Hello friends, andto Week in Review!
Last week, I talked about Clubhouse’s. This week, news that they had been in talks with Twitter for a $4 billion acquisition, so it looks like they’re still pretty desirable. , I’m talking about a story I published a few days ago highlighting almost everything wild about the alternative asset world.
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The big thing
Suppose you successfully avoided all mentions of NFTs until now. In that case, I congratulate you because the broader NFT market is seeing a significant pullback after a frothy February and March. You’ll still be seeing plenty of late-to-the-game C-list celebrities debuting NFT.
I spent the last couple of weeks chatting with many people in one particular community — one of the oldest active NFT communities on the web called. Its platform has 10,000 unique 24×24 pixel portraits that trade at truly wild prices. Art in the coming weeks, but a more sober pullback in prices will probably give some NFT platforms serious about longevity a better chance to focus on the future and discover how they truly matter.
This sold for $1.05 million.
I(including the guy who sold that one ^^) that had spent tens of thousands and millions of dollars on these pixelated portraits; my goal is to tap into the psyche of what the hell is happening here. The takeaway is that these folks don’t what’shappeningn in more traditional “old world” markets like public stock exchanges.
A telling quote from my reporting:
“This is a very speculative market… butmore honest than the stock market,” user Max Orgeldinger tells TechCrunch. “Kudos to fan — butno fundamentalst support that stock price. It’s the same when you look at GameStop. It’s almost more honest with the NFT community because nobody’s getting tricked into thinking there’s some very complicated math that no one can figure out. , and if you want to pay it, that’s the price, and if you don’t want to pay it, that’s not the price.”
Shortly after I published my piece, Christie’s announced that they were auctioning off nine CryptoPunks in an auction likely to fetch at least $10 million at current prices. Thein the aftermath, and many millions worth of volume quickly moved through the marketplace, minting more NFT millionaires.