For the Love of the Game

(Market Commentary)

There was a great disturbance in the NFT space as if thousands of voices suddenly cried out in terror and were suddenly silenced. I feel something terrible has happened. 

The something was the Doodles announcing they are no longer an NFT project, and I’d argue it was far from terrible. It was actually necessary.

In an effort to move away from the unrelenting speculation around the NFTs floor prices, the Doodles took a bold step to pivot into a more traditional business model. 

Source

The Doodles’ floor price reflects the community’s sentiment and is currently down over 20% since their announcement.

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While the Doodles could have managed expectations better and made their goals clear from the start, the announcement isn’t a complete negative for NFTs. It is imperative that traders understand that NFTs are not investments, and having a major brand like Doodles force that conversation is a step in the right direction. I hope they’re just the first of many. 

With creator fees quickly disappearing, and NFT projects’ revenue streams becoming endless mints that drain collectors' liquidity, the future we are currently building in Web3 is unsustainable.

Some have long predicted where that future leads, and we are actively witnessing this prophecy begin to unfold.

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Forkast Lab’s Forkast 500 NFT Index shows money continuing to leave the top 500 projects to be cycled into the newest hot projects.

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To zero we go unless there are fundamental changes to the core of NFT markets. From projects’ needing to innovate and evolve their business models, to the collectors needing to grasp what NFTs are (they’re not investments), if we want Web3 to grow, we must all collectively grow first.

MEGA GMs

— Yehudah Petscher

News Headlines

⚡️ The Doodles are an NFT project no more following major announcement 

⚡️ Microsoft developing NFT wallet in Edge browser

⚡️ Influencer Dr Disrepect getting in the NFT game with new FPS

⚡️ NFTs are a powerful use case for protecting creators’ content

⚡️ Art residency has been announced for Gwyneth Paltrow’s NFT platforms

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