What is a bear market in NFT?
The so-called bear market refers to when an asset drops 20% or more from its recent highs. Interestingly, despite the 15% drop in the number of buyers from when the NFT market started experiencing a downturn in February, sales in April were up by more than US$600 million in comparison to that month.
How To Survive an NFT bear Market 2022
- Don’t Panic. As much as NFTs depend on the crypto ecosystem, they are somewhat independent, and price volatilities may not matter that much.
- Cash Out Your Profits.
- Cut Your Losses.
- Invest in Stable Coins.
- Reassess Your Portfolio.
- Choose NFT projects Selectively.
- Takeaway.
How the NFT hype started
For those early into NFTs, you’ll hear about Cryptokitties and Nyan Cat being sold for US$590,000. CryptoKitties was basically one of the early adopters of the blockchain technology, more specifically integrating the idea of NFTs (Non-Fungible-Tokens) and using rarity as a factor to make the Kittens scarce and valuable.
This was the time when I started getting into NFTs. I had no clue, had some Ethereum in my wallet and bought 2 Gen 1 Cryptokitties and mate them for the fun of it. And now I have 3 Cryptokitties. Then I learned that the gas would cost more than selling them, so they are in my wallet ever since. And so my NFT journey began.
Bear Market
NFTs Survive
What is a PFP project in NFT?
At its core, a PFP NFT is a digital token or artwork that is designed to be displayed as a person’s social media profile picture. Many of the world’s most popular NFT collections, such as Bored Apes and Doodles, are PFPs. PFPs live at the intersection of collectibles and generative art.
NFT as PFP
A PFP NFT is fundamentally a digital token or piece of art that is intended to be used as a person’s profile picture on social networking. Many of the most well-known NFT collections in the world, like CryptoPunks, Bored Apes, and Doodles, are PFPs. They resemble trading cards in that they typically come in big amounts (10,000 or so) and have varying levels of rarity, making them a collectible. Projects that launched at the right time, with the right marketing had a success in selling out. Metasaur, Mekaverse and Jungle Freaks are some examples of PFP NFT projects that have sold out.
Metasaurs
Jungle Freaks
Mekaverse
The fact remains that avatar-based NFT (PFP) has very little use and isn’t even necessary. With the recent ongoing The market response has been muted, with few users, despite statements from social media platforms like Twitter that they want to forge a strong connection between avatars and NFT. Twitter has even put up a special mechanism to acknowledge avatar NFTs. It hasn’t yet captured the public’s interest following the celebrity-driven popularity of avatar NFT. Because head NFT is pricey and has social media rights that make it more like a game for the wealthy, ordinary people cannot and do not want to participate in it.
With project owners raking in millions of dollars, it only benefits the founders and holders are left with holding the bag.
NFT projects have also toned down their marketing after they have minted out successfully which we noticed the floor price usually going down right after reveal.
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Will NFTs Survive the Ongoing Bear Market?
How do I know if I have blue chip NFTs?
Blue chip NFT projects can be identified by examining reputations; if the project is known for reliability and can survive a bear market, it can be considered a blue chip. Only projects where the overall NFT market agrees that the collection or artist is high quality can be considered a blue chip.
Bluechip NFTs
A Blue Chip NFT is a well-known, well-established, stable company that is also a reliable long-term investment. Considering that they have a history of growing in value and growth, blue chip NFTs are also seen as being a “safer” investment than others. Bored Ape Yacht Club, Doodles, Vee Friends and CloneX are amongst the ranks of being known as Blue Chip NFTs.
These projects also have ongoing marketing efforts after minting and have a steady translation volume. They continuously work on the roadmap and roll out deliverables which makes investors want to hold one of these NFTs. The recent NYC NFT event was a great example of how the Blue Chip NFTs stood out.
The first project to further the PFP NFT model with a roadmap, membership community, and other benefits was Bored Ape Yacht Club. With numerous celebrities purchasing them and memorable occasions, they have become a cultural phenomenon.
By owning a Doodle gives you a governance token. You may vote and participate in the sort of DAO that oversees the entire project if you have a Doodle. The Doodle owners oversee the DoodleBank, the community’s treasury, and choose what to work on next. They are permitted to vote on ideas, the team, recruiting decisions, and course of action for live events.
When it comes to NFTs, Gary Vee is like the God of NFTs and is constantly enhancing value for his holders.
Ongoing events, strong communities and great marketing are what drives these Blue Chip NFTs.
Celebrity launching/partnering NFT projects
There are just so many real world problems that with the use of NFT at blockchain level that it could solve. Such as shareholdings, profit sharing and the new Ethereum token standard even suggest that you’re able to rent NFTs soon.
Although the overall crypto and NFT market is bearish now but we are still super early and very bullish on where NFT would be in the future. NFT projects are starting to look more into utility than just being a PFP. There is never a best time to market an NFT project, as markets are quieter these days, it will create a bigger impact if you’re loud in the space and have a good utility which the general public can look forward to.
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Overview of NFT Marketing Strategies
Bear Market
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