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Rocky

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I agree with you on this one, I can't make sense of the NFT market at all. I'm taking advantage of this dip to buy some NFT related crypto's instead.
Serious question, how's it fundamentally different from, say, Bitcoin? Both on blockchain, no intrinsic value, no future revenue streams being generated and both just worth whatever someone is prepared to pay for them?

They look the same to me other than one gets you a free picture of a monkey?
 

SuperTortolano

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Serious question, how's it fundamentally different from, say, Bitcoin? Both on blockchain, no intrinsic value, no future revenue streams being generated and both just worth whatever someone is prepared to pay for them?

They look the same to me other than one gets you a free picture of a monkey?

Bitcoin for example can be used as currency and quickly converted to cash. I'm honestly not sure the NFT market is as liquid as that.

I personally research a crypto project and try to get in early. Make my money and then take profits, leave some in and invest in another project. Bitcoin has entered in to a bit of a bear market right now, which brings every other crypto down with it. I'm just accumulating some under the radar crypto's that are heavily discounted. This week I bought EDDA. It peaked at $6000 and now trading at $600. Good project and lots of upside when the market turns around.
 

Rocky

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Bitcoin for example can be used as currency and quickly converted to cash. I'm honestly not sure the NFT market is as liquid as that
If liquidity and use as a currency is your benchmark doesn't that make pounds sterling better still?

Don't get me wrong, I know there's plenty doing well (mostly on paper) with crypto speculating, still just can't grasp what's to stop it from collapsing in a heap at some point and I'm still not really seeing the fundamental difference between the monkey and the Bitcoin if the only difference you can point to is liquidity.
 

SuperTortolano

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If liquidity and use as a currency is your benchmark doesn't that make pounds sterling better still?

Don't get me wrong, I know there's plenty doing well (mostly on paper) with crypto speculating, still just can't grasp what's to stop it from collapsing in a heap at some point and I'm still not really seeing the fundamental difference between the monkey and the Bitcoin if the only difference you can point to is liquidity.

I can't say it's not possible that the entire crypto market collapses in a heap. I just personally don't think it will and see it still going strong after my lifetime. Lots of big banks and financial institutions are buying up Bitcoin and crypto. That personally gives me more confidence in the market overall.

For me when I'm investing in a project, I focus on what the project does and upside to it. I view it more like a game of poker than gambling. Gambling you'll lose in the long run. Poker has it's swings, but if you get your money in good, you'll come out ahead long term. I can't tell you why it will keep going up and can't say it won't go to zero. I've been in it long enough and believe it still has a long way to go.
 

Hammi

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From what i can tell these animal type NFTs are popular almost purely becuase they're used as profile pictures on twitter, since there's such a big NFT community on there now. Bored apes and another one called Cryptopunks seem like a sort of status symbol

Eminem just paid half a million for one of these bored apes... 😳
 

Zab

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Is crypto crashing now, or just a continuation of the boom and bush cycle it’s been on?
 

ILHTD

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Is crypto crashing now, or just a continuation of the boom and bush cycle it’s been on?
You could describe the near 50% drop as a crash, but yes, all part of the fun ride.
 
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