Finance: Bored Ape owners sent broke after NFT price collapse

[El Presidente]

I just find the whole thing absolutely fascinating. I wonder how those cigar NFT's are going 

 

 

 

Bored Ape owners sent broke after NFT price collapse

The cartoon apes that became a status symbol during the NFT boom of 2021 have become a financial albatross for some of their once proud owners, who have plunged into debt

 

 

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[JoeyBones777]

I'm a big crypto fan but not much into nft's, at least, not as they stand as gif art. However, much like any asset investment, the key is to buy low and sell high. I find it very interesting how the media feeds bearish sentiment during a down market to keep the little guy scared and out of the market and then feed the bull sentiment at tops causing the little guy to jump in giving liquidity to the smart ones that bought the bottom. The media was hyping up Bored Ape NFT'S at the top of the market and now they are shaming the poor saps caught holding the bag.

[Corylax18]

22 minutes ago, JoeyBones777 said:

I'm a big crypto fan but not much into nft's, at least, not as they stand as gif art. However, much like any asset investment, the key is to buy low and sell high. I find it very interesting how the media feeds bearish sentiment during a down market to keep the little guy scared and out of the market and then feed the bull sentiment at tops causing the little guy to jump in giving liquidity to the smart ones that bought the bottom. The media was hyping up Bored Ape NFT'S at the top of the market and now they are shaming the poor saps caught holding the bag.

Its not the Media's fault that stupid people do stupid things. That's a total cop out. The people that pissed their money away without thinking or doing any research are responsible for their own mistakes. Just like when this happens with stocks, houses, cars, art, whatever. Actual investments have always been cyclical and always will be. Crypto and NFTs are no different in that regard. The same people whining about getting scammed in NFTs are the same ones saying the stock market is rigged, chasing returns at the peak of values and fleeing when things go down. 

[aavkk]

14 minutes ago, JoeyBones777 said:

I'm a big crypto fan but not much into nft's, at least, not as they stand as gif art. However, much like any asset investment, the key is to buy low and sell high. I find it very interesting how the media feeds bearish sentiment during a down market to keep the little guy scared and out of the market and then feed the bull sentiment at tops causing the little guy to jump in giving liquidity to the smart ones that bought the bottom. The media was hyping up Bored Ape NFT'S at the top of the market and now they are shaming the poor saps caught holding the bag.

100% and well said.  I'm very bullish on NFT's in general as a technology platform.  What we have thus far in NFT's are largely just digital collectibles and mostly speculative.  Still, I think most people are grossly underestimating the value in provable provenance, transparency and global discovery, liquid 24/7 markets and above all else the digital status flex.  The richest person in the world, Bernard Arnault sells a wide variety of status flex's.  People spend lots of money so that other people can see them carrying their LV bags.  People spend cash on expensive cars to show off.  We are humans after all.  But these items are seen by only those in your very limited local location.  We are increasingly spending more and more time digitally and we are beginning to see the emergence of more online communities which are of course global.  The digital status flex has 1000x the visibility and reach. 

The only PFP collection I'm confident in long-term is Crypto Punks but I'm more confident in other Art NFT's such as early AI collaborative collections featured in Braindrops such as Claire Silver's Genesis, Pindar Van Arman's Podgans/Bitgans/Bytegans and other Generative art such as Chromie Squiggles/Fidenzas and Autoglyphs.  These all represent early historical collections within their respective genres by artists who are engaged with the community and driving the future of the space.  This is made evident by Christie's and Sotheby's leaning into NFT's.  Nearly all of the above mentioned NFT's have shattered auction estimates even through a bear market.  Traditional art collectors are beginning to collect and I strongly believe that while most of the current speculative PFP NFT's will trend to zero its not hard to see what is clearly emerging through the bear market as important and historical art with lasting value.   

 

[MagicalBikeRide]

1 minute ago, Corylax18 said:

Just like when this happens with stocks, houses, cars, art, whatever. 

We might soon add Cuban cigars to this list 🤗

[JoeyBones777]

10 minutes ago, Corylax18 said:

Its not the Media's fault that stupid people do stupid things. That's a total cop out. The people that pissed their money away without thinking or doing any research are responsible for their own mistakes. Just like when this happens with stocks, houses, cars, art, whatever. Actual investments have always been cyclical and always will be. Crypto and NFTs are no different in that regard. The same people whining about getting scammed in NFTs are the same ones saying the stock market is rigged, chasing returns at the peak of values and fleeing when things go down. 

Two things can be true at once: people can make poor investments based on hype and zero research trying to make a quick buck AND the media sets the perfect narratives for that to play out. Ultimately, the responsibility for what someone does with their own money lies with themselves. Also, the media sets the narratives that wrong foot people.

[Nevrknow]

This is total BS! No I'm not into NFT's but why can't I come up with a dumbass idea and make millions off suckers. Wait a min.............. anyone remember the pet rock? A rock in a box. Hold on......I'll BRB.

[Corylax18]

17 hours ago, JoeyBones777 said:

Two things can be true at once: people can make poor investments based on hype and zero research trying to make a quick buck AND the media sets the perfect narratives for that to play out. Ultimately, the responsibility for what someone does with their own money lies with themselves. Also, the media sets the narratives that wrong foot people.

Certainly, but that's just not the case here. I love the logic; "Its everyone else's fault that personal accountability is at an all time low." 🙄

[Fireball]

I feel like this was the obvious outcome. Group think can be very powerful. To be fair though, more than once I wondered if I was truly just old and ‘was this the real future?’

Then I decided to invest only in real assets and stocks. And if I missed out, so be it.

[JoeyBones777]

1 hour ago, Corylax18 said:

Certainly, but that's just not the case here. I love the logic; "Its everyone else's fault that personal accountability is at an all time low." 🙄

Haha, you fail to see my point and that is ok.

[BrightonCorgi]

I like Crypto, but I just don't get the value in owning any NFT.  If you can sell one and make money; all the power to you.

[BoliDan]

NFTs seemed like common sense to stay away from. Owning digital property will be a big market one day once VR is the norm, but spending millions on essentially a .gif file on block chain? What?

[Bigpink]

I’m deep into crypto, but most of the big NFTs will come back to the same eye watering prices once ETH rises. They follow ETH, so when that crashes so do they. Also, most of the Bored Ape and Crypto Punks owners were super early on Ethereum and are basically spending from their massive piles. 

[ha_banos]

Usual investment/speculative advice applies. The value of your investment can, and will, go down as well as up.

Don't invest more than you can lose. Don't expect to cash out when you want.

It's been like this since stocks'n'shares.

... 'when the fun stops, stop.' #iykyk

[PuroDiario]

There was a point in time when anyone working in finance industry with an intellectually honest approach to asset evaluation was told he was a moron, outdated, brainwashed, etc for saying he did not stand behind this hyped trend. Not happy for anyone's loss, but honestly not surprised by any of this.