The market for nonfungible tokens – such as artwork of bored apes and pudgy penguins – has been spiraling downward after sales sank sharply and the prices of popular NFTs plummeted over the last few weeks.
Ok, I admit I got hammered with my investment in bored apes, but at least I wasn’t foolish enough to invest in pudgy penguins. That one was easy enough to see coming.
Curse you, chairman Powell.
But for those interested in my sage advice, those bored ape NFTs are starting to look attractive. Getting ready to back up the truck!
Remember, there may be a bazillion indistinguishable copies, but there’s only one original.
Disclaimer I have been holding off on selling my NFTs for six weeks so far. I will be putting off the sale of the animations into at least late September, if not October.
Disclaimer I have been holding off on selling my NFTs for six weeks so far. I will be putting off the sale of the animations into at least late September, if not October.
Maybe it makes sense to sell them now … perhaps now while ETH is low, people will pay 3 ETH for one of them, but when ETH is strong again in Sep/Oct, they will only pay 1 ETH for them?
The shrewd business people who buy low and sell high trade in between on values.
The smart money is buying now.
The follow through for the next 6 weeks will tell whether BTC and Eth have begun an early rally phase. A bottom is/has forming but still up in the air.
The carnage is mostly over. The shake out has been massive.
If Eth rallies into late September the smart money will feel comfortable going from buying the bottom to investing in art. Part of that comfort is that in a rally the smart money can flip NFTs at a profit.
Not being comfortable to flip the NFTs devalues them. Give it time.
