Thursday, September 21, 2023
HomeImmutableX3 Cryptos to Buy as NFTs Flop

3 Cryptos to Buy as NFTs Flop

This article is an excerpt from Tom Yeung’s Moonshot Investor newsletter.Don’t miss it Tom’s potential 100 times pick Subscribe to his mailing list here..

Source: mundissima /

NFT (mostly) off the map

Whelp. It was only a matter of time before those pixelated JPG files returned to Earth.

According to NonFungible, the average CryptoPunk NFT selling price has dropped from $ 500,000 to $ 200,000 since November. There is nothing special about 24-x24 8-bit art.

As I wrote back in January, “NFTs are the worst. When digital art becomes a status symbol for high-paying Silicon Valley executives, negative sentiment towards technology can ruin everyone else’s market. there is.”

so much Schadenfreude Go around …

Not all NFT projects have suffered such losses.Metaverse play price Decentraland ((((MANA-USD) Have woke up 12% from me Emphasized it in January..When Nike (NYSE:NKE) RTFKTNFT continues to work well. These more differentiated projects focus on assets that are difficult to replicate.

But as the market’s desire for risk continues to decline, investors will have less to hide. For those looking for true security, cryptocurrencies are beginning to offer the only shelter in the blockchain world. ]

Illustration of a rocket astronaut with a thumbs up.

Source: Catalyst Labs /

Alt-NFT Three cryptocurrencies for investors

There are still some pockets of hope for tokenization. Axie Infinity ((((AXS-USD) Has created an entire business by selling Pokemon-style tokens.And it will be a lot of consumers Will Pay for the art they enjoy — provided it’s affordable and affordable.

But the NFT hype was ahead of itself. The moment momentum traders began to push up the price of digital art, they created a self-reinforcing cycle, and high prices led to more purchases than ever before.

And what did these investors get? Regulations have been delayed for years, so the “ownership” that NFTs convey could easily be circumvented by right-clicking.Police officers won’t knock your door by using a fake NFT profile picture twitter (NYSE:TWTR).

Up like a rocket, down like a stick

These factors make it a good time to move away from high-risk assets, at least for now. By 2020, enthusiastic investors will be able to leverage the $ 1,400 Covid-19 “Stimulation” to support low-quality stocks, crypto and collectable NFTs. The rise of social media investment has also brought a steady flow of new money to the market, just as the world is out of the Covid-19 recession.

There is no equivalent backstop today.

Instead, investors at r / WallStreetBets are talking about giving up on investment games. Run your martingale strategy long enough and double your stake for each loss. It’s just a matter of time before going bankrupt.

In short, zero-valued NFTs and meme coins also struggle to achieve 1,000x revenue.Gas tanks cost about as much as a daily salary, so young investors are no longer spending money on speculative bets such as: Dogecoin ((((DOGE-USD) Or the boring Ape NFT. Meme coins will not be on my top 5 list in 2022.

Instead, higher quality cryptocurrencies are better than crypto games. They do not have the same rocket-like returns as the Memecoin brothers. However, most are slowly and highly crushed over time. And in the short term, that’s the protection blockchain investors need.

Bonus Picks: XRP (XRP) and ImmutableX (IMX)

But before we take a closer look at Slowburn, investors looking for bigger bets can still choose from several higher quality options.

  • XRP ((((XRP-USD). The SEC proceedings against Ripple Labs are beginning to face serious problems. If regulators do not provide Ripple with a “fair notice” that securities law prohibits the distribution of XRP, the exposure would open a $ 1.3 billion hole in the SEC’s allegations.
  • Immutable X ((((IMX-USD). This week, Warner Bros. announced that it will release a DC Comics “hybrid” NFT trading card on Immutable X. The company will participate. GameStop (NYSE:GME) And Nike’s RTFKT in choosing an Australia-based company to handle tokenization needs.

Ethereum (ETH)

My no. One crypto pick in 2021 remains the top choice due to its relative stability and growth potential. Despite the rise of “Etherium Killer” Solana ((((SOL-USD) When Cardano ((((ADA-USD), Ethereum ((((ETH-USD) Maintain 80% market share in NFT. Layer 2 applications like Immutable X still look at Ethereum first, not their competitors.

This is all important. Bitcoin ((((BTC-USDDespite its technology 10 years ago, being the most widely accepted coin allowed us to remain the top dog in cryptocurrencies. Ethereum’s lucrative start in tokenization means it does the same.


Cryptographic exchange token FTX ((((FTX-USD) Replace coins Kronos ((((CRO-USD) As my next top choice.

Emerging exchanges have defeated in their own game. By launching a stunning advertising campaign and focusing on high-value crypto traders, FTX remains popular even if slips in. The reappearance of’s highly valuable television ads certainly didn’t help their case.

FTX competitors also suffer from a share of self-harm. Last week, gave EU customers a week to repay all their loans after regulators began cracking down on their businesses.

FTX, on the other hand, is heading in the opposite direction. The exchange offered $ 25 to all Ukrainian users the day after the Russian invasion, and since then the Ukrainian government has partnered with the exchange to establish a cryptocurrency donation site. Not surprisingly, FTX Europe has been approved to work in Switzerland this week.

Terra (LUNA)

Terra ((((LUNA-USD) Continues to be the top pick for diversified investment in The Moonshot Investor. Last month, the coin ecosystem announced that it would establish a $ 1 billion Bitcoin reserve. This shows that we are ready to compete head-on. Tether ((((USDT-USD) In Bitcoin transactions. LIUMA then added an additional $ 1.1 billion to the Luna Foundation Guard (LFG) Reserve to help maintain the UST pegs.

“If there’s any confusion at this point, we’ll continue to increase our reserves until it’s mathematically impossible for an idiot to claim $ UST’s depeg risk,” Terraform Labs CEO Do Kwon tweeted last week. Did.

There are some medium-term risks. The decline in popularity of UST causes a chain reaction of liquidation, especially among those who have acquired with a promise of 20% staking return. And the SEC has long investigated the legality of Terra’s mirrored assets.

Therefore, be sure to sell your tether if the price drops by more than 20% in a week.

But in the short term, high levels of uncertainty leave investors with safe assets. And Terra has become their currency of choice.

Ether Rocks collide with Earth

Last august Tron ((((TRX-USD) CEO Justin Sun spent $ 611,710 on the purchase of the EtherRock NFT. The jpeg image looked exactly the same … ok, it was literally a photo of a rock.

by the time Axios When we published the story a few hours later, the cheapest Ethereum rose to 321.12 ETH, or $ 1.05 million.

But stupid stories have a habit of being unraveled with even more stupid endings.

Last week, Twitter user “Rockdust” claimed to have mistakenly sold Etherlock for less than a penny. The user mistakenly listed EtherRock # 44 for 444 wei instead of 444 ETH ($ 1 million). The bot immediately snapped the offer.

“Do you have any hope? Am I a GMI? [Ed. note: gonna make it] Can snipers show mercy? The user tweeted.

The Internet responded with a predictable combination of distrust and ridicule. “They say it’s better to rock and lose the rock than to rock it at all,” wrote one user. “Pls remove rocks for your profile picture, its illegal [sic] “If I’m not there” has trolled another person.

From one point of view, the owner of EtherRock was lucky. “My net worth was nothing in front of the rock,” they reported. Unlike Mr. Sun, they didn’t spend $ 500,000 to buy jpeg.

But for millions of investors who have lost money in NFTs, these revelations highlight all that absurdity. When art experts struggle to explain why EtherRock is worth 444ETH instead of 444wei, we know we’ve certainly fallen into a weird rabbit hole.

Where did all the meme coins go?

Investors may have noticed that I have stopped talking about meme coins widely.

It’s on purpose.

Pick like GoesUpHigher ((((GUH-USD) When Shiba Inu ((((SHIB-USD) Currently, I am swimming against the tide. According to BscScan, in a world where 99% of tokens are basically worthless, young investors have only that much patience before they get tired of losing money.

Instead, value stocks have been taken over.My # 2 pick of the week Bolt Information Science (NYSEAMERICAN:bolt) After receiving a full cash offer for that stock, it surged 100%.And the drilling company from Indonesian Energy Corporation (NYSEAMERICAN:India) To Houston American Energy (NYSEAMERICAN:HUSA) I’m crazy about the latest social media.

The beanie baby moment of tokenization will eventually return. Carbon credits … collectable cars … even the company’s HR department can theoretically be converted into tradable tokens. So while today’s investors are better off switching to higher quality picks, the day will come when NFTs will get hot again.

Want to know more about PS cryptocurrencies? Penny stock? option?Please leave me a note Or connect with me LinkedIn Please tell me what you want to see.

Free Report: Buy 17 Reddit Penny Stocks Now

Thomas Yeung is an expert on finding fast-paced growth opportunities on Reddit. He recommended Dogecoin before it exceeded 8,000%, Ripple before it exceeded 480%, and Cardano before it exceeded 460%. Now, in a new report, he names 17 of his favorite Reddit penny stocks. Request a free copy here!

As of the date of publication, Tom Young did not have (directly or indirectly) the position of the securities listed in this article.

Tom Yeung of the CFA is a registered investment adviser whose mission is to bring simplicity to the world of investment.

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