Where will NFTs be by 2023? Will they go mainstream? Fade away?  

During February and March 2022, sales of NFTs decreased for 2 months in a row, against rising values of Etherium. Is the roar over? atmleast for now? Will 2022 be an uneven year?

The peak of NFT sales in December 2021 will possibly return, possibly at the 2022 Basel Miami, with the now common volatility of crypto and NFTs. Sites like Nifty Gateway and Opensea are trying to rebuild after a weak first quarter.

Now that we’re in 2022, is it still a good idea to try to buy or sell NFTs?

The beeple NFT sold for $69 million in March 2021. That got everyones attention, sparked the inner greed in all of us.

That was a year ago. Is it all over now? Did NFTs reach their peak at that moment? Probably yes, at least for awhile. That event caused a ripple that built into a giant wave over the next 9 months. Things happen pretty fast in crypto world, but this was so new, and NFTs were impossible to understand, that it took a few months to build into what it became –– a tsunami.

The high point of this “spreading to the masses was December 2021, the lead up and days of Art Basel Miami 2021. It was like no other Art Basel in the past. Wynwood was loud and crazy, not so subdued and artsy like it usually is.

Same with NFTs? Yes and no.

If you believe that NFTs will stay, and not be a fad, like I do, then your strategy changes to get in early on something that could be as big as the internet was in 1995. They will morph and change and evolve, but so did the internet from its early days.

That was when the bubble popped. There was a side-event, BitBasel, just for crypto. These events were planned well in advance, and the organizers had no idea that they would be hosting such a happening. Leonardo DiCaprio was there, need I say more? Dozens of stars were there, sporting their Bored Apes Yacht Club NFTs that they paid mid to high six figures for. Today most are worth 4 figures. But even that, several thousand dollars for an image, “a jpeg” as many deride it. People think they kind of understand, but then they learn that they don’t really own anything physical, just the digital rights to a version of the image or whatever they bought. 

Usually the best hustles use a common tool — Urgency. Hurry up, we need this by, etc. Urgency causes people to make the wrong decision because of FOMO. They can’t miss out. Leo was in.

Was this just another Hollywood shuffle, where celebs “buy” something but they don’t really buy it, to make the masses want it. It’s been a marketing trick forever in L.A. Growing up there I would see celebrities with strange jeans or sunglasses, then a few months later we were all wearing them, actually buying them.

Same with NFTs? Yes and no.

If you believe that NFTs will stay, and not be a fad, like I do, then your strategy changes to get in early on something that could be as big as the internet was in 1995. They will morph and change and evolve, but so did the internet from its early days.

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