🤔 Things On My Mind Going Into NFT.NYC

1. NFTs are Good, Bad, and Ugly 2. History Rhymes 3. The Macroeconomic Picture Looks Bleak 4. Reputation Is Built In Bear Markets 5. The Metaverse Isn't A Fad

🤔 Things On My Mind Going Into NFT.NYC

1. NFTs are Good, Bad, and Ugly
Some NFTs projects are absolutely amazing. Some NFTs I will cherish and respect forever. Some NFTs have the opportunity to change the world and reshape industries.

At the same time, many NFT projects are absolute dog shit. As the weeks and months have gone by, I have found it more and more difficult to defend the integrity of the overall NFT space when many projects are cash grabs, scams, or just poorly run. We must take the good with the bad and not lose sight of the big picture.

2. History Rhymes
The market is suffering. The Wall Street Journal published an article saying 'The Crypto Party is Over.' Seemingly impenetrably strong companies like Coinbase and Crypto.com have gone through significant layoffs.

But if you look back into history, you'll see similarly negative press and massive layoffs during the dotcom bubble. If you lost money during the dot com bubble, it would still be idiotic (and a poor financial decision) to think that the entire internet is a scam. Don't throw out the baby with the bath water.

3. The Macroeconomic Picture Looks Bleak
Putting aside the world of Web3, there's economic struggle all over the world. Cost of living and inflation is going up. Wars are destroying lives and ruining the economy. Climate change, income inequality, health issues are all very real crises. If you're at events like Cannes Lions or NFT.NYC this week, don't lose sight of how the rest of the world is feeling.

4. Reputation Is Built In Bear Markets
Despite all of the above, it is still true that character is built through crisis. Great fortunes throughout history have been made in times of downturn. Through 2001 (and 2008), some of the world's strongest tech companies today were being built. At the end of the day, it's better to have productive energy that you can use as fuel to create something that contributes to society.

"Pessimists sound smart. Optimists make money." - Nat Friedman
"All progress depends on the unreasonable man." - George Bernard Shaw

5. The Metaverse Isn’t A Fad
If you are cheering the downfall of crypto and NFTs, I can't blame you. Many people in Web3 need to be humbled after this surreal (and often crude) period of irrational exuberance.

Despite this, our lives are still going to become more and more digital no matter what you think. And this gives rise to new technologies and ways of life that are inevitable--Cryptocurrency, NFTs, AR/VR, Token Economies, Digital Identity, etc... You're entitled to hate on these things, but don’t be on the wrong side of history.

So if you’re also at NFT NYC, I hope to see you soon. This is an exciting time to be alive and within the first two days of the conference, we have already seen that MoonPay is launching a new NFT platform called HyperMint with brands like Universal Pictures, Fox, and Snoop Dogg's Death Row Records. Solana-focused NFT marketplace Magic Eden has just raised $130 Million in funding. And supermodel Bella Hadid has created her own NFT project called CY-B3LLA. Let's see what happens for the rest of the week!

Wishing everyone great happiness and good fortune as this crazy world continues to spin.

Even if you're one of these protesters we saw on Monday morning. 👇

-Tony McGuire