As NFT NYC gets closer and closer, there's a burning question on everyone's mind - how will the NFT world's biggest conference impact the overall NFT market. After what might be forever known as "NFT summer" - the overall NFT market has cooled with popular projects like Bored Ape Yacht dipping from a floor of 60ETH to around 35ETH.
Of course, if you look at the data, the NFT market is still up - way up, and in many cases it's because the vast majority of the NFTs we're all buying and selling now didn't even exist a year ago.
The question now is - was August an anomaly, the result of a fever pitch in excitement for NFTs, or was it just a sign of what's to come. There have been signs that the market is already picking back up and across Twitter I'm seeing more and more people declare the end of the bear market.
Of course, there's a lot to unpack here and probably a ton of data analysis that someone with a lot more time than me could spend trying to predict what will happen next. Personally, I don't think this analysis would be a great way to spend your time because the reality is, these are still the early, early, early days of the NFT world, and that means it's not going to behave in a predictable way.
Will the NFT market go up after NFT NYC? Will it go down? There are good cases you could make for either scenario if your time horizon is a month or two.
For me, I think we're all experiencing the beginning of a digital renaissance, a shift in the way the world works and something that's going to be with us for a long, long time. I don't really care what happens this month or even this quarter. I think waiting to see how things play out over the next few years is where things get really interesting.
That being said, this also means taking on a meaningful amount of risk. There's no general rule that says NFTs have to always be worth something. Three years from now everything could be worth nothing, but at the same time, everything could be worth 1,000x what it is today - my point is, we don't know.
What I do know is that nobody should be putting money into NFTs that they need to survive. New, frothy, speculative markets are meant for play money, and while that play money can turn into life-changing money, you need to be okay if it doesn't.
So while I, like every NFT investor out there would always love to see the NFT market go up, and hope that happens after NFT NYC. I'm fine if it doesn't because I've strapped myself in for a long and bumping ride, and as far as I'm concerned, we've been driving for about 2 seconds, so the ride has barely even started...