What is happening to the NFT market now? How do I choose the right project? What should those who want to start their own collection do, and why do we not see mass adoption of NFTs in video games? What happened to music NFTs, which a year ago were on everyone’s lips? And is it time for creators to start fearing the wide implementation of artificial intelligence (AI)? Read on to find out more about this and more.
We spoke with Deezy.eth, CMO of Voomio, an NFT marketplace in development. He is also the daily host of the Around The Blockchain YouTube channel, with deep dives on crypto, wealth building, and the money revolution; a cryptocurrency show discussing Bitcoin, Ethereum, Cardano, and the top altcoins. A year of explosive price action awaits us. Is now the perfect time to accumulate?
What do you think is the state of the crypto market now? When or under what conditions can the situation change?
According to the 4-year Bitcoin cycle, there are 2 boring years, followed by a year of explosive price action, and then a year of explosive price action in the opposite direction. The current period is considered boring, but it’s the best time to accumulate and buy Bitcoin to benefit from the upcoming explosive price action. Those who stick around now will look good in 2 years, while those who come in later will only get the tail end of the bull market. It’s advisable to accumulate and get cheap SATs now instead of waiting.
Is it too late to buy Bitcoin right now?
It’s never too late to invest in Bitcoin. The current market is historically good, and it is unlikely that Bitcoin will drop below $10K. Some experts predict a possible retest of $15K-$16K. Additionally, there are currently good opportunities for investing in altcoins.
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About promising NFT trends, the AI explosion, music, and popularity
I think there [will] be a big explosion of AI. We’re already starting to see that. There are promising opportunities with competing chains to Ethereum like Cardano and Solana, which may have off-upside potential in a couple of years. Other chains, such as NEAR, Tezos, and VeChain, also offer opportunities. Altcoin ecosystems may boom when the altcoins come back, but it’s important to take profits as they can disappear quickly. NFTs are currently experiencing a bearish period.
Do you have any projects to look deeper into?
I’m looking at older NFTs from a year ago that still have active founders and are building despite the hype being down. These projects are priced below mint, cheaper than when they launched. Although it’s a bear market, the founders are focused on delivering something tangible and real. Identify good founders and invest in their ecosystem if you believe in their mission statement.
So you need to look for projects that are still in development?
Bitcoin NFTs like Ordinals and TwelveFold from Yuga Labs are currently very popular, but it’s best to avoid them unless you have a high level of knowledge about Bitcoin. The buying pressure may not be sustained, and the hype may die down quickly. However, the good side is that there may not be many people selling these good Bitcoin NFTs. Yuga Labs is dropping 300 Bitcoin-inspired NFTs, with the highest bid around three-fourths of a Bitcoin, but it’s unclear who will want to buy them in the future.
What do you think about VV-Checks, another NFT collection?
I think Checks are great because they’re like open editions – a fun way to support artists for under $100. Many people want to participate in these ecosystems but don’t want to pay thousands of dollars. For example, I like Renga but don’t want to pay $3K or $5K for an NFT. If I can get some for 0.02 ETH (around $30) then I’m in! I don’t want to spend thousands of dollars, but I can afford $30.
Will artificial intelligence replace the real artists in NFTs?
I don’t think AI will replace creativity, but rather enhance it. For instance, AI editing tools make it easier to edit videos. Although some may argue that it will ruin the industry, others view it as an opportunity to become better artists. There are various mediums to express creativity, such as oil painting, watercolor, or digital art. Even though robots might eventually create oil paintings, it’s not something to worry about now. Focus on your craft and keep creating, just like how music evolved with the introduction of effects and pedals.
Where have musical NFTs gone?
You’re going to want to hit “Play” to listen to NFT songs during a workout and put the phone away. However, NFT music currently lacks a large catalog compared to Apple Music, Spotify, or Pandora. NFTs cannot compete until there is a huge database of songs. The solution is not a new, big NFT music marketplace but rather for Spotify or Apple to create it. That’s the only way.
How can the NFTs be brought back to their former popularity?
For mass adoption, NFTs need to be presented as something other than NFTs to avoid the negative associations people have with them. They associate with scams, rug pools, nerds, and killing the environment. The [most] successful NFT collections in the past have been those that avoided the label and presented themselves as digital collectibles. A potential avenue for mass adoption could be through loyalty programs like Starbucks, where people would have NFTs without realizing it.
How to make money on NFTs in the current market situation
To make money on NFTs, don’t let your emotions guide your decisions. Research the project, check analytic tools like Nansen, and follow smart wallets to find good opportunities. If you see a smart wallet [that] bought a bunch of NFTs 8 hours ago [or] 12 hours ago, well, [it] might be too late. But if they bought 8 minutes ago or 12 minutes ago, then there might be some flips for you.
Get in early and don’t chase trends. Use Twitter to stay updated. Don’t chase pumps; do your due diligence.
What type of advice can you give to somebody who wants to become a creator?
To succeed, communication and building a following are key. Don’t expect instant success if your art isn’t great or you don’t have a following yet. Invest time in building relationships in ecosystems like Discord, and be reliable in delivering what you promise. Be cautious about unknown gray areas and avoid making false promises, as the SEC takes a dim view of that.
“Our next project is going to be huge”
I’m part of a team that launched the JPG Junkies on Cardano and the Pluto Alliance on Ethereum. Currently, we’re focused on launching Voomio, starting with Ethereum and potentially expanding to Polygon and Cardano. We’re a small team of around 50-60 people, with about 40 working in the building.
Why haven’t NFTs caught on in video games?
I played Dookey Dash and won $10K with a free entrance from having a mutant #8. Game companies benefit from NFTs because they can sell more and create rarity for collectibility. There is a missed opportunity for game companies. Because why would they want to not sell the 5,000 green pants vs. only 500 green pants, and everyone trades those amongst themselves? So they’d much rather be the only ones pushing the dope in the town, but there is a lot of opportunity for collectability and rarity that maybe game companies aren’t thinking about. I saw a tweet today that talked about Nintendo 64 [and] Super Mario 64. Imagine if they had 1 of 5 Mario skins, but only five people [out] of the 50 million got a Mario skin. Imagine if they’re able to sell that Mario skin; what would that do? That would change someone’s life.
One hurdle to overcome is the usability of Web3 wallets, which need to be seamlessly integrated to bridge the gap between Web2 and Web3 for mainstream adoption. Grand Theft Auto and Call of Duty are expected to be big players in the NFT gaming space.