Back in 2021, a so-called artist named Beeple sold an NFT collection of 10,000 JPEG photos—filled with all sorts of wild, twisted bullshit a distorted mind could dream up—for $69,100,000. I bet that dude retired after that deal.
Hell, I know I would. No way something that insane happens twice. I don’t know who shelled out nearly seventy million federal reserve dollars for that crap, but I bet they’re kicking themselves now.
NFTs are pretty much a thing of the past, and they’ll likely get flushed down the toilet of crypto history as some of the most lucrative rugs ever pulled. Remember Bored Ape Yacht Club? Who’s still rocking that garbage as their profile pic? People were dropping hundreds of thousands of dollars on that shit in 2021.
Some folks even paid hundreds of thousands for virtual land in the metaverse. Snoop Dogg had some, and plebs were tripping over themselves to buy digital real estate just to be his neighbor. The metaverse looks deader than a doornail to me now...
Now, all sorts of degenerates are throwing money at coins from clowns who drink their own piss on live streams on Pump.Fun. Humanity’s in a fucked-up state, and there’s no coming back from this mess.
That doesn’t mean we shouldn’t gamble on these opportunities that pop up every four years. I don’t know about you, but after two busted cycles, I think I’ve finally learned my damn lesson.
We had a kind of altcoin season last year when random meme coins came out of nowhere, making tens of Xs in just a few months. Most of ‘em are still rotting in the gutter. The second the masses start hyping these so-called assets again, it’s time to bail.
Every cycle has its gimmick. Every four years, we’re suckered into thinking voting matters, and it seems like every four years, we also get a liquidity cycle that inflates bubbles in all kinds of assets. Crypto’s starting to look a lot like the SPX, which is basically a casino if you ask me.
The casino will keep paying out ‘til year’s end, but once shit gets irrational again—like it did in late 2021 and 2017—the bubble’s gonna pop. We’re not quite there yet.
If I had to guess the narrative for the final act of this cycle, the one that’ll trick the masses into thinking the party never ends, I’d say it’ll be something like “the tokenization of everything.” It’s gotta be something...
These cycles, like I said, are liquidity cycles, but they’re also psychological ones. You gotta steer clear of mass euphoria ‘cause it always ends in tears. Just my two cents.
Thanks for your attention,
Adrian