Bitcoin is Booming, But what’s going on with NFTs?

Simplifying emerging technology trends with Shira Lazar. Learn what matters in web3 and AI in under 3 minutes per week.

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Shira Lazar
March 03, 2024

Hello everyone! Happy Sunday. This past week, I had the immense honor of being invited to the White House along with other creators to learn and share insights about today’s most pressing issues. 

Also, I got candid about my creator journey and building a media brand over the past decade with Beehiiv’s Creator Spotlight. Read more HERE. 

Crypto is Booming, But what’s going on with NFTs?

Bitcoin's recent price jump to over $60,000 has everyone buzzing and may be largely attributed to the SEC's thumbs-up for 11 new spot bitcoin ETFs this January. These ETFs are a big deal because they let institutions trade Bitcoin at its real-time price, a first that's sparked a wave of investment—over $577 million in just one day!

The Bitcoin halving is highly anticipated in 2024—a major event in the crypto world where the reward for mining Bitcoin transactions is cut in half. This is done approximately every four years and aims to reduce the current Bitcoin supply, potentially influencing its price. Industry experts are keeping a close eye, as it could happen at any moment this year. 

While Bitcoin and ETH are experiencing a resurgence, reigniting excitement in the cryptocurrency world, the buzz around NFTs, particularly the Bored Ape Yacht Club (BAYC), seems to have simmered down. Once the epitome of digital status symbols, attracting celebrities and millions in sales, BAYC has faced a series of challenges amid the broader crypto market's volatility.

What You Need To Know 

BAYC, developed by Yuga Labs, was once at the pinnacle of the NFT world, with its assets being the top sellers on platforms like OpenSea. However, the "crypto winter" brought a stark downturn, impacting the perceived value and demand for these NFTs. Recent times have seen the company grappling with management changes and controversies, such as the ApeFest incident in Hong Kong and delays in their much-anticipated Otherside video game.

Despite these setbacks and the cooling NFT market, Bored Ape-themed products and businesses, like Ape Beverages, continue to find their niche. This suggests that while the initial frenzy may have waned, the cultural impact and entrepreneurial spirit ignited by BAYC endure, transforming in new and unexpected ways even as the broader NFT hype appears to quiet down.

🔥My Hot Take: I believe the unprecedented excitement surrounding NFTs is unlikely to be replicated. However, it's clear they're here to stay, serving valuable purposes in verifying ownership, acting as collectibles, fostering community engagement, and enhancing the world of digital art.

Shira Lazar

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Rachel Wilkins is a leading voice in Web3 as a member of the TimePieces Council and hosts her own daily spaces on X, the Good News Show. As a member of the LGBTQ community, she leverages her platform to support underrepresented artists and address key social issues.

She is also the founder of Artiversity and a partner in Audio Galleries, a community bringing artists and collectors together. Their series 2 collector pass is dropping on Friday, March 8!

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