The crypto market is going through a downtrend period and it is clear that we are in a bear market, however the #nft are moving differently.
"So NFTs are not affected by the market situation?"
Obviously not, we are talking about #ERC-721 tokens (we only operate on the ethereum blockchain) so their value is represented in #ether and there is a big difference between eth at $1.5k or $4k.
However, we have noticed that the NFT market tends to have a trend of its own, let's explain:
When #BTC follows an uptrend, taking all altcoins with it, volumes in NFTs tend to drop, according to Chainalysis' "NFT market" report, as if collectors and traders are taking liquidity from "JPEGs" to deposit them in #exchanges. At the same time, collectors with a longer term vision are taking advantage of the bearish moment to enter into blue chip projects, coveted and consolidated over time (ex. Cool Cats, Doodle etc).
Now that the crypto market is going through a bear market, many crypto traders have moved into the NFT segment, however, a scenario similar to the previous ones has not presented itself. In this period we have seen a lot of volatility in floor prices and it is understandable given the precariousness of the global economic situation due to the war in Ukraine and other significant macroeconomic issues (read more here).
In addition, new projects and collections continue to come out daily... kind of like the #ICOs in 2017/18 and we all know what happened to many of those projects.
So what do we do?
In periods like these our analysts and collectors prefer to focus on projects dated and consolidated over time, we talk about interesting entry points for many projects and it is therefore important to monitor, either to make some "flip" or to add important pieces to your collection, in our case we have our sights on 0n1.
0N1 Force is an NFT collection that we have been monitoring for a long time I'm afraid, although there is not the hype of the past, the project has a solid community and a very active and present team. In addition, the graphics of 0N1 Force have inspired many other NFT projects, Azuki to name one... originality is an important factor that we take into account for our analysis.
Talking about volumes, they are not high, however in the last two weeks there have been some anomalies in the number of daily transactions that make us want to monitor the project. 0N1 Force is just one of the many interesting projects at this time and that's why we invite readers to make a careful and meticulous research on the whole current NFT landscape and the various projects that characterize it.
Whitelist, pro or con?
Is it worth spending time to get WL spots?
Our answer is yes, obviously after a careful analysis of the project.
Being in the #whitelist to "mint" future projects, guarantees you the possibility to buy NFTs the day of the launch, this is not obvious since depending on the project in question, it is almost impossible to mint during a public sale, the demand is too high compared to the supply.
Another aspect is the cost of the mint, usually the price of NFTs for those who have the whitelist is reduced, we speak on average of a 25%-50% less.
Well-known and quality projects are followed and awaited by many collectors, so it is extremely important to be active on #Discord channels and #Twitter profiles, monitoring carefully so as not to miss the next "Bored Ape Yacht Club" or "SandBox". Getting a whitelist for projects of this type has now become a long and difficult process but in 90% of the cases it's worth it, especially for those who plan to sell early in the launch, in the reveal phase.
To learn about the projects we are following, analysis, techniques and operational insights we are waiting for you in our Discord server.
We use Dune Analytic and Chainalysis to track volumes and statistics.
