The latest crypto crash has led to much philosophizing, planning and soul-searching throughout the crypto space.
Here at ICON, two of the network’s biggest NFT projects have taken to Twitter to discuss their strategies for this crypto winter.
In a long thread, GangstaBet noted that being in crypto is like a “roller coaster ride,” and this isn’t their first rodeo, so to speak.
“It is not the first time we faced it – the market price of ICX was ~$2.3 when we sold the GangstaBet NFTs, and the price today is $0.3. But here we are. Still building strong and still building like no one else.”
Having ridden the bear before, GangstaBet was sure to have enough stablecoins in their reserve to ride things out.
They also note that the bear market also gives them breathing space to continue building its “Emerald City” metaverse.
“Now, the down cycle gives us a breathing space to continue building the city, civilians, and gameplay without much time pressure. But we want to launch soon and whenever we feel we are ready.”
As the nature of the current market becomes clearer in the coming weeks, GangstaBet will adjust its strategies accordingly.
In another long thread, Studio Mirai described a team meeting to discuss the bear market.
For starters, they still believe in blockchain:
“Fundamentally, we believe this is not the end of blockchain/crypto. In 2020-2021, crypto has proved itself with innovative use cases in DeFi and NFTs. Lots of projects became rugs, but the fundamental technology that allows for permission-less economic activity is still there.”
More crucially, they note that many successful crypto companies and projects grow in the bear market, and that some NFT projects that peaked during the last bull market are now “tainted,” having lost people a lot of money.
Studio Mirai, on the other hand, launched near the end of the bull market — which, in their view, is an opportunity:
“We believe this is a great setup for us because we’ve yet to spend our “attention quota”. Thus, we plan to continue building through the bear market so we can grow, grow, grow when the bull market comes back around.”
During the bear market, Studio Mirai will be focusing on community events, leveraging the “top notch” community vibe and events at its Discord. They also want their community to serve as a “refuge,” welcoming people seeking comfort from “likeminded crypto people who understand what a crypto bear market is and feels like.”
At the end of the bear market, Studio Mirai looks to go multi-chain, and they’ve got a lot more planned for the future, too.
“Many people ask what is Studio Mirai? To say the least, we are a lifestyle brand: “NFTS UNPLUGGED.” We aim for art, game, clothing, music, culture, and of course the most important… community. Let’s make it through this bear market together, as a tribe!“