Social Media Influencer Moose Encourages Fellow Collectors Amid the NFT Frenzy During the NFT NYC
Recent reports on the NFT industry show one of the biggest dips in the market since June 2021, when sales plummeted to under $1 billion.
While many analysts predict doom and gloom, it's not all bad news for NFT collectors with the right mindset, says social media and NFT influencer Moose during his talk at the highly anticipated event, NFT NYC.
NFTs, or non-fungible tokens, are unique cryptographic tokens on a digital ledger of transactions called a blockchain. These tokens are associated with digital images considered "collectible" items akin to avatars in games or assets in the developing virtual world of the metaverse.
NFT Market Crash
Though NFTs have been around since the mid-2010s, the industry only grew in popularity by the 2020s.
After defying the trends for several months, the NFT sales have finally fallen in line with the cryptocurrency bear market trends. Analysts are concerned the trends will continue well into the fourth quarter and could spell sizable losses for collectors and artists.
Take, for example, OpenSea's sales volume in June 2022. Data shows the marketplace only had $670 million in sales, down by 75% from the previous month's figures. According to experts, June may well be the lowest for the world's largest NFT marketplace since July 2021.
NFT analysts are concerned about the community's tendency to over promise and misrepresent some figures and details. Some prominent collectors who own NFTs worth millions of dollars are warning the market of a cataclysmic crash.
Some experts seem poised to dampen the spirits and point out the current trend and that there are too many artists and far too few buyers. This means that the barrier to entry is much lower than it is for collectors. They argue this kind of formula doesn't add up.
These led to some collectors stating they aren't as optimistic as several months ago about the future of the NFT market, at least in its current form--the bearish market outlook.
While some collectors say they are personally fine weathering the NFT winter and see the circumstances as an investment opportunity rather than a sign that the market had peaked, experts are concerned about the people who had just invested in the space as they might be left holding the bag.
This has led many to believe that NFT, as of the moment, is too risky and unwise for the average person.
While many analysts posed legitimate arguments and bleak predictions about the NFT market, it doesn't paint the whole picture. This was made more evident during the NFT NYC, dubbed the Super Bowl of NFTs.
Amid waves of criticism and skepticism surrounding NFT, attendees flocked to NFT NYC for the unique opportunities to rub shoulders with people working on projects and collectively educate the global community about the values of NFTs.
Joey Moose, the social media and NFT influencer, who rose to prominence after an emotional night on one Twitter space where he hollered, "I am my penguin, and my penguin is me," creating the trend "I am my NFT, and my NFT is me," spoke about the advantages of NFTs that transcend any market trend during the event.
Though until the promotion of NFT NYC, Moose's identity was widely held a secret, he was already known on Twitter for creating an environment where fellow NFT collectors supported each other. This prompted organizers of the event to let Moose address any misgivings people have because of the market crash.
NFTs Beyond the Profit
With the crypto markets declining and Bitcoin's price falling to its lowest value since December 2020, some NFT investors are taking up a bearish and bleak outlook on the market.
In his talk "NFTs Beyond the Profit," Moose believes this is only the case when people haven't realized the advantages of the NFT and are too focused on monetary value. "It's important not to draw too much monetary connection with the NFT, but to draw more emotional connection toward it," shares Moose.
While he acknowledged that NFTs are often viewed as an investment, he stresses that some people are lacking in that they are not taking full advantage of NFTs.
"It's important to prepare yourself for any crash that can happen. NFT could be an investment but prepare yourself. Focusing on monetary connection means you're not taking full advantage of what NFTs can offer. There's so much more to it," adds Moose.
When probed on the benefits of NFT, he shares, "There's a community, there's love, there's meeting people. You wouldn't feel that way if you used your profile picture as your face instead of your profile picture using your NFT. You wouldn't be able to say the same things you would. You have a different identity."
Since purchasing his first NFT, Moose further shared how he witnessed the positive influence the market and the community had on many people. He shares during his talk that this transformative power of the NFT towards positive change is why he can keep going despite the market crash.
"We've got to spread positive vibes. The whole thing is community. Everybody lifts everybody. That's why I'm part of this community. That's why I can continue to do this. Everybody is so loving and caring," Moose further shares.
This idea of seeing NFT beyond the profit seems to have resonated with the NFT NYC attendees, as the event was further hyped up, even if it didn't make sense from a traditional investor's standpoint.