Well, it's been 5 months. I have been around but got very busy with life, baby sleep regression/teething, and extra work in my web3 job.
I figured coming back, I may as well give an NFT update with the last two NFT brands I share that I bought into (Shonen Junk and SoulZ) and share how they are doing in the current bear market.
It goes without saying, but there are a bunch of NFT projects (legit ones) that will not survive the bear market. Let's see how those two projects are doing (and any others I discussed in the same post).
In case you have not had a chance to read my previous post, or just want a refresher, you can click here to read it.
I started off by talking about Azuki, a blue chip NFT (Anime style) which had a floor price at the time of 26 ETH and that meant was worth about $90,000 (at the ETH price of that time).
What's the update?
Before I get to that, I should mention Azuki (for a short period) did deal with a specific issue that is unrelated to the bear market, so that could have had at least a bit of an influence on the floor price as well.
Back to the update...
Project: Azuki
Floor price: 6 ETH
Worth in USD: Approx $9500
Damn! That is one heck of a drop, in both floor price and value.
Now, we check up on the first project I mentioned that I had bought into on my last post...SoulZ.
At the time, the floor price was sitting at about .2 ETH which was worth about $297.
Admittedly due to not just the bear market, but other factors on how this project has been managed, the floor price (and sales activity overall) has taken a hit.
Update:
Project: SoulZ
Floor Price: .02 ETH
Worth in USD: Approx $30
It's amazing (yet shocking) to see how the value of an NFT can decline so much just with respect to the ETH price, isn't it?
Finally, the final NFT I discussed that I had bought into in that post...Shonen Junk.
At the time of writing my last post, the floor price was sitting at .139 ETH and valued at $486 USD at the time.
There has been no issues with this project and the creators have been constantly building, even during this down time, plus the community is pretty engaged.
Update:
Project: Shonen Junk
Floor Price: .07 ETH
Worth in USD: Approx $110
So with this project, the floor price halved, which if ETH stayed the same would've meant it should be worth nearly $250. However, that's not what happens, instead, due to the drop in floor price and the value drop of ETH (Ethereum), an NFT which 5 months ago was worth $486 has now lost 77% of it's value.
NFT's (and cryptocurrency) are certainly not for the risk adverse and/or faint of heart.
Do bear markets suck? Yeah, in a lot of ways they do.
Do bear markets provide opportunities? Yeah, in a lot of ways they do.
What do I mean?
Well, if we assume that eventually a bear market will end, that means that in a bear market you will be able to procure certain assets (NFTs for example) at a great cost.
Another point as I mentioned above, is that good teams, well managed teams, will be putting their heads down and continue to work through a down market. They will follow their roadmap. They will be smart with their spending. They will focus on their community and create content/experiences for their community and brand. These are the projects to watch. That's my opinion anyways.
How is your NFT portfolio doing during all of this? Share your experiences in the comment section below.
Until next time.
-Jenny
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