Thread by @ThounyBreasty

[THREAD] What the fuck is going on with NFTs on Elrond?

Thoughts of a degen/noob/solana-rekt/elrond-nfts-og/fomoer/fudder/builder/motherfucker on the Elrond NFT Market.

Get the popcorn out and sit back, this will be pure FUD.

👇

Let's go back in time.
Mid October I bought my first nfts on Elrond, @LightningNFT and @Gnogen emidas act 5, sold p2p on discord. Then, November the 2nd, first mint on Elrond : @ElrondPunks that I'm able to sell 10x mint price.
Man that felt good after getting rekt on Solana.

Now we fast forward to when @EGLDIsTheWay reveals his Metaverse ambitions with the Gnogencon and Gnogons collection.

Everyone is impressed and welcomes him as Elrond's conductor. Gnogen dao becomes a safe investment.

Now let's talk about the @ElrondApes case. One of the oldest projects, the team kept silent during months revealing only a few sneak peeks and giveaways during that time.
After a chaotic mint solding out pretty quickly the floor rested just above mint price.

Then euphoria came, #BAYC holders got themselves @ElrondApes and brought with them a lot of newcomers eager for projects they knew nothing about. And that was cool, checking @WalletFp and seeing the wallet value increasing everyday.

It was completely insane, people bought @RogueRaptorsNFT up to 3 $egld and @MonkeysSY for 5 $egld. Gnogons and Apes FP got to 10 $egld.

But all good things must come to an end.

Now that you have taken a step back, let's take a look at the current situation. @eMoonSpace died miserably in the midst of these degenerates and left us with a childish Twitter fight between @DeadRareNFT and @TrustMarketNFT to know which one is the least worst marketplace.

All we are left with is a shitty mindset. Greed has increased and mint prices with it. Paperhands - or rather, those who believe that nfts is magic whereas today it's mostly bullshit - camp on all mints.

So what's my point?
Stop minting / buying every project you see on your TL. Let's stop giving our money to projects because Thecyple said so. He shilled @BabiesDegen and obviously FP crashed after public sale: the whole project is based on being sons of @DegenApeAcademy

Even @ElrondNetwork shilled random projects of which one is a copy of @Stramosinft. I'm not even surprised that @DaniAlvesD2 shilled an obscure project (@clubgorgon) who propose 6666 NFTs at 1.7 $egld (ye that's 2 millions usd), I don't know why he would need 10% of this btw.

But you know who wants to raise 2 millions dollars with no reason as well? @MetaBricks_NFT, another failure saved in extremis by our grand Master. And who wants to sell 15k NFTs whereas we're not even this much to buy that on Elrond? Ye @niftyrexnft, gnogen dao blah blah blah.

@Gnogen went from the leader to a smooth talker who asks for always more money and hasn't delivered anything except artworks.

I am not saying that the current team is not good, on the contrary. They are super passionate but they work at their scale.

To me they should create a legal framework, hire a complete skilled team, structure it and prove to the community that they are in a position to achieve their ambitions.

Because "it's part of gnogen dao" will soon no longer be a valid selling point.

And I don't understand, sometimes Thecyple behaves like a cool disruptive entrepreneur (For talking to him many times on the phone, he really is a big dreamer, and I like that). But sometimes he acts like fucking Apple telling his stupid customers to buy his stuffs.

Who believes it?

https://twitter.com/Gnogen/status/1495109427212525569?s=19

I can keep going with cash grab projects like @ElrondWarriorz whose FP is 3x below mint price, guess why? The project is empty af. The strategy was very close to @ElrondApes one though. Stunning 3d + fake hype.

But apes will always be apes and the timing was much better.

This strategy of betting everything on great artwork to then softrug is the smartest one. You get millions and you're not a real fraud.

It's becoming more common on $eth and it's spreading. @ElrondFriends is the perfect example: cool art (really eth inspired) and 0 roadmap.

When you see that even @TheAquaverse FP is well below mint price whereas 1.2 $egld was justified by the project scale, I can only wish good luck to people who will continue to mint above 0.8.
Also @symbiosis_nft reveal strategy was nice, it allowed me to flip before collapse.

Idk what part of Elrond community lived #SolanaSummer but I can tell you that the more prices rised the worse it got. The machine restarted when prices became super cheap. Newbies could enter again and people bought a lot of nfts from cool collections and scarcity was here again.

Setting mint prices that high is not helping, it just drains the little liquidity there is on Elrond nft market. And no it doesn't stop "paperhands".
Btw this term is non sense. Everybody is a pph, everybody is here to make money. I am a paper hand.

My strategy was to sell half my bag just after mint, and this worked so perfectly.
Who wants to keep ugly whales or lions in his wallet?
There are so little projects who deserve to stay in our wallet for the long term. And I don't even know if there are some from elrond yet.

Another good point raised by @ElrondToTheMoon about royalties:

https://twitter.com/ElrondToTheMoon/status/1495317618848374789?s=19

Anyway after an euphoria period even as short as this one, there is a need to purge all the shits. Once bad projects won't interest anybody and once we learnt we'll be able to get back on our feet and get rich again lol.

I guess you got my point, I'm trying to spread fud on all your excited minds. I want to leave all of this behind and make a fresh start.

Let's all think about how to make the ecosystem sane and attractive in a good way. I mean we need new ideas and not influencers to grow.

If you read the whole thing, congrats idk why you did it. Maybe I'm completely wrong because I become crazy coding 10h in a row. Maybe I'm right but honestly I don't give a fuck.

I will do my part to push the ecosystem in the best direction possible. I hope you'll join me.

Besides I don't want to overwhelm @EGLDIsTheWay. He already wasted too much energy on egldmegawhale. And he likely tries to create something huge on Elrond but he's in his bubble. We are the community so it's our role to remind him where we at.

I'll do a second part on the other side of this mess so stay tuned.
Please criticize me below, wanna read your opinion on all of this.