2021 was a full year when NFT projects were opened to the world and new trains were determined. During the first boom of February, there was an absolute boom for NFTs, spearheaded by the likes of NBA Top Shot and CryptoPunks. However, according to Bitcoin expert Charles Edwards, sunny days may turn dark at the close of the year. The Capriole Investments founder interprets this as an “NFT winter.”
Is an NFT winter approaching?
Edwards stressed in a recent tweet that the gains in NFTs this year are ridiculous. According to the Bitcoin expert, crypto communities may want to take some of their profits out of the market in the coming days. Edward sums it up as follows:
We expect some NFT meltdowns in December. A lot of money has been made in NFTs this year. People will need to set aside profits for year-end tax. This means selling pressure in an illiquid market.
Edwards’ tweet also sparked an interesting discussion about the logic of buying and selling. In general, the comments are gathered around two main topics:
- Some believe most of this selling pressure has already happened
- Some believe that losers sell, not winners
Of course, no one knows what the end result will be (and there is definitely some logic behind both lines of thought) and it will likely be a test of the strength of the long-term belief system behind NFTs.
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Let’s take a look at the market data
Looking at the 30-day NFT market data on DappRadar, most of the headlines on the marketplaces are experiencing volume drops. OpenSea, Solana’s Magic Eden, central Flow platform NBA Top Shot, SuperRare and Rarible are seeing volume drops in 30-day issues. On the other hand, Metaverse headlining Decentraland has seen a nice uptick recently, continues to run strong with Axie Infinity leading the play-to-win category, and WAX platform and cross-market AtomicMarket also performed well.