The digital art at Art Basel Hong Kong looks quite upscale, but the NFT secondary market has long cooled down. The once-prominent bored apes are now listed at only 7 ETH, evaporating over 100 ETH compared to the last transaction price, which is not a correction, but a complete ankle chop.
In the past, this was called a bourgeois entrance ticket; now it’s just a standard liquidity trap. The old narrative can no longer be told, and the capital in the market is all focused on Meme and AI; who is still willing to provide liquidity for the old images from a few years ago? Looking at the bustling exhibition and then at the dismal prices on-chain, this wave of "art contrast" is too intense. This kind of slow decline in old blue chips is the most torturous, with the fundamental logic basically cut off, leaving only some nostalgia to support it.
Do you still have monkeys in your hands, or have you long since cut your losses and run?
#5278 #NFT
#ArtBasel $ETH $BAY