Happy Tuesday! It’s Matt here.
It’s no secret that crypto and NFTs have taken a beating lately. And it’s made some people wonder if I still believe there’s opportunity in the sector…
My answer is YES. Volatility is part of the game. It’s what helped build my success in penny stocks.
It doesn’t take a perfect market (or a perfect trader) to succeed. What matters most is that you learn to find the right opportunities at the right time.
Gold is often found beneath the dirt or even on plain rocks. It’s the same with trading.
So let’s take a look at where those golden nuggets are right now…
The 2 NFTs Taking Off Right Now
During the wake of the Otherdeeds high gas fees debacle, I put out the idea that maybe it was time for Solana (SOL) to take over as the NFT platform leader.
Platform changes like that don’t happen overnight. But thankfully, I’m not the only one thinking this way. I’ve seen message boards sharing similar thoughts and that’s great news.
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When traders start to think alike, it can generate buzz, which can turn into a self-fulfilling prophecy. And that brings me to the two NFT projects that have been trending for the past week –– both run on the Solana network.
Reptilian Renegade (Lizards)
This project describes itself as “a collective of 4,000 evolved, unique, intelligent, and misunderstood lizards roaming around the Solana ecosystems’ meadows.”
Think about who that message speaks to compared to the Bored Ape Yacht Club’s (BAYC) world of, well, bored ‘got-rich-quick’ apes.
These Lizards could be tapping into the niche of thoughtful, smart, creative, and introverted NFT users who don’t identify with the dominant NFT projects currently on the market.
A new audience of NFT enthusiasts can create fresh opportunities for the market as well.
Okay Bears
Okay Bears calls itself “A culture shift. A clean collection of 10,000 diverse bears building a virtuous community that will transcend the internet into the real world.”
Again, we’re hearing words that speak to a kind of counterculture community.
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This project wants to be about something bigger than itself, a theme that we hear about often from millennials and gen Z.
It makes sense that as the dominant assets are crashing, these underdogs — with a different vision and mission for their projects — are rising from the ashes.
Will it last? Will it continue? It’s too soon to tell. But it’s important to watch these pivotal moments so you can learn to identify themes as market cycles unfold in the future.
Conclusion
The markets are always a reflection of the people that participate in them — traders like you and me.
That’s why to understand the markets, you have to understand people and the trends they participate in. What do people believe in and what makes them stop believing in those things?
When it comes to market cycles, competition, and trend changes … I don’t know anyone with more expertise than my mentor, Tim Sykes. He’s made his entire life about trading, day in and day out –– even on vacations! I’m proud and excited to join him in the Tim Sykes NFT Club. I know he’s got the chops to bring the most relevant knowledge to his students, and he’s doing just that. Join us if you want in on the action!