The term “degen”, short for degenerate, typically has a negative connotation, but in the crypto community, it’s a term that is celebrated. As cryptocurrencies and NFTs become more mainstream, early adopters take pride in their convictions despite years of criticism.
All of that is starting to change now, as Bitcoin and Ethereum recently hit all-time highs and celebrities like Jimmy Fallon are actively researching and buying NFTs.
Over the past 9 months, the NFT market has matured significantly. Sales volume on Opensea has dropped and it appears buyers are starting to become more thoughtful in their evaluation of NFT projects before they ape-in.
Despite NFTs getting more expensive (which poses more risk to new entrants), the market is still relatively small with a lot of room to grow.
For example, in the last 30 days, there were ~227,000 active users on Opensea. To put this in perspective, Coinbase announced a forthcoming NFT trading platform and amassed 1 million waitlist sign-ups in just 24 hours.
Given the impending expansion of NFT buyers and sellers, I chatted with soccer influencer Daniel Got Hits about his experience in the market and how to educate yourself to navigate the rapidly growing world of NFTs.
Please remember, this is not financial advice. It’s important to do your own research and never spend money you cannot afford to lose.