For the first time since 2020, Bitcoin dipped below $20,000 on June 18. The most popular NFT coins, Ethereum and Solana, have experienced declines of around 71% and 79%, respectively, during the past year.
NFT prices are falling with crypto after having its greatest year so far in 2021.
According to market observer NonFungible, the average sale price of an NFT is currently less than $2,000, down from nearly $6,800 in January.
NFT market volume dropped from $7.2 billion the month prior to slightly over $4 billion in May.
The level of curiosity has not decreased. More than 15,000 people attended the fourth annual NFT.NYC conference, which was held last week in New York City.
Here are three suggestions for generating heat during the crypto cold for NFT or cryptocurrency creators:
1. Learn, don’t listen
Spend your downtime wisely. NFT pioneer and businessman Gary Vaynerchuk advised Inc. last year to “get plenty of diverse opinions” while waiting for the NFT market to settle.
Vaynerchuk suggests that creators connect with the community on Twitter and Discord. “Join 20 to 50 Discord channels for consistent efforts or genres.
You can start knowing where you want to travel by the 50th hour of homework.” Please hold off on making any commitments until then, he says.
2. Eyes on the opponent
A client loyalty program might help you keep your prospective audience interested even in difficult circumstances. If you own a store, for instance, you may configure your application such that each time a consumer comes into your establishment.
3. Be part of the community
Build a community and go above and beyond what you would typically do with an NFT, advises Micol.
In this manner, you may maintain your excitement.
For instance, the multi-stage venture capital company Velvet Sea Ventures in West Palm Beach, Florida is assisting the artist collective SUPERF3ST in launching a music event this year during NFT.NYC for the expanding NFT and Crypto communities.
According to Mike Lazerow, co-founder and managing partner of Velvet Sea Ventures, the objective is to establish a fruitful NFT collaboration to increase brand recognition throughout the industry.
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