Companies that lack solid fundamentals could face significant problems over the next few months or years, including NFTs. This is more nuanced, however, because the NFT market moves at lightning speeds compared to the traditional market.
So, what are blue chip NFTs doing to survive the bear market? Find out!
A blue chip stock is one that comes from a stock corporation with a large market cap, a sterling reputation, and longevity in the business world. Investing in these stocks offers lower risk due to the company’s financial stability and profitability, regardless of the market situation.
Similarly, a blue chip NFT is considered a safer investment than other NFTs, thanks to its track record of steadily increasing value and continued growth.
The impact is seen throughout the entire decentralized finance space. The blockchain protocol and payment platform Terra hit an all-time low in May, and its native token was delisted. Three Arrows Capital, a prominent crypto lender, defaulThe impact is seen throughout the entire decentralized finance space. The blockchain protocol and payment platform Terra hit an all-time low in May, and its native token was delisted. Three Arrows Capital, a prominent crypto lender, defaulted on a loan worth nearly $670 million.
ted on a loan worth nearly $670 million.
This volatility is nothing new – Bitcoin experienced a similar downturn from 2017 to 2018 to the tune of roughly $17,000. The biggest change this time around is that more industries are in the decentralized space, many of which have the stability and agility to withstand the bear market.
Crypto is here to stay – not a one-time marketing ploy – and companies with long-term strategy will be able to emerge unscathed.
Bored Ape Yacht Club is one of the most known and successful NFT projects. Once again, it’s partnering with Rolling Stone to release two digital NFTs and two physical art prints, the former of which will auction on OpenSea. Both offers were created exclusively for the release, giving fans and collectors an opportunity to own a piece from one of the largest and most successful digital art collectives in collaboration with a huge publication.
The first fine art print features an illustration of an iconic Bored Ape in his own private paradise. This is an exclusive, hand-drawn illustration with Curtis, the bored ape, lounging on the dock of his clubhouse with a ukulele and his daydreams.
The second art print is in collaboration with Mutant Ape Yacht Club, which follows the daredevil ape as he escapes from a mutant slime volcano on his motorcycle, outwitting the barreling plume of lava behind him.
LA-based artist Coolman Coffeedan is teaming up with a Brooklyn-based animation studio Cartuna to create a cartoon series featuring his popular NFT creation, Spesh. Created by Casale himself, the Universe is the home to his art and NFT collection, which attracted many fans and collectors alike.
This animated series will star the popular character, Spesh, on his adventures. The series will be entirely animated and produced by Cartuna, along with founders James Belfer and Adam Belfer serving as executive producers.
The series will be animated and produced by Cartuna, with founders James Belfer and Adam Belfer serving as executive producers along with Casale.
In June, the NFT project Doodles introduced the Genesis Box, an edition of wearables for Doodles 2, an upcoming NFT collection by the Doodles’ creators. This collection features dynamic NFTs that can change their looks and new artworks with rare traits from the collection designed by Burnt Toast. The Genesis Box offers rare accessories and apparels designed to customize the NFT character.
Doodles 2 is a collection of dynamic NFTs which can change their looks. The new artworks will feature rare OG traits from the Genesis collection designed by Burnt Toast. As the new Doodles will be able to change their appearance, the company introduced the Genesis Box, which contains rare accessories and apparel designed for the NFTs.
CyberKongz recently announced a collaboration with Habbo Hotel, a Web2 game making its way to Web3, as well as an upcoming airdrop to its holders. Any holders of Genesis, Baby, or VX Kong at the time of the snapshot on Thursday, July 7 will be eligible for the airdrop.
The holders who completed all of the required steps by the deadline will be eligible to receive two NFTs. Holders are locked into getting the CyberKongz logo NFT and will receive a Vending Machine or Wilson Baby.
The deadline to connect your wallet to IMX is July 18 at 8:00pm ET.
Those who completed all of the required steps by the deadline will be eligible to receive two NFTs, holders are locked into getting the “CyberKongz logo NFT” and then they will receive either a “Vending Machine” or a “Wilson Baby.”
World of Women (WoW) announced a partnership with WS Game Company and Hasbro to develop an exclusive WoW version of the Monopoly board game. The WoW NFT collection features colorful, diverse, and powerful female avatars that have been wildly successful with collectors.
The second drop, WoW Galaxy, debuted in March with 22,222 NFTs, 10,000 of which were allotted to holders from the inaugural collection. WoW Galaxy features artwork of futuristic women designed by Karkai, the digital artist who founded the NFT collection.
The WoW Galaxy Monopoly game will include artwork from the Galaxy NFT collection, and it’s only available for existing holders of the inaugural WoW collection or the second WoW Galaxy collection. The game will be available as an NFT initially, which can then be redeemed for a physical version of the game.
Clearly, the bear market isn’t hampering new projects and developments in the NFT world. Blue chip NFT projects are continuing to forge ahead, coming up with new and exciting ideas to stay competitive.
As a collector, you can position yourself favorably in the bear market and weather the uncertainty. The biggest thing for investors, just like the creators, is to stay agile and prepare to adopt different positions as circumstances change. With the speed of the NFT market, we’re hoping that the bear market is much shorter than the traditional stock market and the situation will rebound quickly.
