The number of unique NFT buyers falls below 500,000. It seems like #EthereumMerge is the savior.
Ethereum merge and transition from proof-of-work to proof-of-stake (PoS) will further deliver changes to the NFT market. The Ethereum merge is expected to increase the diversification of Ethereum and revamp the tokenomics of the entire market. We could also see a short-term increase in NFT’s pricing.
Anndy Lian commented on his previous post on Anndy.com: The core message that I was trying to say is that the NFT market is at the rebuilding stage right now. The previous highs that were in the bull market are in a challenging stage. The prices were unsustainable, and it will continue this way as the macro environment is not looking too optimistic now.
There are many contributing factors to this current state but is this the end of the NFT markets? It is not.
Right now there are more projects in the markets working hard behind the scene working on content, books, music, and better gaming assets and experiences. The speculation market has died down, and this is actually very healthy for all of us to grow.
This is a time to go back to basics. We can look at the 5Ps of marketing- Product, Price, Promotion, Place, and People.
When we are in the bull market, whatever products can sell without doing anything. But in the current times, we need to look at the product. Is it value for money?
Pricing is another factor to look at. PFP in the good times can start at a 1 ETH floor price. We should watch our pricing more carefully right now. Take my NFT book, for example, I choose to launch it on Bybit NFT Marketplace at $2.99, not $29.99. This decision was made after looking at the market and the demand from my communities.
Lastly, I think people and community are what we should be building too. If you do not have this, this is the best time to look into it now. This will also help you to get better results when the market turns better.
Source: The Daily Forkast – September 2, 2022, presented by Joel Flynn.