Metaversal is a Bankless newsletter for weekly level-ups on NFTs and the onchain frontier
Dear Bankless Nation,
When it comes to market performance, many Ethereum NFT collections have been having a rough go of it lately.
Why the bleedout, especially when the wider cryptoeconomy has been heating up recently?
Well, a large amount of capital remained in Ethereum NFTs since the 2021 bull run. And over the past few months, new metas have surged to the fore. Think AI tokens, the Bitcoin Ordinals boom, the explosion of memecoins on Solana, the return of airdrop hunting, and the rise of Farcaster-driven L2 mints like Onchain Gaias on Base.
This target-rich environment has nudged more than a few people to sell from their existing holdings, like Ethereum NFTs, to try chasing these newer, hotter metas.
All that said, though, the Ethereum NFT scene still has a premium status and a bright future. New opportunities around crypto social and NFTfi will help ensure that. The recent Dencun upgrade also paved the way for more readily using L1 NFTs in L2s, a dynamic that will lead to all sorts of new powerful utilities.
Plus, considering this current crypto bull market seems like it’s only just beginning, it’s no stretch to assume Ethereum NFTs will rally hard pretty soon. Plenty of collections here look like bargains right now, so it may be a great chance to sweep some floors!
In the meantime, get prepared by staying up to date—let’s get to the past week’s biggest NFT news highlights 👇
-WMP
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William M. Peaster has been with Bankless since January 2021, now serving as senior writer. Immersed in Ethereum since 2017, he pens the Metaversal newsletter on the onchain frontier, covering everything from AI projects to crypto games, as the team’s lead NFT analyst. With a background in creative writing, he writes fiction and publishes art onchain in his free time.
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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.
