A lot of people have noticed a slump in activity in the NFT space. Crypto is volatile, exploiters are plentiful, art collectors have dwindled, and a lot of people feel dejected and depressed. I’m still watching, biding my time, waiting for a good time to pounce.

I’ve been watching the NFT market for several years, actually, to get a feel for the place. I do not ever act hastily; I want to understand what I’m getting into. Risk-averse and old-school as I am, I still can feel the potential and inevitability of this market’s growth and dominance in the next 10-20 years. It’s not a smooth ride, and a smooth ride is not a realistic expectation. What goes up must come down–and what goes down comes back up.

The crypto market does have some influence on the digital network that is NFT’s, or non-fungible tokens. I’m not going to go through a whole definition every time I mention these things; you can DYOR (do your own research) and find better definitions than I’d write. But digital art–or even digitized traditional art–on the blockchain, and the artists that make it, have lives of their own and breathe in their own rhythm. Crypto goes up and down because it’s a lot like a commodity on the stock market; they all do that. The art market that has attached to blockchain technology does not always follow suit.

What artists need to remember is this is still a very young space. We are a long way from mainstream adoption, and we need to lay down a lot more history to gain credibility. We must be patient and keep working. We can’t be knee-jerk reacting to fluctuations in the market. People holding (“hodling”) crypto should operate like professional stock market players and hold longer; the market always seesaws and if you buy/sell in panic mode, you’ll lose. Watch the charts; they always come back, and often stronger. Get a feel for the patterns and rhythms. Stop being myopic.

And specific to artists, when the market turns to a sleepy bear instead of a bull in a china market, it’s a really really really good time to build (“buidl”) your portfolio, develop a new style, plan a new series, experiment, increase your skill level, and to network. These low and slow periods are a blessing. Use them!

When the bull market returns, don’t spend like a drunken sailor. Invest in yourself and squirrel some savings away for hard times. Keep feeding your fund and your business every bull. Steward your funds carefully every bear market. You have to develop a mindset with your finances like seasonal workers. You have to distribute your funds to get you through both feast and famine. Be realistic.

The bear couldn’t care less what you do when he’s around; he’s just hibernating.

When the bull shows up, you better darn well be ready when he breaks outta that gate.

 

♥–Eilee

 

 

 

 

 

 

 

 

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