Market corrections or crashes aren’t entirely ugly things. Though most individuals might and often lose massive cash, that’s somewhat natural for any financial or investment ecosystem. Furthermore, most investors believe such downturns are essential to shake out overhyped or weak investments.
Warren Buffet, a savvy investor, stated that market corrections uncover naked and perhaps worthless investments. In the non-fungible token (NFT) space, the latest crash exposed Moonbirds and CryptoPunks, while Chronoly remains solid.
CryptoPunks Couldn’t Sell at Auction
Sotherby planned to withdraw CryptoPunks non-fungible tokens (NFTs) early this month, citing fears of failing to sell. Meanwhile, much deliberation concluded that the CryptoPunks sellers decided to Hodl. Meanwhile, New York Times highlighted that auction platforms usually pause selling because of flop fears and legitimate concerns.
An NFT collector revealed the auction house cautioned the seller about CryptoPunks likely to sell at higher estimates. Thus the sale stopped. That should have been the CryptoPunks collection’s pinnacle.
101 Bored Ape Yacht Club NFT sold for $24M a couple of months ago, and CryptoPunks enthusiasts hoped for similar outcomes. Nevertheless, the embarrassing and complete auction flop might confirm faded enthusiasm.
Moonbirds Spiral Down to Earth
Blue-chip non-fungible tokens such as Moonbirds have witnessed their market cap and floor prices losing over 50% in May. Market players have considered Moonbirds a blue-chip NFT. Meanwhile, blue-chip non-fungible tokens lead in market cap and are the least volatile.
The meteoric rise of the collection surprised NFT enthusiasts, as the project outsold renowned series such as CryptoPunks and BAYC in sales volume. Meanwhile, the downturn in recent weeks might show investors worried about NFTs or assets without intrinsic value.
Chronoly Isn’t ‘Naked’
Chronoly stock receives support from luxury timepiece personalities such as Patek Phillipe, Audemars Piguet, and Richard Mille. Chronoly has CRNO as its native token and offers investors the opportunity to purchase shares of a luxury watch. Users can invest from $10 in Chronoly’s NFT market. Moreover, whales that invested in CRNO trust it’s the next crypto’s big thing.
A renowned crypto expert Mark Engleberg forecasted that CRNO would surge 2,500% before the presale ends. The token’s exceptional utility as a coin within the Chronoly marketplace has many crypto analysts projecting massive uptrends for Chronoly in 2023, triggering impressive profits for presale investors.