The current state of the NFT market
This past bull run has been a roller coaster. Many people have made a lot of money while others have literally lost it all. However, I feel like people have unproportionately been rugged on NFT projects versus crypto/deFi projects. I don’t know the exact numbers but just from being in space with thousands of monkey NFT collections, I’m sure we have all seen most of them go to zero. But now that we are in the bear market it feels like it has scared away a lot of the scammers (definitely not all).
The days of revealing a few cute images and selling out in seconds are gone. That’s a great thing and yet a challenging position for most NFT projects because they now have to work a lot harder to even get investors to remotely trust that they’re investing into a collection with really longevity.
But how can you tell if a collection is doing it the right way and are really in it for the long haul? This isn’t a sure fire solution but it is my simple checklist I run through when looking into a project to invest in.
- Who are the founders, manager, artist and are they anonymous? It’s fine to be anonymous in crypto space. But ask yourself if the very least the anonymous versions of these people will know at least, have a reputation to lose if they rug.
- How many holders does the project have? You don’t want a project to have a crap load of whales waiting to dump their bags off one you.
- Are they active on Discord, Twitter, or some other social media/chat platform? You don’t want to get involved in a project where the founders are MIA after mint.
- What’s the temperature in the chat? You absolutely want to see what kind of people are chatting in discord, telegram or whatever platform they are chatting on. If you have of people that’s angry, begging for free stuff, or only worried about price action then that’s kind of a red flag. You can’t blame the founders for all of the negativity in the chat because this is crypto and people will be greedy. Some people will want the world for free, but if the project is good and the roadmap is solid then the tone should be more about them being hype about what’s to come.
- What network are they on? I used to focus on NFTs that were on Ethereum or Solana, however after the FTX rug I’m a little more iffy about the future of Solana NFTs. Not because of the founders of the collections, but because of the stability of the network as a whole and all of the uncertainty there.
What collections do I think could be bear mark proof, can actually appreciate in value during the bear market and have a lot more room to grow?
(Before you continue reading, this is not financial advice… duh! I am personally invested in each project because I believe in them. I wasn’t paid to promote any of them. )
Here’s my list of projects and why I like them:
Supercute World™ Official
Website: https://supercuteworld.com/
Twitter: https://twitter.com/supercutenft
Discord: https://discord.gg/8TXqxmCvxR
I’m literally blown away by this project! The artwork, founders, and community is top notch to say the least. I have invested in many NFT projects during the bull run but for a project to excite so many people during the bear market is impressive. Super Cute was designed by the amazing @Chocotoy on twitter. We all know that art alone is not going to make a great NFT project. The way this team engages and manages their discord server is a thing of beauty and I’m absolutely taking notes because this is how it should be done. The concept behind this project isn’t just super cute, but it’s also super unique. In their roadmap posted to twitter they mention that they are rolling out something called “SUPERCUTE SKOOL”. Holders will have access to classes like “How to Commercialize Your IP”, “How to Launch an NFT Project” and other community voted subjects. That feature alone is HUGE to me but they have a slew of other amazing things in their roadmap. Check them out!
SupDucks
Website: https://www.supducks.com/
Twitter: https://twitter.com/RealSupDucks
Discord: https://discord.gg/4bxdBNBy9g
I found SupDucks during the bull market a long with a lot of other project. However, the thing that impressed me the most about this project was it’s originality and is actually building an ecosystem around their brand. Not only was this project a top 10 on OpenSea in the bull market but they are still very active and being creative in the bare market. This is impressive because a lot of other project that have been really successful during the bull run have dwindled away and are barely even communicating in discord. Go checkout how active SupDucks are. The ecosystem these guys are building is mind blowing 🤯!
The Bull Herd
Website: https://thebullherd.com/
Twitter: https://twitter.com/thebullherdnft
Discord: https://discord.gg/7bJZA9StZ9
I also found The Bull Herd during the bull market. The founders of this project were killing it and delivering left and right. If you check out some of the communication in their discord you can see how genuine and passionate these guys were. Not to mention how cute the artwork is and how 50% of the collection are bulls while the other 50% are cows… I know I’m talking in past tense and yuck this project in on Solana. However I have personally been in touch with the original founder (Mr. NFT) of this project and due to personal reason I won’t get into here, he was unable to continue with pushing the project forward. After discussing the details of the project we came to an agreement that I will personally get my team involved and work to make this project as decentralized and community covered as possible. This discussion took place just a couple of weeks ago and I now have control of the project and working to give said control to the people… then BOOM 💥… FTX collapsed and is poisoning the name of Solana network along with it. Here is the first mention of this anywhere, my team and I are working on migrating The Bull Herd to Ethereum. In the mean time you can absolutely grab a bull/cow on Magic Eden and joint the heard.
I’m sure there’s a lot more project that will withstand crypto winter however these are a few I personally believe in. I’m a bit of a degen and am invested in a lot of crazy stuff however I only wanted to share some of my safer plays. Until next time remember, “Not your keys, not your wallet”. Self-custody is the way to go!
