The NFT market continues to outperform. However, the bubble is inflated along with NFT, or at least, it seems like a bubble shape.
What is a bubble?
It is an economic phenomenon that speculative prices of any kind abruptly surge but only after the price abruptly decreases to recognize as a bubble.
5 stages of a bubble
There are 5 stages from discovery, shock, FOMO, dip, and bottom.
Discovery
This stage is for people to discover a new thing, like the beginning of Bitcoin.
Shock
This stage is for people to cautionary believe such things are worth something and it did pop up.
FOMO
This stage is when people start realizing that things are amazing and people are trying to buy the high.
Dip
This stage is when people start taking profits and the price drop sharply.
Bottom
This stage is when people recognize that the price will become so cheap and no one dares to buyback.
It comes with your psychology of 5 stages
There are physiological stages from denial, anger, bargaining, depression, and acceptance.
Denial
At this stage, people think such a thing is too good to be true.
Anger
At this stage, people think they were too stupid to hesitate to get into earlier.
Bargaining
At this stage, people think the price can still go up even it may be at its peak already.
Depression
At this stage, people think the price can recover even after the huge dip.
Acceptance
At this stage, people think the price can never recover and sold for the loss.
OpenSea product chief accused of flipping NFTs
The news broke out to accuse of Product Chief was doing inside trading with NFTs before the platform prompts them.
Blockchain shows the truth
Suspicious flipping activities of artworks happen on the OPENSEA accounts that show someone buys or sells from collections or creators before even featuring or promoting artworks.
OpenSea responses aren’t great
CEO of OpenSea makes announcements about the activity and reinstates that team members should not do such things and they are prohibited from using the information to conduct inside trades.
People aren’t satisfied with
Despite announcements, community members and the internet are angry and not satisfied with it. There has not yet resolution about such activities.
NFT bubble stage
We are at the FOMO stage. The price of NFTs is expensive as we all recognized. But more importantly, people are still thinking about the price of NFTs are a bargain and continue buying up.
In conclusion
I do not know when the bubble may pop or any kind of prediction of the bubble. OpenSea insider trades may continue to inflate the market until they cannot do so.
Photo by Toby Elliott on UnsplashRelated articles to reference here ????:
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Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.
