A bull market is defined as a large or single market in which prices are consistently rising. Because prices normally continue to climb, investors bitcoin profit at any price they purchase their investment.
A 20 percent slide from recent highs is considered a bear market. The phrase is most commonly used to refer to the performance of the S&P 500, which is widely regarded as a benchmark indication of the whole stock market.
This year, non-fungible tokens (NFTs) appear to have exploded from the ether. These digital assets are selling like 17th-century exotic Dutch tulips, with some costing millions of dollars. They vary from art and music to tacos and toilet paper.
NFTs are growing in popularity as a more popular way to buy and trade digital art, despite the fact that they’ve been around since 2014. A total of $174 million has been spent on NFTs since November 2017.
The market for nonfungible tokens (NFTs) and social tokens has historically been anecdotally associated with the broader crypto market. We’re seeing that association fade as authors attract more non-crypto fans, albeit with tiny sample size. If Bitcoin (BTC) and Ether (ETH) do not break out of their respective slumps and the market enters a bear market, there is a compelling case to be made that the creator economy’s expansion will shelter social tokens from the market’s repercussions.
Since the crypto bull market and NFT bubble exploded earlier this year, innovators and celebrities have dominated the media debate about cryptocurrency alongside Bitcoin. The NFT market has considerably cooled in recent months, with fewer big-name celebrities producing NFTs than in March.
A few celebrities have undoubtedly exploited cryptocurrency for easy endorsement money or to earn a quick profit. However, many of them are genuinely interested in learning how crypto may bring them closer to their fans and how they can use the technology to express themselves in new ways. The fact is that, for the present becoming, most producers’ fans are unconcerned with the price of BTC or ETH. They’re buying tokens to gain access to unique token-gated benefits and new digital and physical methods to interact with their favourite artists and producers.
Whether the market is bullish or bearish in the coming months, both circumstances provide distinct chances for our business. Whether the market attracts new participants in a bull market or shakes out the “weak hands” in a bear market, the near future provides a critical juncture for the creative and crypto economies.