NFT & Crypto Twitter Insights | Loopify's NFT Market Take, Influencers Beware

This weekly article will highlight informative threads from well known personalities in the NFT and cryptocurrency space. Keeping up with this market can oftentimes feel like a full time job. 

What did you miss on Twitter this week? Influencers are weighing in their opinions on the market, scams are a recurring topic, and could the future of music streaming meet the NFT world? Check out these threads to see what you missed.

A Fresh Reset

This week, Loopify, the founder of Treeverse, took an in-depth look at the current state of the NFT market and what the future might hold. Loopify shares a comparison of the NFT market from the summer of 2021 to present day. The sides are drastically different, as the demand for projects and new entrants in the space has increased dramatically. Loop indicates that at present time, the demand for minting is booming and NFTs are continuing to gain mainstream adoption. 

However, it's not just up only. Scamming and rug pulls have become more prominent and scammers are being fueled by the flood of newcomers to the NFT space. This may present some troubling times in the short term, but overall Loopify - one of the industry's most well respected builders - remains bullish on the long term of the NFT market.

Stepping Away 

Dom Hoffman broke down the dilemma that new and established projects are currently facing, citing the recent decision by the team behind WAGMI Interfaces to step down and leave the project unfinished and unminted. At present time, consumers are constantly chasing a project that can continue to print them money via staking, airdrops, emitting tokens, or a combination of these “utility” options. The need to satisfy the consumers and NFT holders becomes a never ending game, tiring project leaders that initially were creating for the sake of creating. Dom hints that projects building with long term visions will prove to be the best bets. Not because people are chasing instant rewards, but because they enjoy using them or the product is useful.

Influencers Beware

Zachxbt, renowned for his blockchain investigations and calling out bad actors in the cryptocurrency space, unveiled a guide to making it in the NFT space that is fit for newcomers, founders, and influencers. 

With so much money trading hands, opportunity persists for bad actors to take advantage of newcomers. Plus, the unearthing of recent scams and rug pulls has created a need for additional transparency and honesty (thank you blockchain!). Zachxbt points out that those who are purposely not disclosing paid ads or promotion for NFT projects or cryptocurrencies, are likely operating illegally depending on their country of residence. Simply alerting followers with an #ad may save them from being held liable with a potential lawsuit. 

Because so many new participants are operating in the space, when ads are not disclosed, influencers are doing a severe disservice to their followers.

Zach urges people to stop trusting random people blindly and ask themselves WHY an influencer might be posting about a project. 

As always, do your own research! 

Music NFTs

Messari continually provides insight into the NFT space via daily news and insights newsletter and this week, they chatted about Music NFTs. As NFTs continue to evolve and provide owners with use outside the metaverse, Messari expects disruption in the music industry. Currently, streaming platforms offer minimal payouts to artists where Web3 competitors may open new possibilities for artists to capitalize on their work. Not only can artists capitalize on the increased revenue they deserve, they will be able to pass on additional benefits to their consumers and fans via NFTs and more. 

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