TL; DR
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Okay, this article will feel like a continuous series of contradictions – but bear with me!
It will make sense in the end.
So last night we were hanging out Station3and we got to the topic of how another Crypto punk NFT just sold for $16 million.
Which prompted our partner to point that out most NFTs have not held their value, and of those that have held their value, it was in USD, not ETH.
This means that if you bought an NFT for $5,000 USD when Ethereum cost $1,000 (spending a total of 5 ETH), best case scenario?
That NFT is still worth $5k USD, not 5 ETH (which is $17k at current prices).
Here’s why that’s a good thing in today’s market:
In the last cycle only NFT mania Real kicked out when everyone felt like they had made enough crazy money on their investments to start messing around and buying .jpgs.
It is difficult to estimate precisely where we are in the current cycle (because no two cycles are ever the same), but the fact that we haven’t yet reached total NFT mania is a sign of the health of the market.
For example, let’s do a check? 8-12 months…