Formerly wealthy NFT customers had fun despite the suffering.


Chance to leave

It’s no longer a secret that many bystanders are enjoying the cryptocurrency crisis and smiling as token prices fall and NFT volumes decrease. Throughout this bull run, the cryptocurrency business has managed to alienate a lot of consumers. Critics have used the aggressive energy consumption, the addictive nature of cryptocurrency investing, and the transformation of NFTs into “MLMs for males” as explanations for their dislike.

However, something tells me that the cryptocurrency sector is likely to become more exclusive than ever. As the bull market comes to a close, this is perhaps a good time to reflect on how investors’ web3 vision for the web might provide consumers more to be excited about than skeptical.

NFT residents flocked to New York City’s Times Square this week. A slew of suddenly less wealthy collectors found their way to lament and double down, pricey photos made their way onto the enormous advertising screens, token-gated parties thrived, and so on. In some respects, the positive feelings demonstrate an industry transitioning from growth mode to survival mode. My co-host Fidelis had the opportunity to visit NFT NYC in person and shared some comments below.

Of course, surviving in the NFT world looks a little different. This week, Future, LCD Soundsystem, and Amy Schumer performed at the festival that Bored Ape Yacht Club organized. At Kevin Rose’s Moonbirds event, Tame Impala was the featured act and token holders could receive owl tattoos there as well. Token-gated NFT parties were broken up by the NYPD. A project paid dozens of protesters to stand outside their event while carrying posters that read, “God Hates NFTs.” One NFT startup paid “Doop Snogg,” a Snoop Dogg imposter, to circulate at their event as a covert pseudo-endorsement.

In the end, it’s no secret that the NFT market contained a ton of nonsense. A bear market might and should bring some sanity back to what’s left, but in NFT land, the lines are becoming a little hazy.

In some ways, it appears as though the wealthy NFT collectors are launching into space as the planet they created is preparing to go nuclear. Despite the falling prices of the underlying cryptocurrencies on which they are based, so-called “blue-chip” projects with 10 or more ETH floors, venture funding, and sizable trading volumes have remained surprisingly resilient. However, floors of NFT projects have suffered significantly as less wealthy collectors struggle to find exit liquidity.

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