Every cultural asset class looks dead between cycles.
Sneakers crashed in 2022. Watches corrected 40%. Art markets froze. All of them recovered when the broader wealth cycle turned. NFTs are a cultural asset class first. The cycle thesis applies. The tourists left. The market is smaller, cleaner, and closer to a bottom than a top.
NFT trading volume down 90%+ from peak. Floor prices compressed across every major collection. Sentiment at cycle lows.
That's the setup, not the obituary. The collections that held community through a 90% drawdown without a floor price subsidy are the ones worth watching when volume returns.
@beausecurity Love how the pudgy community just seems to be doing things differently than other collections.
NFTs are developing in many different ways, and the pudgy community is spearheading one of them!
@shivst3r I feel like for people to pivot to NFTs again, we need to move past simple buzz phrases though and start giving the space substance that it deserves. NFTs are so much more than just pictures, they are status symbols and financial products too, and we need to treat them as such.