Terra Turtles — Finding the next blue-chip in a bear market
The NFT bear market that we are currently in has dragged on for what feels like months. A combination of new all-time-highs in crypto, NFT project fatigue and just the right amount of FUD has made what was a strong floor turn into quicksand.
However, many NFT investors, including the Terra Turtles team, considers this the perfect opportunity to pick up ‘blue-chip’ projects that are effectively ‘on sale’. For already established projects, it is not too difficult to differentiate what is considered a safe investment.
These established blue-chip projects tend to have inaccessible prices that only so-called whales would be able to afford, even with the slight dip in prices. So the majority of NFT buyers are looking to new projects that show promise in the hopes of buying into the next BAYC.
The FUD and hesitation has not stopped buyers from apeing into any project that shows a sudden rise in volume, embracing the intoxicating embrace of NFT FOMO followed by the shameful regret of buying high and selling low not even an hour later.
So how do you differentiate a project in the current market as having blue-chip potential, and not just another ‘hype’ project that will inevitably fizzle away? We’ve chosen our three main points to highlight.
1. Comprehensive Whitepaper
Two/three months ago any project would have sold out and seen unbelievable volumes on the secondary market just by promising a comic and a simple airdrop. These projects may have presented great short-term investments, or ‘flips’, but as you can see when the market is not bullish, the majority will fade.
Only the projects that have committed to consistently delivering value to their holders have maintained their value. When looking at a project, note what the next step in the roadmap is. Are you betting for a free airdrop to revitalise your project? Or a comic that no one is going to read? Or a hoodie?
The Terra Turtles ecosystem ensures that there is always a utility for your Turtle, and always something you can do with it to engage in the overall economy. Constant activity, engagement and value — no matter bear or bull.
2. Consistent Values
The bearish market has resulted in a large majority of projects being unable to sell out in seconds, as was the case with any farm animal derivative project in August. How a project handles this is a key indicator of long-term sustainability. The biggest red flag is burning the unsold supply to ‘increase scarcity’.
The real reason is to generate more money in a short period of time. Any project that does this is only in it for the money. The initial mint number must be chosen for a reason. We chose 5555 Turtles as this provides the perfect amount of Turtles for the future burn event, ensuring an uneven supply of Adam and Eve Turtles with just the right number for scarcity.
When minting a project, its easy to think that if it does not sell out immediately it will fail. This is definitely not the case. Let us remind you of the biggest ‘modern’ blue-chip projects right now:
BAYC took just over a week to sell out
Cool Cats took around 8 hours to sell out in one of the most bullish NFT cycles
3. Strategic Adaptability
The NFT scene is changing all the time. Keep a close eye how the projects you are looking at buying are reacting to these changes. Do they jump in and promise everything that is currently ‘hyped’? Did they do so with a plan, or just because it’s ‘the thing’?
At the time of writing, ‘the thing’ would probably be Tokens or P2E Gaming. What promise does the apparent Token hold? Is it just the normal formula of hold NFT = token generation every day? Is there a whitepaper regarding the promised P2E gaming or is it just a vague mention in the whitepaper?
At the end of the day, the majority of those in NFTs are investors first and collectors second. Whilst in this space its easy to get caught up in FOMO, always keep your strategy in mind. Do your due diligence and ask yourself whether a project really has long-term value or not. Or does it just ‘look cool’?
The Terra Turtles is aiming high to become the established blue-chip NFT project on Terra. We know that this is not a sprint, and so have laid out our plans clearly for all to see in full transparency. If you have any questions, you know where to find us!
Read more: https://terraturtles.io
Twitter: Terraturtlesnft
