While crypto may be struggling at the moment – NFT’s continue to soar – as trading volume on NFT sites like OpenSea are setting a record pace!

“S**t Happens”

Remember when that bumper sticker was on every rust bucket on the road? 

Maybe I’m dating myself? However, I can remember driving with my mom and seeing said bumper sticker and asking her what it meant because my adolescent brain couldn’t understand the concept that the bumper sticker was relaying…

I knew what s**t was – but I didn’t understand how it could happen.

Fast forward to my adult years – and not only do I fully understand how “s**t happens” – but I’ve experienced enough turds in my time to know exactly what it looks like…

Sort of like anybody that got into cryptos over the past few months – because a lot of people are wondering what happened to their money because: s**t happens.

Not US, mind you, as while many other people have lost a lot of money with their untimely foray into the industry – we’re UP in 3 of our 4 crypto picks! 

If you followed my lead – congratulations! We’re still riding that train – and I’ll let you know when we’re getting off – but for now, enjoy your profit!

However, just because we’re up doesn’t mean that cryptos are doing well…

In fact, they’re doing pretty crappy. 

The Crypto/NFT Conundrum

It’s the nature of the beast – cryptos are volatile – and right now, things are down. 

However, what’s weird is – while these DeFi currencies have hit the skids (temporarily)…

The NFT market is hotter than ever. 

OpenSea – the site where most NFT’s are purchased from – has seen trading volumes that are on pace to BEAT their August 2021’s record numbers… 

Couple that with the fact that GameStop has announced that it’s pivoting into NFTs, and creating a new coin (known as an “airdrop”) that will be tied to their new NFT marketplace called LooksRare – and you’ve got a recipe for a scorching hot market – even while the value of the coins being used to buy the NFTs are cooling off. 

How hot is OpenSea right now?

Last summer, OpenSea hit a record for the amount of sales – with a whopping $3.16 billion in transactions…

That being said, in just the first ten days of 2022 – OpenSeas trading volumes have already surpassed $1.36 billion. 

That’s absolutely CRAZY!

However, just because OpenSea is the biggest NFT seller – doesn’t mean they’re the ONLY NFT seller out there – as the Solana NFT platform, Magic Eden, has recorded more than $206 million in sales…

This puts them on pace to beat their December 2021 record of $486 million. 

What We’re Learning From This

How or why this is happening is beyond me…

What I do know is that NFTs are still hot – which could mean a lot for Blockchain as a whole. 

When NFTs first started making waves last year – the crypto markets were breaking records on an almost daily basis…

This led to speculation as to what would happen to the NFT market if cryptos slowed down – and it looks like we’ve gotten our answer. 

Because it seems that cryptos could be forging their OWN path – independent of what Bitcoin or Etherium do… 

Of course, that poses even more questions about the entire idea of Blockchain. 

How closely tied ARE cryptos to NFTs? 

If cryptos CRASH – will NFTs still retain their worth? 

When cryptos go back up (as they are all-but-certain to do) will the value of the NFTs follow? Or will they simply carry their own value? 

I wish I had the answers to these questions – but because the market is so new – there really isn’t an answer yet…

But there will be and we’ll just have to wait to find out. 

Until next time…

“It is what it is… because it is what it is… as the reality is that there is no reality… because it is what it is!” ― AJ Vosse