable over the long term we are looking at buying opportunities that we probably won’t see for a long time.
- The way we look at this market is long term. What NFT projects can we get into that will still maintain their floor for 12-18 months however long it takes for the market to go back towards normal levels and stability.
- Not only will we profit from the rising value of Ethereum but also from the bull market NFT Pumps after the recovery.
- What do we need to succeed?
- Have a list of projects that are likely to not only survive this bear market but also thrive after this bear run is over.
- These are some of the projects I have on my wish list:
- Gossamer Seeds
- Renga Blackbox
- RTFKT
- Otherside
- Llamascape Land & Entities
- Akutar
- Murakami
- 10KTF
- Boki
- Substrata Land
- CloneX
- Mirror Pass
- My Pet Hooligan
- Skin Vial
- Metashima
- Moonbirds + other bluechips
- Have a Specific plan with dates and deadlines
- Now that you have a list of long term projects, make a plan on how you will take a position in all those projects over the next few weeks. For example one week I’ll buy a 10KTF, the week after that I’ll buy Renga Black box etc. and slowly build up my portfolio
- Don’t panic
- Once you have taken your positions stake what you can and throw them in a cold wallet and forget about them. You can trade peaks and bottoms if you want but don’t panic sell something. Trust your gut on good projects with good team and HODL until this cycle is over and next one starts where you take profits.