This is a huge topic that I could write a book about. I'm not really in a writing mood; I'm in a research mood. So you'll forgive if in the name of brevity, I take a few liberties with assumptive statements that I realize need to be proven.
Those explanations will come at some point. For now, I back those statements with my version of proof-of-work/proof-of-stake; that is, I'm WORKING and STAKING my own fuckin personal money into these strategies before I report back on them. If I'm wrong, I'm gonna be the first person to feel the pain.
That being said. Blue chip NFTs are holding value during the market dump. I'd like to provide some reasons as to why. Hopefully those reasons will prove helpful to folks who still don't understand and have to ask "why is a fuckin jpeg worth XX dollars again?!"
Ok, I'll attempt a short form explanation as to why those fuckin jpegs can definitely be worth XX dollars again.
Every culture needs a store of value to validate and extend its financial system beyond a ponzi structure. The best economists in the world have yet to create a viable perpetual money system. The best we have is extending ponzis. Out to the hundreds or thousands of years, so these systems are not without value. But those systems are still just extended ponzis. They eventually fail, and the reason we've never really seen a fiat go to zero is that the social structure breaks down before the currency completely implodes. The soldiers who are fighting wars for the empire switch allegiance waaaay before the fiat actually hits the number 0, so the currency always gets some kind of reprieve.
The Mona Lisa is an example of this store of value. That painting is not the fuckin 1 of 1 best of best of anything, and all of you know it. It's a great painting, but that bitch's smile is not the fuckin mysterious worldbending puzzle that motherfuckers make it out to be. The bitch looks uncomfortable, honestly, and uncertain of how to pose for the session.
But European culture as a whole extends itself on the notion that the Mona Lisa is the most beautiful/most expensive piece of art in the world. Even though the Mona Lisa isn't priceless, the structure protecting it says that it is. Why? Because we said so, and we've got critical mass in blind agreement. (10% of a population is all you need to perpetuate an idea among a whole population. Perhaps unsurprising that Europe is around 9-10% of global population?) If you try to steal it, you'll be arrested or shot dead. If you want to buy it, you'll need to be connected and ultra rich. If you deny its reputation in public, you'll be shunned from society. The worthless and useless painting's importance to the culture reinforces the culture's importance to itself.
The society protecting the Mona Lisa as an icon also draws outsiders to it. Those outsiders buy into the story of the painting and revere the lore, much like your neckbeard virgin ass and Assassin's Creed. Instead of creating their own lore and culture, they spend their mental and physical energies attempting to get as close to the icon as possible. Although they are not truly insiders, they add to the culture of the structure surrounding the icon, empowering and protecting that structure with their adulation of it and non-action towards building competition to it.
Ethereum is building such a culture. This culture is an iconoclast to fiat culture in that all items are priced primarily in ether, not dollars. Compare the Wax blockchain, where items are routinely repriced to represent a stable dollar amount regardless of fluctuations in Waxp or other cryptocurrencies. The blue chip projects on Opensea don't care. Whether ether's price in dollars goes up or down, those jpegs aren't reorganizing their ether price tags.
Because ether is the base currency here, Opensea blue chips are actually less exposed to market dumps than crypto with different utility or even ether itself. As more projects build on Ethereum, common sense tells us that the value of ether will continue to rise in the long term. Nobody save noobs and forced sales are dumping ETH. And since the core audience of Opensea isn't dumping ETH during the market dump and they have plenty of ETH to spend on Opensea, Opensea projects serve as an insulated store of value against the market dump.
I believe this would be true even if the market dumped more. There are enough institutions and ETH whales in ETH to preserve the blue chip NFT market, much like high-end housing is unaffected by low-end retail housing market dumps. The new, young elite of software development and fine art are on ETH, and they aren't moving. And let's be clear — they love it when projects pump away from the average person's price tag. And let's be clearer — so do average people. They want a challenge. They want to get into the exclusive club. Binance Punks didn't pump; Cryptopunks did. Everybody wants to be in the same club with Gary V and those guys. Nobody famous bought a Binance Punk, so they sit unloved.
Note I said blue chip. The garbage copypasta, scams, and money grabs don't count. And honestly, the dumbasses and speculators who invest in these "projects" don't count much either. They aren't institutional money, and they aren't the crazy-rich-New York-trust-fund-baby-who-got-into-ETH-early money. (I read an incredible book about that sitting in a random bookstore one day before I started this blog. Now that I am writing, I want to talk about the insights it had and I can't even remember the title! It was about the 2018 NYC Blockchain Week and the newly built artsy-fart culture around Ethereum. If you want to know why NFTs are here to stay, that book will tell you why. What was the title?!)
It's my opinion that if you can grab a Bored Ape or a CyberKong, you should do so, especially if you're looking for a store of value. Silver medal is if you get one of these NFTs that serve as an admittance ticket to a game or metaverse experience, stuff like Galaxy Fight Club or Rumble Kong League.
Yeah, they cost a lot. But these are the assets you'll soon be able to fractionalize and sell pieces of or borrow against just as easily as ETH or LINK.
And please don't be scared away from this market because you hear that 99% of the shit is scams and bullshit. That's true of everything, folks. You wanna know why every single generation thinks music was better "back then"? Because only the best stuff survives to the next generation. The other 99% dies. The reason your old ass thinks today's music sucks is because we haven't had time to weed out the 99%. Same with NFTs. Of course 99% of it is scams and nonsense, and of course 90% of the idiots in this market right now will lose money. DUH. That doesn't negate the potential or the utility of this market in the least.
The Ethereum culture is the culture that will serve as the Western Gen Z's store of value and iconoclast against crooked-Boomer-Rothschild-skeletor-Christine-Legard-enslave-you culture. I still believe bitcoin is the only culture politically and technically advanced enough to protect crypto politically, but Ethereum will bring the decentralized global culture to sway the world into the digital age in a non-central-bankish way. This can be most easily accomplished through the Ethereum fine art market, which, for now, has its HQ on Ethereum Opensea NFT jpegs.
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YOUR GUIDE TO MAKING MONEY IN CRYPTO STARTS HERE ---> Making Money in Crypto Part 1
Why you should buy your Tesla (and everything else) in BTC ---> Why You Should Buy Tesla With Bitcoin
Find out why Chainlink 2.0 is a problem for your freedom ---> Why Chainlink Will Kill Crypto
Why Hexicans/Pulsechain Fags are Pieces of Fucking Shit ---> The Problem with the Hex and Pulsechain Community
