My Degenerative Ape Wife NFT is crashing (now $700).
I am going to hold it because it was a gift.
In October my pal Yoni Assia sent me this Degenerative Ape Wife which I could have sold for over $4,000.
I blogged at the time about the ‘NFT Etiquette Rules‘ regarding this gift.
Internet collectibles ranging from cartoon apes to artsy doodles have plunged in value as real-world conflict and a broader cryptocurrency slump begins to unwind one of the past year’s biggest speculative frenzies.
Digital items known as non-fungible tokens burst into mainstream culture last year, as several animal collections including Bored Ape Yacht Club, Cool Cats and Pudgy Penguins spiked in price, aided by celebrity endorsements and social media hype. By the end of 2021, nearly $41bn had been spent on NFTs — making the market almost as valuable as the global art market.
But almost as rapidly, large portions of the market have begun to deteriorate, leaving novice investors with big losses and raising questions about the long term outlook for NFTs.
The average selling price of an NFT has dropped more than 48 per cent since a November peak to around $2,500 over the past two weeks, according to data from the website NonFungible.
Daily trading volumes on OpenSea, the biggest marketplace for NFTs, have plummeted 80 per cent to roughly $50mn in March, just a month after they reached a record peak of $248mn in February.
I would say 99 percent of the people that read this blog knew this was coming. I did not know when it would start but it is always easy in hindsight.
I am excited about this crash because the other side of this NFT frenzy will be more interesting and fun for people that have a broader and narrower range of ideas and use cases for the art and technology.
For example, I can’t wait to share my first NFT and DAO idea with everyone soon.