Grey skies are here

The impact of this week's market turbulence has mutated across asset classes, killing the weak and fatally wounding the survivors. 

Following Monday's equity sell-off, crypto markets suffered a $920 million liquidation event, BitCoin dipped below $30,000, and Terra's UST stable coin dramatically decoupled from its peg before recovering.

Most assets correlate during risk events, and NFTs are not the exception. Even Goliaths like Bored Apes saw plummeting floors due to broader market uncertainty.  

The Azuki team added to the fire when their founder, Zagabond, wrote an article stating the idea of Azuki came out of three "abandoned" projects (CryptoPhunks, Tendies, and CryptoZunks).

The market reacted negatively to his post, and Azuki saw a strong sell-off from 18ETH down to 10ETH before recovering within a few hours. 

NFTs face a turbulent period, and holders need to be comfortable seeing large swings to the upside and downside. 

Trading or investing in these markets is not for the faint-hearted and if you find yourself panicking during periods of high volatility, then reassess your strategy.

1)    Have clear goals; why are you participating, and what result do you want to achieve by the end of the week/month/year?

2)    Find a community you like spending time with and learn from the people around you. It doesn't matter if you ask 'dumb' questions; we are all learning. 

3)    Educate yourself using social platforms and free courses. For example, learn why Terra's UST stablecoin event affects the broader market.

4)    Don't sit and watch the markets turn red.   

5)    Get a workout, step away from screens, and spend time with people you love. Your best ideas won't come to you when you are in panic mode; creativity arrives when you are calm and relaxed.

Crypto and NFTs are developing markets and are one of the most interesting to participate in. 

If you want to thrive and not just survive in web3, surround yourself with people more knowledgeable than yourself. 

Every day, be grateful to eat humble pie as you learn new ideas, skills, and concepts. 

And never be afraid to ask questions.

Knowledge

Twitter thread explaining Terra event.