Crypto crash: “This place is volatile as all hell!”

The crypto crash that has seen one token, Luna, lose 98% of their value is the biggest downturn since 2018, but some NFTs are already seeing a bounce back. Projects such as Bored Ape Yacht Club, Moonbirds, Mutant Ape Yacht Club, and Doodles have all had double-digit percentage increases today. So are NFTs dead or are they crash-proof?

Badfroot, aka Jack Davidson, the founder of NFT success Skullkids says, “no, I don’t think NFTs are dead. No.” This comes after the reported NFT crash has seen transactions drop by 92% since this time last year, though these stats are debated. Non-fungible tokens are a way to create rarity in digital files by registering them on a blockchain, you can find out how to make and sell an NFT in our guide.

Davidson is currently launching his latest NFT project, Skullkids: Generations, and is buoyant about the state of the market. His view is clear, the recent Yuga Labs sale of Otherdeeds NFTs burnt $300 million of Ethereum out of supply and many people “got burned in the gas wars,” and this means the market needs time to “take a breath and have time to recover”.

A photo of Badfoot aka artist Jack Davidson

Badfroot aka Jack Davidson believes NFTs are still the future of art but people need to manage their expectations (Image credit: Badfoot)

The successful NFT artist, who turned his graffiti art into an NFT art empire, says “This place is volatile as hell [and] negative energy is easier to be contagious than positive energy […] people want to see the world in flames. People want to see chaos happening.”