🍬 Are NFTs Still A Thing?

GM and welcome to SOL Sweet. The Solana newsletter that's non-fungible. You can't right-click and save this jpeg!

In today's edition we're talking NFTs and whether you should approach them differently in a bear market. And of course, we've got your extra sweets at the end.

In 3 sweet minutes and 45 seconds

We asked people about NFTs

Let's be real. Bear markets suck.

Everything is down, all you see is red, and people keep saying "I told you so".

But what about NFTs?

The hottest part of the Solana ecosystem in 2022, NFTs must be feeling the effects of a bear market too.

Or are they?

After all, they're more about community, builders, and non-stop reminders that WAGMI.

And when there's blood in the crypto streets, numbers like this make us think maybe NFTs are different:

Instead of trying to figure this out ourselves, we went straight to the people.

We wanted real opinions from people with skin in the game.

Here's what they said.

First up @0x_Bec:

Bec is well known in the Aussie NFT scene and was recently made head mod for Okay Bears, so you know she's a baller.

Q - Are you still minting and buying NFTs?

A - I am minting projects I really like and believe in. I am looking at the mint funds not as a flip but to support the project to ensure they are able to raise the capital they need to get their project off the ground. This would result in me holding the NFT as I do believe in it. I also am minting the projects that hold a lot of hype or I feel will mint out and then the goal is to flip them almost immediately.

Q - Are you selling or holding NFTs?

A - I am holding cos all the ones I hold have all gone down in value. I am selling them off if they do pump into a reasonable sell level - I would love to off load a bunch of my older investments as I have a new strategy and am looking to only hold a few.

Q - What’s your NFT mindset in a bear market?

A - My NFT mindset in the bear market is that we won't see any collections pump in price and hold it's value up there. So I try to sell off as soon as I can, and am fearful of holding - this is because I don't want to be stuck holding illiquid JPEGs. It's hard to sell them for their true floor value if there is no one buying!

Next up is @BerryBird69:

Berry is a KiwiDAO maxi who's grown his twitter following to 2.5k in just a few short months. He also holds Ghost Kid's and Galactic Gecko's.

Q - Are you still minting and buying NFTs?

A - Only minting projects with a backbone and true project structure.

Q - Are you selling or holding NFTs?

A - Still hold over 100NFTs 50% or more staked

Q - What’s your NFT mindset in a bear market?

A - Projects that you could never get a chance to enter you may get that chance and prices to accumulate coins sol at $25 just means you have another chance to run up a 10x bag before the next cycle hits.

And finally @__bunnicula:

Bunni has been in crypto for a long time and regularly drops some insanely valuable education for KiwiDAO.

Q - Are you still minting and buying NFTs?

A - I am, but in limited quantities and only projects I could see having enough utility and momentum to still be around and holding their value in Q4 2022. This may still be a short time horizon compared to macro predictions, but I will reevaluate my positions as a whole at that time. I do this on a quarterly basis at minimum. It is my belief that there is more profitability in coin accumulation to expand buying power when the bulls are back, and the time sink in grinding for whitelist is simply not worth the return.

Q - Are you selling or holding NFTs?

A - Both. I have maintained my core conviction holdings (2-4 projects) and 1/1 pieces that I purchased without returns being the paramount factor. I have gradually sold a significant portion of what I held at peak, mainly to gain maximum SOL upside exposure.

Q - What’s your NFT mindset in a bear market?

A - My NFT mindset in bear is to look for teams and projects that have a long time horizon, and that are targeting core crypto infrastructure. I am especially excited for projects like xNFT, who recognize that the future (and the present, really) is mobile, and aim to combine NFT capabilities as something easy to use and native to a platform along with SMS. I am less interested in branding projects, but have developed further interest in 1/1 artists with a following that I could see gaining a fan base.

There's two key takeaways here to help you navigate NFTs in a bear market:

1. Focus on minting and buying projects with a long-term view, that you truly believe in

2. Accumulate SOL while it's cheap to strengthen your buying power for the next bull run

Big thank you to Bec, Berry, and Bunni for sharing their knowledge.

And remember: This was not financial advice. It was purely educational. Always do your own research.

Extra sweets

Another hack. This time Crema Finance was exploited for $8.7M.

Soon you'll be able to shop online using SOL thanks to StellarSOL.

The DOJ is tired of getting rugged. So they're going after a Solana NFT dev.

Solana and Anatoly are being sued. This takes FUD to a whole new level!

That's a wrap! Are you still minting and buying NFTs? Hit reply and let us know.

And please forward this to a friend who should be keeping up with Solana. It'll take 10 seconds. Writing it takes us 10 hours. Thanks!

- Toby (@TenderKiwi)