A Market Pump + an Increase Positive Sentiment = Stupidity
TL;DR
When the market goes up alongside market sentiment, crypto holders have a tendency to invest their new found profits into riskier assets (like NFTs).
In late Oct/early Nov, we saw the market’s price and sentiment go up in tandem, as a result we’ve seen many speculative NFT projects pump.
Our takeaways? NFTs aren't dead, and this is the first time we've felt a real sense of 'bull market mania' since late 2021/early 2022.
Full Story
NFTs are back baaaby! Prices are rebounding and people are buying!
...but why?
Allow us to answer your question with another question:
Remember what it's like being gifted the freedom to make bad decisions?
Your parents leave you home alone as a teenager → you throw a rager of a party.
You move out of home → you live off ramen noodles and Froot Loops, until your medical/dental bills inevitably scare you straight.
As it goes in crypto, everyone seems to feel they have the freedom to make bad decisions when the following two things happen:
The market pumps
Market sentiment turns positive
Throughout most of September and October we saw the overall market go up, while sentiment stayed mostly fearful/neutral (☝️), so overall stupidity stayed low.
But then, as we moved into November...
Sentiment comfortably flipped from 'neutral,' to 'greedy' and everyone started taken their stupid pills again, investing their new found profits into riskier assets.
("Cause why not!? The market is up and sentiment suggests it ain't stopping any time soon!").
As a result, many speculative NFT projects have pumped - like 'EtherRocks' (the Pet Rock of NFTs), which sold last Friday for 100 ETH ($209k USD).
So what're the takeaways?
NFTs aren't dead, they've just been in a coma.
It feels like we're back (it doesn't mean we are), but! This is the first time we've felt a real sense of 'bull market mania' since late 2021/early 2022.
Feels good tbh.