5 Bear Market NFT Outperformers

Bear Market NFT

With prices tumbling from around the beginning of this May, many observers predicted that NFTs would nuke. But while it’s true that volume is down and a lot of NFTs lost value, there are some existing collections and new drops that have actually (up to now) thrived during these tough market conditions.

A distinguishing characteristic of NFTs is that it’s common for individual collections to move according to their own trends, so it’s more necessary to take projects on their own merits, rather than only talking about the market as a whole.

Bear Market NFT Outperformers

Goblintown

bear market outperformer

The Goblintown drop has been the breakout phenomenon of the bear market, and what could be more NFT-ish in its vibes than marking crypto’s descent into goblin town with a surprise collection of goblins, actually called Goblintown, that immediately becomes hugely successful?

The Goblintown drop had no apparent marketing, no Discord, no roadmap, was free to mint, and uses CC0 licensing (CC0 seems to be fast becoming a standard distinguishing NFTs from traditional media).

From a free mint on May 19th, the average sales price on OpenSea has soared to 7.6 ETH, correcting to around 6.4 ETH at the time of writing, hype has exploded, and a further side-development, McGoblin Burger, has launched.

What’s become clear is that this project is far from a “low effort pump and dump”. It’s expertly executed, and looks like it’s heading somewhere with intent, prompting heady, unverified speculation that Yuga Labs (or perhaps Beeple, or both Yuga and Beeple) might be behind it, and there has been scrutiny of its distinctively weird smart contracts.

There are also an insane number of copycats and derivatives (it’s CC0, after all), and it’s brought about a general air of mass confusion in the NFT space, as no-one seems to have a clue what is going on in Goblintown. Early BAYC vibes is a cliche, but in this case it makes sense, albeit in a cycle-fittingly goblin-esque way.

Degen Toonz

bear market

Degen Toonz has carried a feeling of being special since it launched in February, but has really taken off further during the bear, briefly reaching a floor price of 3 ETH towards the end of May, having before then been trading healthily, but at an average sales price below 1 ETH.

Community might be an overused term in NFTs, but there are a few projects that actually have outstanding, dedicated communities, and Degen Toonz is among them. The project is visually distinctive in its own right, but is unashamed about taking elements of the Bored Ape success story and recycling them for its own purposes.

Toonz holders can now go to the project’s GM/GN site and claim dynamite (one dynamite per NFT, and three regular dynamites can be converted into a mutant dynamite), and these assets will then have further utility. Dynamite is also being traded on OpenSea.

If you’re planning to buy a Toonz NFT in order to claim dynamite, then make sure to first check whether or not the one you’re sizing up has already claimed. You can do this by connecting your wallet to the GM/GN site, clicking on Verify claim, and entering the token ID.

Rektguy

Rektguy NFT

A free mint, CC0, no roadmap (the website just says “lol” in the roadmap section), and some scratchy, flashing artwork, Rektguy is as degen as you could hope for to brighten up the bear. It was created by the artists Alienqueen and OSF (a respected character in the NFT space with an interesting backstory, his real name is Ovie Faruq, he’s a former trader at Barclays, and he co-founded a well-known NFT community called Degenz).

The average sales price of a Rektguy on OpenSea has now dropped from a high of around 1 ETH towards the end of May, to around 0.55 ETH at the time of writing, but that’s still a substantial gain from the free mint, and this is a collection from established creators who are active and influential in the NFT art world.

The Uncanny Country Club

The Uncanny Country Club NFT

In this current phase of the market cycle it’s more difficult for new collections to mint out, particularly if they’re not operating with a lot of backing and organized hype. Within this context, The Uncanny Country Club sold out a 5,000 piece collection, and then generated a buzz at the end of May, running up average sales prices to almost 0.3 ETH.

The floor price has now dropped to below 0.1 ETH, presenting what could be an attractive entry point for a clean collection that has a unique, spooky vibe, and has shown that it has the potential to build further and perform well.

Yummi Universe

Yummi Universe - NFT

Over on Cardano, the Yummi Universe project, an OG range of NFTs with an enthusiastic community of holders, made the most of the bear market by roughly doubling the floor price of its Naru collection to around 1000 ADA (although it’s now corrected down a little).

This is due in large part to the team’s constant, upbeat building efforts, which have seen the creation of $YUMMI coin, the launch of an NFT staking mechanism, the appearance of further $YUMMI staking opportunities, and ongoing development of a play-to-earn game.

The most valuable NFTs in the Yummi ecosystem are the original Narus, and there are also seasonal Naru collections that can be staked, but which earn less $YUMMI than the originals.

For some other notable projects that have made moves during the bear, Tigerbob, Chimpers, and Okay Bears all performed well and are good quality, but have subsequently corrected down from previous highs, meaning they could be worth picking up. And for any degen goths in the NFT space, there’s We Are all Going to Die, which has run very effectively with the no-roadmap-or-Discord, CC0, Twitter-only, meme-leveraged meta.

ld mockups1 1

Want to maximise the returns on your crypto investments?
Join The Free Wealth Mastery Report to Receive Weekly Insights on Altcoins, NFTs, Airdrops and DeFi!

Want to maximise the returns on your crypto investments? Join The Free Wealth Mastery Report to Receive Weekly Insights on Altcoins, NFTs, Airdrops and DeFi!

ld mockups1 1

Best Exchanges for Buying Crypto With Exclusive Fee Discount

Best Crypto Products

Related Articles

Wealth Mastery #81

Issue 81 (January 19th, 2022):
– I share my thoughts on competition in the NFT market space and why we should all be watching lower market cap layer ones in 2022.
– Jesse has a deep dive for you on Avalanche’s Trader Joe
– Defi Dad has a tutorial for you on two very hot Avalanche based farms.
– Rekt Capital has the latest technical analysis for you on the market.
– Sam has a report for you on the best layer ones and twos for NFTs.
– Matt has a report for you on Solana gaming coins.
– The team from Numbers join us to discuss their decentralized photo networks.
Hot new token sales.
– Rebecca has all of the latest news for you.
– Jesse has a ton of hot new airdrops for you.
– Rebecca breaks down this week’s trending coins.
– My latest portfolio updates.

Wealth Mastery #71

➡️ Issue 70 (November 11, 2021):
– Dopex options exchange review
– Blankos game guide
– 67% APY on Polygon’s Entropyfi
– Altcoin TA
– Defi insurance
– Metaverse NFTS
– Interview with Polka Dot based Parallel Finance

Wealth Mastery #80

Issue 80 (January 12th, 2022):
– I share my thoughts on coins to watch and the recent Arbitrum drama.
– Jesse has a deep dive for you on the fantasy NFT card game Gem Guardian.
– Defi Dad has a tutorial for you on how to earn yield on Near.
– Rekt Capital has the latest technical analysis for you on the market.
– Sam has a report for you on ImmutableX and why it matters for NFTs.
– Matt has a report for you on stablecoins.
– The team from Rain Maker, a gaming infrastructure player, join us to discuss how they are working to bring more players into crypto gaming.
– Hot new token sales.
– Rebecca has all of the latest news for you.
– Jesse has a ton of hot new airdrops for you.
– Rebecca breaks down this week’s trending coins.
– My latest portfolio updates.

Wealth Mastery #72

Issue 72 (November 18, 2021):
– I share some V2 launches, defi opportunities, and low cap gems to keep an eye on in the Big Recap
– Defi dad tutorial on how to earn 1,315% on Fiat Dao.
– Rekt Capital talks about the Bitcoin dip.
– Matts tells you how and why you should use Ethereum’s Arbitrum.
– Sam has a report for you on gaming NFTs.
– Jesse has a review on the metaverse coin High Street
– Interview with the team from Wonder Hero.
– Latest token sales, cryptocurrency news, airdrops, trending coin report and my portfolio analysis.

Wealth Mastery #79

Issue 79 (January 5th, 2022):
– I share my thoughts on taking profits, NFTs, Near Protocol, and the new round of parachain auctions on Polka Dot.
– Jesse has a deep dive for you on Injective Protocol.
– Defi Dad has a tutorial for you on how to earn big yields on Harmony.
– Rekt Capital has the latest technical analysis for you on the market.
– Sam has a report for you on NFT Daos.
– Matt has a report for you on Daos. (All about Daos this week!)
– The team from Decimated join us to discuss their hot play to earn game!
Hot new token sales.
– Rebecca has all of the latest news for you.
– Jesse has a ton of hot new airdrops for you.
– Rebecca breaks down this week’s trending coins.
– My latest portfolio updates.