Those viewing from the outside might think so, but its important to step back, zoom out and keep a level head on what’s going on.
Firstly, what i’m most excited about: The confluence of AI and NFTs means it’s easier than ever to build a bottoms-up IP brand in this decade. Barriers to entry are at their lowest
AI — creative bootstrapping
NFTs — ownership, scarcity & community building
Talented creatives from major entertainment studios are going down the web3 rabbit hole. They are leaving to create new stories, using tools they didn’t have before (e.g. NFTs, soulbound tokens). Expect to see these launch in the coming months.
Prices of NFT collections have come down significantly & are starting to reflect some value e.g. Moonbirds. Paying $4k for membership into a private club (<5k people), where you can network with art enthusiasts & get art airdrops — it doesn’t seem so unreasonable to me.
Some of the best opportunities in crypto to earn a real yield (not inflationary tokens) are in NFT lending. Not many people have realized this yet. Yields are higher than most DeFi protocols. e.g. The average loan APR on Arcade (Ethereum) is 17%, with 6% default rate