My thoughts on 'Wen is the NFT bottom??'
If you are a prospective NFT buyer, really important to watch lending market status right now (Gondi, Blur, etc.). I am definitely a buyer coming up, but I don't think the liquidation cascades are done. You have a combination of low sentiment, low liquidity, and forced selling right now. This will bottom markets, but it needs time to play out.
Additionally, as I have said in some other posts, you won't have as many speculative buyers, so don't expect V-shaped dips or fast recoveries. Additionally, you need true collectors or those with long term visions to be able to recover markets like this, because anyone who buys just because it has dipped and thinks they can make a buck will dump it when it doesn't recover quickly, or if it does bounce will almost certainly sell it for just a small profit in these market conditions.
What I expect to see is continued cascades and then a flat bottom and some ongoing component of time capitulation to shake out people who are focused primarily on price.
This is where collectors feed and you actually get the NFTs into the right hands. I love NFTs and think they have a bright future, but I also don't think all projects survive this phase.
Very excited to get my hands on certain ones, but it is time to strap on your conviction, patience and grit.
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