My Thoughts: Current Market Conditions
Greetings Warriors!
Today, I aim to share my perspective on the current state of the 1/1 NFT space. In the forthcoming weeks, I have plans to write a comprehensive semi-annual report that will deep dive into the underlying factors influencing my current thoughts. As always, my optimism remains steadfast when it comes to the future of NFTs and the broader crypto markets. The potential for public yet secure unique identifiers, encompassing various domains like medical documents, government-issued IDs, voter registration, art, music, and more, is undeniable. Furthermore, the notion of self-custody for valuable assets, eliminating the need for intermediaries in asset transfers or associated derivatives, holds immense value.
Now, setting aside my personal opinions, it becomes evident that we are currently facing a somewhat somber outlook. Market sentiment has reached an all-time low, leaving many within our community questioning if NFTs are on the verge of an existential crisis. The present state of affairs appears distressingly apocalyptic, with no immediate signs of relief.
US government officials have unleashed their fury upon the behemoths of crypto exchanges, Binance and Coinbase. These exchanges stand accused of unlawfully offering unregistered securities to US citizens, compelling them to swiftly restructure their crypto offerings to bend the knee and appease regulatory bodies. Binance, for instance, had to suspend all USD deposits. This sudden shift in US policy has also left Robinhood with little choice but to adapt and discontinue support for major cryptocurrencies such as Polygon (MATIC), Cardano (ADA), and Solana (SOL). Furthermore, Gary Gensler, Chairperson of the US Securities Exchange Commission, has made public statements branding crypto as a scam. Adding to the turbulence, Bitcoin and the entire crypto market witnessed a significant collapse this week.
In light of these recent events, it is no wonder that many individuals involved in the crypto and NFT realms feel the weight of gloom and impending doom. My intention is not to paint a rosy, fairytale picture for you. The reality is stark, and it demands that we adjust accordingly. Assess your personal circumstances and approach crypto and NFTs within your own means and limitations. Failure to do so will exact a steep price, with the heaviest price being your peace of mind to bear the burden.
Nevertheless, amidst the prevailing storm clouds, there exists a silver lining that remains unyielding. During these trying times, I have witnessed many of you exhibit unwavering persistence, seizing opportunities to build, improve, and create. As the Ethereum network grapples with its own weight and crazy ass gas fees, a multitude among you have turned to alternative platforms like Tezos, which offer low transaction costs. Bitcoin has also emerged as a formidable force within the NFT realm, claiming second place as the largest network for hosting NFTs. While reservations regarding AI persist, it is undeniable that significant strides have been made in recent months, with this technology assuming a leading role across various domains, including generative AI and the creation of innovative videos and images.
Sure, we are not seeing 2021 NFT sale blowout volumes but sales continue to happen and have been around the same steady pace for the past 6 months. Although many have left the playing field, others continue to stay and build together.As for me, I will not be going anywhere anytime soon. I’m here for the long haul, grinding day in and day out right alongside my fellow warriors. Even though we are going through a rough patch, behind every dark cloud is a bright sun waiting to shine its rays on us.
Together we can make the good times roll.
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