Are NFTs Dying?

Today we're going to talk about if NFTs are dying or not. Right now we're in the midst of kind of a crypto downturn. Bitcoin has dropped from $64,000 to as low as $30,000, and Ethereum dropped from about $4,400, and this morning it was about $1,800 or so. So a lot of stuff is going down right now. And looking at CryptoPunks over here, we can see that the lowest one is $30,000. Actually, earlier this morning it was about $27,000 or so. You know, a couple of weeks ago I was checking this and I think that the lowest CryptoPunk for sale was maybe Maybe seventy thousand dollars or so. So it's dropped quite a bit, and I'm not saying the CryptoPunks are the end-all be-all, but they are the very first NFTs. The other thing is obviously just looking at a site like CryptoSlam and just seeing what the thirty-day volume looks like. So thirty-day volume we can see for NBA Top Shot's come down fifty-four percent. Alien Worlds down a little bit. These other ones basically flat. Mebits, Bored Ape, Yacht Club, and then CryptoPunks are down a little bit. Now it looks like Topps just came out with something for. Major League Baseball, which is really cool, and they're going up. Our Planet as well. But these other ones are going down. That's one other proxy to look at. And taking a look at this one over here, NFT prices are worth less than half what they were in April as the market has cooled. Even Mark Cuban has a digital token up for sale, or has had a token up for sale for a month. I don't think the last part means much. Just because someone had a token up for sale for a month, does that mean the market has cooled? No, it just means they have something up for sale. So I do see that NFTs are cooling quite a bit. I would still say though, on apps like Clubhouse as an example, there are still a lot of people doing NFT drops and prove that they're working, right? Just the other day I saw one of, I believe it was an NFT drop from Marvel. A lot of DJs are doing NFT drops and a lot of different artists. And you have Andreessen Horowitz, they recently just did an NFT summit, which I actually just watched the videos of, highly recommended. What I would say is this, NFTs are very much here to stay, but as Bitcoin goes, the entire crypto market goes. And whatever news is going on, whether it's Elon Musk announcing something or China announcing something, the news cycle tends to just affect the crypto market that way. So what I would say is, are NFTs dying? I don't think they're dying. I think it's just a little bit of an adjustment right now. I think there's volatility that's to be expected. I think when you have assets that are growing with like a parabolic graph, there's going to be volatility, right? My take on this is, look, if I believe in an NFT, I'm going to buy it and buy it with money that I don't mind losing and buy something that I actually believe in. Let's say I were to buy a CryptoPunk or something like that, then I'm buying it to hold it because I believe that it has staying power and it's going to be worth something later. I really don't care what happens in the short term. Volumes in dollar terms have since fallen to below $28 million on average in the past week from around $78 million. According to a month ago, that like, that's fine. I know Gary Vee, his timing with launching VeeFriends, which is his NFT projects, I don't know how he's doing with it right now, but it seems like maybe that he launched right in the midst of this little adjustment period right now with crypto. Long term, I think it's here to stay. I think short term, if you're trying to play around with it, maybe you're trying to day trade NFTs, maybe it's not the right fit for that. I think, look, the potential is still there and it's still— we're still very early days right now. So NFTs are here to stay. So if you enjoyed this video, don't forget to check out the next video over there, and don't forget to hit the subscribe and the bell button, and we'll catch you later.