BIGGER NFTS ARE GETTING BIGGER AND SMALLER NFTS ARE AT LOSS
"What we are seeing in the market right now with NFT is all these small projects, those that do not have a solid road, and I would say the direction, will disappear completely," said Gannon Breslin, founder and chief executive. of The Drop, an NFT newspaper, told Yahoo Finance Live. "And we see the inclusion of names in major brands, such as the Bored Ape Yacht Club, Doodles, etc."
Breslin also said there is a "wash effect" happening, when the big NFT is sold in the market, some big projects fall in price because investors sell those NFT positions to free up money to buy a new NFT.
"It's true," he said, "but it's not as bad as it looks because some of these floors are still solid."
Breslin has identified a recent project called Moonbirds which dropped by almost 50%.
"That's a significant drop ... but, it's not zero," Breslin said. “We have seen this climate rise sharply in the NFTs. It's not a total decline, but people are a little nervous. ”
Breslin is looking forward to NFT events in the coming weeks and months, including VeeCon, Ape Fest, and NFT New York City to see if NFT love starts at those events. Breslin said he believes the true number of NFTs will be operating as national or member clubs. He cited an example where NFT owners of the Bored Ape Yacht Club could attend a special three-day event called Ape Fest in NFT NYC.
"I think it is a real help after the projects were brought to the owners of NFT," he said. “Obviously we have the art and skill of the product. You see people creating restaurants with Bored Apes and things like that. You are lonely and hungry, you are in California. ”
Speaking of NFT platforms, Breslin said the NFT OpenSea market still holds the key to being the leading NFT marketplace for even the toughest nuns like the U.S. crypto exchange Coinbase getting in the way. Coinbase launched its NFT market this spring, and cryptocurrency exchange Binance has an NFT market place.