NFTs collapse: should you panic?
As NFT trading volumes collapse by 97%, there is a lot of panic in the market. NFTs are dead! Hmmm..where have we heard that before?
Should you doubt? Should you have faith? Let’s find out.
Are my NFTs fish food?
As we know, markets work in circles, mainly because they’re based on the psychology of the masses.
The more people want something, the more the price goes up. People like an asset, and its price goes up. Traders usually go from excitement when the price of an asset rises to impatience when the rise stops gaining momentum to panic when the price stops rising (smart investors sell, sell, sell).
This is followed by extreme fear when the price falls, triggering further price declines, so that a kind of an avalanche is set in motion. Until it reaches the bottom, where the smart investors buy. You get the message.
But are people still buying NFTs?
The best way to find out is to go out and ask the experts, and according to those, millions of dollars are still flowing into the market. Regardless of price, the same rule applies. Buy low, sell high.
What if I’m not a flipper?
Even better! As we have mentioned before at Artessere, NFTs are invaluable for proving identity in a time of dramatically increasing fraud and geometrically growing cybercrime in general.
Our bet is that a tool that can verify integrity in an age of absolutely overwhelming amounts of masterful deep fakes of all kinds will be just priceless. Just you wait (and trade responsibly!).
