Discussion about the meme market and the latest news on meme stonks.
@TiberiusBravo87 No doubt.
Some collections are simply techno-shills shitting over the NFT community grabbing easy money. During the spring & early summer, initial coin offerings (ICO) were everywhere. People learned the language of "strong community", "utility", etc.... how many of those became rug pulls or simply faded into obscurity? The same mechanisms are at play in the NFT world.
However, some NFT collections have taken on a life of their own and have become digital assets. There are some NFT collections which are building utility and do have strong teams. Some NFTs have demand and rarity which drives the value. Some collections are attempting to bring a use-case which promotes holding, increasing value, rarity and desirability.
Regardless of all of the above, two trends are dominating: early buyers & rarity
Mint early, mint often, then sell into the demand. take 2x 5x 10x gains in a day.
If you're a dev and can interact directly with the chain, you're able to mint before public release.
Thus whitelists were born to control pre-sale.
NFTs are using more whitelists to promote buying, holding, and stop the re-sale market from being saturated immediately after release.
Telegram for ICO has been replaced by discord communities, required engagement, and other actions to filter scalpers from normies.
Rarity... mint and pray for an ultra rare... regardless of the "strength of community", if you get an ultra-rare, you're in control.
If you're capable of building a NFT collection, there's money to be made.
If you're not..... speculation is thriving. It doesn't matter how "strong" the community is.... everyone has a price... if you mint an ultra rare, you've hit the NFT lottery....and that's exactly what is driving tulip mania.
General question for y'all....
NFTs.... where are your speculative tokens being invested?
ETH gas is pricey but some of the gains are eye popping. STX market place went from proof of concept to some terrific projects.
But now the market is being flooded everywhere with everyone releasing a collection.
Heck, I'll have my own one day.
Anyone dabbling in NFTs on anything not ETH or STX?
@arakouzo No I have a crypto budget I put in weekly. I was doing ethereum for a while but ADA was looking good so I moved over to that. If I stop ADA I'm pushing it to another one (open to ideas).
I bought most of my ADA at or under 50 cents. But I have a weekly buy that's bringing up my average.
Though you never know. ADA could develop something huge next month, flip ETH, and go to 20 bucks for all I know. But if the market does just normal market things (which is sometimes a bit of a large assumption with crypto), and nothing huge changes, I can't see ADA passing $10, and even hitting 10 is a bit of a lofty aspiration.
@redpillschool That depends what you're doing with your money instead. The US dollar is garbage and getting more garbagey. If the choice is between continuing to make your weekly or monthly DCA into ADA, versus just sitting on your dollars and not buying anything, I'd keep accumulating crypto. But if you've found a new hot project you believe in more than ADA, it's worth researching, because ADA's not going to give you 10x. More like 2-5x.