We all know that an entire bear market is happening in the financial world.
This is a long-term drop in the price of stocks, often accompanied by a recession and higher unemployment. Because of this, the NFT market is affected in a big way. This can be a very tough time for investors, and many give up hope.
A bear market in NFTs isn’t all bad, though. When stock prices are low, it’s a great time to invest. And when the bull comes, there will be great rewards for those who HODL (hold on for dear life).
Here is our complete guide on how to make it through the NFT Bear Market
A lot of research is needed.
We don’t usually see a lot of failures but rather a few successes. The market for NFTs is moving quickly. It will take a while to find out where it will end up.
So, if you’re in a hurry to get into the market before you fully understand it, sit back and watch what other people do. There is a lot to learn. Before you start your project, you need to know a lot about other projects and the market as a whole.
Check out what other people have done in terms of art, utility, community, marketing, influencers, etc.
Make a specific goal in mind.
Have long-term and short-term plans and a road map to help you stay on track. It will help a lot when making decisions. Just ask yourself which path will get you where you want to go.
Even when things are hard, these goals will keep you going. It would be best if you had a detailed plan outlining the procedures necessary to reach your objective. Then, wait to tell your audience about your long-term goals.
For example, don’t say, “I’m going to launch a P2E game on the blockchain,” “We’re going to build a DAO with our token to make an investing system,” or “We’re going to make the best metaverse ever.” Many projects said they would do the above, but only a few did.
Share information about each step as you move toward your primary goal, and have a detailed marketing plan to keep the buzz going while you’re working on it.
Have a long-term mindset
Like anything else, selling NFTs requires building a business, getting the word out, building a following, etc., which takes time. If you set your goals too high, you’ll lose the drive to reach them.
A lot of projects have sold quickly. But think about two things.
In the NFT market, you need to consider the long term. Most of them were made by teams that had done this before. So they already had a lot of business and marketing experience.
II. Many other people were just in the right place at the right time, which, as we’ve already said, is hard to do now.
An NFT project is more than just selling all of the items. After you sell the collection, your main job will begin. What will happen next, and when will it happen? How will your project help people? How would you keep your project’s value? After the mint, the buyers will start to ask these kinds of questions. So you should be ready with answers and a plan for how to put your ideas into action. Set out each step and how long you think it will take.
Save your time and money on something other than degen projects that depend exclusively on pump-and-dump schemes; doing so is now just a risky gamble. It might be a good play once or twice if you’re lucky, but you’ll buy the top and lose your money if you’re greedy.
Don't get emotional
No matter what the market is doing, it would help if you never traded based on how you feel. Most trades based on feelings don’t work out well, and the regret isn’t worth it.
Participate in the community
This means interacting with the community you love by building an audience on Twitter, talking to your GMs daily, spreading good vibes, and joining Discord channels. This is what it’s all about: a big family enjoying art they like. We can’t do it on our own; we need each other.
Last but not least, make connections. We can’t stress this enough.
The best part of this NFT bear market is meeting new people and building your network. So take advantage of this chance before the bull returns; everyone is only thinking about money.
And while you’re waiting, work every day to get better. You’ll be ahead of the pack if you learn to code, draw, trade, or learn about the NFT world. So don’t blow this opportunity!
Why Should You HODL?
So, you’ve found a project you want to work on. You love the community, the artists are doxxed, the price to buy is low, and after doing your research, you’re sure that this project will go big.
This is when you HODL, which stands for “Hold On for Dear Life.”
During an NFT Bear Market, there is a greater chance than usual that altcoins will lose value. This directly affects the importance of your NFTs, which could make you panic and sell to stop losing even more money.
This, however, is the wrong thing to do! The crypto market is volatile, meaning things can change at any time. This can make prices drop significantly but also go the other way. Prices will rise again, and your NFT will also go up when they do. Any experienced trader will tell you that you must keep going even if things look bad.
The only natural way to make it through an NFT Bear Market is to HODL. That, and a group of people who keep you motivated.
Are NFT's Worth It?
If you wish to invest, you must be aware of the current state of the economy. Then, it’s in your best interest to spend your hard-earned money on something worthwhile and make an investment that will pay off.
The crypto market is hard to predict because it goes from very high to very low quickly and with little warning. But pay little attention to what skeptics say. Things look perfect in the crypto world. Countries like El Salvador have legalized Bitcoin, and others will soon do the same. This means that the value of Bitcoin will rise in the next few years.
What does that mean for NFTs, though?
Well, there is a direct link between the value of NFTs and that of cryptocurrencies. The price of an altcoin will affect the price of a token on the Ethereum blockchain. The same is true for Solana and the others. So when crypto goes up, your NFT goes up too.
An NFT is an investment in the same way as any other investment. For example, buying a painting is the same as purchasing a piece from the y00ts collection. So if you’d consider buying artwork as an investment, you should do the same with NFTs.
The only real difference is that non-fungible tokens are a more modern way to invest, and their value is more likely to skyrocket quickly. Plus, it has a community that is unlike any other!
Bear markets are challenging, but the NFT community is more complex. But, if you believe in your project and follow our step-by-step guide to making it through an NFT Bear Market, we’re sure you won’t regret anything. That, plus a big reward for your hard work.
You won’t be sorry when the Bull comes.
Okay, Bears is a profile picture (PFP) non-fungible token (NFT) collection made on the Solana blockchain. It is made up of 10,000 bears that were made by an algorithm. Okay, Bears NFTs are practical, like most NFT projects worth their salt, because they give you access to exclusive merchandise and live events.
‘The Merge’ by Pak was the NFT that sold for the most money. The price of $91.8 million was a record for a work sold by a living artist to the public. The NFT was sold through Nifty Gateway to 28,893 collectors, who bought a total of 312,686 units (which were single NFTs).
Mining. Mining is another way to make money when the market is down. Even if the rewards aren’t as high as they were during a bull market, mining can still be profitable. Miners of cryptocurrencies can do it independently or join a mining pool.