The recent decline in the non-fungible token ( #NFTS ) market has raised concerns among investors and collectors alike. However, some industry experts believe that the current downturn could present unique investment opportunities. Contrarian viewpoints have emerged, suggesting that the lower prices of "blue chip" NFTs like #CryptoPunks and #BoredApe may make them attractive investments. While the market sentiment remains bearish, these contrarian voices advocate for a cautious but optimistic approach to NFT investing.

The Fall of NFTs and Eminem's Bored Ape

The market for NFTs, particularly high-value collections like CryptoPunks and Bored Apes, has experienced a steady decline in floor prices. Despite rumors suggesting that rapper Eminem had sold his Bored Ape, transaction records reveal that his specific NFT (#9055) remains unsold. This incident highlights the ease of verifying ownership and transaction history through blockchain technology. Nevertheless, the general trend in the NFT market has been downward, with many tokens losing value and fading into obscurity.

Opportunities in a Bear Market

Michael Anderson, co-founder of Framework Ventures, recently discussed contrarian perspectives on NFT investing. He shared insights from fund managers who believe that the current low prices may present a unique opportunity to invest in NFTs. Despite the skepticism expressed by fellow co-founder Vance Spencer, Anderson argued that the significant decline in prices could make NFTs an attractive investment category.

Challenges in a Bear Market

Despite the potential upside, the bearish sentiment of the market has made it difficult for investors to take action. Even those who previously expressed interest in purchasing NFTs, such as Mike Ippolito and Jason Yanowitz, have not yet made any acquisitions. Spencer highlighted the changing dynamics in NFT marketplaces, citing the example of Blur, where liquidity was concentrated and participants were incentivized to sell, resulting in devalued assets for buyers.

The Mid-Curve Perspective

The discussion delves into the concept of being simultaneously positioned on the right and left curve of the market. Anderson argues that being in the middle of the bell curve might be the ideal position to navigate the current situation. Ippolito humorously suggests that they are in the "mid-curve" as a result. Despite the uncertain market conditions, the group acknowledges that their cautious approach has served them well thus far.

#crypto2023 #NFTCommmunity

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Franklin, one of the largest whales in the Bored Ape Yacht Club (BAYC) collection, has caused a stir by dumping a large number of NFTs on April 13th. According to data from Cryptowatch, the floor price of BAYC has dropped to 55.59 ETH, which is equivalent to around 111,000 USD, the lowest level in 5 months. The reason for this drop is due to Franklin’s decision to sell off the majority of the NFTs he held in the collection.

@azcoinnews

Franklin, who has been a prominent member of the NFT community, stated that he had to sell off his NFTs due to an unfortunate IRL issue, and that he will be taking a break from NFT trading and social media for a while to focus on his personal life. The whale’s decision to sell off his NFTs has caused a ripple effect, with many other whales following suit and dumping their blue-chip NFTs.

The majority of Franklin’s NFTs were sold through Blur, a leading NFT exchange on Ethereum. Blur’s bidding pool mechanism has incentivized many NFT traders to bid, creating liquidity for the sellers. Many other whales took advantage of this and started dumping their blue-chip NFTs as well, causing many participants in the airdrop program to become “involuntary holders.”

It is worth noting that this is not the first time that NFT collectors have sold off their prized possessions. Earlier this year, two NFT collectors, Mando and OSF, sold over 70 BAYC NFTs on Blur for a total of around 10 million USD.

The volatility of the NFT market continues to be a concern for collectors, as the prices of these digital assets can fluctuate wildly based on the actions of whales and market sentiment. However, despite the recent drop in prices, some collectors remain bullish on the future of NFTs, seeing them as a new form of art and investment.

#BAYC #nftcommunity #NFT #BoredApe #azcoinnews

This article was republished from azcoinnews.com

🔹 Justin Bieber bought a #BoredApe NFT in Jan 2022 at the NFT craze peak, paying 500 ETH ($1.3M).

🔹 The NFT market declined significantly, and Bieber's #NFT is now worth around $70K, resulting in a loss of over $1.2M.

🔹 Bieber likely intended to profit from the resale, but the demand for Bored Ape NFTs has dwindled.

🔹 Factors contributing to the decline include the overall cryptocurrency market slump and increased regulatory scrutiny.

🔹 Some experts believe #NFTs could be a passing trend.

🔹 The Bored Ape NFT (#3001) is one of 10K unique NFTs created by Yuga Labs, known for randomly generated traits. $APE

🔹 Celebrities like Snoop Dogg and Eminem have also purchased Bored Ape NFTs.

🔹 The floor price for Bored Ape NFTs dropped from around $300K in Jan 2022 to $60K. #JustinBieber

🔹 The future recovery of Bored Ape NFT values remains uncertain.

🔹 Bieber's purchase of the Bored Ape NFT has proven to be a costly mistake.

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