June 10

Is WAGMI BS In The NFT Market


NettyArt NFT Podcast Episode 4. In this short clip, we talk about Is WAGMI BS in the NFT market

0:00 hey folks this is july co-founder and

0:02 ceo of netiart.io

0:05 today i’m here joined by my co-host

0:07 jonathan that’s right that’s me yes yeah

0:10 john let’s talk nfts let’s talk nfts

0:14 how are you feeling about nfts this week

0:16 johnny uh

0:18 i mean listen definitely we’re in a

0:20 bearish market but uh i’m still

0:22 optimistic about the whole you know

0:25 space um

0:26 right now i’m actually looking to buy

0:28 some you know i’m looking to add to my

0:31 collection

0:34 for me i still have such a long-term

0:36 view on this and you know it really

0:39 sucks for the folks that purchased an

0:41 nft like in the last 30 days maybe right

0:44 or 60 days uh

0:46 but again if if you purchased last year

0:49 the the bulk or you know six months ago

0:52 most likely you’re probably still up

0:56 again i’m not counting the factor that e

0:58 also drops yeah

1:01 so so yeah i mean i’m still um i’m still

1:04 bullish about the whole space and all

1:06 that yeah i uh i’m very enthusiastic

1:08 about the space

1:10 which brings me to our first subject for

1:12 today yes there’s a great twitter

1:14 twitter thread

1:17 and the title is we are going to make it

1:19 is

1:21 um yeah and in fact very few are going

1:23 to make it and here’s why now uh this is

1:27 a thread that i didn’t write

1:28 this is attributed to riddles.eth who is

1:31 self-described as a financial market

1:33 management consultant and based on this

1:36 twitter profile and what he wrote or i’m

1:40 assuming it’s a he could be a she we

1:42 don’t know the person isn’t doxed it’s a

1:44 great thread and so

1:47 the first idea is the house always wins

1:49 yeah and the question is but who’s the

1:51 house so

1:53 this comes from a casino you know

1:55 analogy the house uh is the project

1:58 creators it could be open c it could be

2:00 coinbase it’s the whole ecosystem the

2:03 people mining right right ethereum that

2:05 pulls eth

2:07 in your transaction

2:09 right and and they all make money

2:11 whether or not the collection performs

2:14 uh well financially for the collector

2:17 and that’s where the concept of the

2:18 house always wins comes from and again

2:21 if you read into this thread which we’re

2:22 going to share

2:24 uh yeah we’ll add it to the description

2:26 below excellent and the second thing is

2:29 insider trading rug pulls scams

2:31 exploitation at this point in your nft

2:34 career you’ve probably been subject to a

2:37 rug pull or

2:38 some other kind of uh collection that’s

2:40 really tanked and

2:42 maybe even disappeared

2:44 um and then the third thing is winner

2:47 takes most right it gets amplified uh in

2:50 in this space um

2:52 you know due to the flight of capital to

2:55 blue chip projects and other things yeah

2:58 the analogy that uh riddles dot

3:01 uh eth uses is

3:03 you know you look at someone like lebron

3:04 james or adele or another big time uh

3:08 celebrity these people make hundreds of

3:09 millions of dollars they’re worth

3:11 hundreds of millions of dollars there’s

3:13 local celebrities and athletes who make

3:15 a fraction of what they make and the

3:17 reason why is because they can scale

3:19 yeah right they have platforms so when

3:21 you look at you know something like

3:22 board apes right they are the lebron

3:24 james of uh nfts and so they are

3:28 accumulating a lot of that wealth in

3:31 those collections yeah i mean this is

3:32 one of the reasons and and we spoke

3:34 about this before that you know i

3:37 definitely push folks to try to buy into

3:41 a blue chip or

3:43 uh maybe an emerging blue chip something

3:45 that you think has that potential yeah

3:47 because i think at this point it’s

3:49 getting a little scary to like you know

3:51 uh you know folks are minting projects

3:53  left and right and the majority of them

3:56 are gonna fail

3:57 um you know so it becomes i you know we

4:00 spoke about this you know

4:02 the majority of the market is borderline

4:04 gambling

4:05 right like you’re taking a bet

4:07 on something that’s not proven and i

4:09 think if you’re interested in the space

4:11 and think about this right

4:14 we have all invested in things like even

4:16 an art blocks project right our blocks

4:18 was on fire we saw stuff it looked good

4:20 it had potential yeah yep nothing right

4:23 and so there are no guarantees that any

4:25 collection and even some and you’re

4:27 right because you know our blocks is

4:29 solid right like we know that that’s not

4:31 a rug pool uh but yeah it’s like it’s

4:34 all right the dynamic of succeeding in

4:37 this space

4:38 is serious right like you’ve always

4:40 mentioned you know who’s demanding the

4:43 attention right

4:44 and and it

4:46 and that’s why it’s pretty tough if

4:48 you’re coming into the space or you’ve

4:50 been in the space you know again

4:53 my recommendation is you know

4:56 continue to consider projects that

4:59 already have a track record or proven

5:02 themselves and don’t get caught up with

5:04 the fomo of like missing out

5:06 you know fomo is uh very real very

5:09 powerful

5:11 so again like this this isn’t fud i

5:14 think this is an honest perspective and

5:15 if you are investing in this space you

5:18 should check it out as july said it’ll 5:20 be posted in the description below


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