Smaller NFTs are getting ‘obliterated’ amid crypto crash, expert says
As NFT sales have plunged overall this year, smaller, lesser known NFTs are getting crushed, while bigger brand names are holding up a bit better.Breslin said there is also a “bathtub effect” happening, when a large NFT is put on sale in the market, other large projects fall in price because investors are selling those NFT positions to free up currency to buy the new NFT.
Breslin pointed to a recent project called Moonbirds that dropped nearly 50%.Breslin is looking to NFT events in coming weeks and months, including VeeCon, Ape Fest, and NFT New York City to see if appetite for NFTs picks up with those events. Breslin said he believes the real value of NFTs will be by functioning as passes or membership clubs. He pointed to an example where NFT holders of the Bored Ape Yacht Club can attend a special three-day event called Ape Fest at NFT NYC.
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