Introduction
If you're in this space there's no question you’ve noticed the meteoric rise, and equally rapid decline, in prices of NFTs. Recently the NFT market was down 78% from its peak in February. While this can be overwhelming, it's important to reassure ourselves that this activity is normal for any new market. The volatility isn’t just expected—it’s healthy.
Staying focused on building your brand and community will be important at this moment. Equally as important will be continuing to create, strengthening relationships with collectors, and above all else, staying fucking calm.
Put your head down, stay focused on doing these activities well, and you’ll be in a great position when the market turns around. That's right, it’s "when", not "if".
Keep Creating
You're a creator. It's why you came to web3 and why you've stayed this long. It can be hard to stay motivated to keep creating when the market around you is going to shit. For that very reason though, you have to stay consistent in your practice. When things get tough around you, there’s always calm in going back to the basics.
If you were making a piece each day when the market was up, do the same thing in a down market. What's a collection you've been thinking about but haven’t had the time for previously? What's a new medium you've been excited about exploring? Who’s an artist you would love to collaborate with?
Spend some time reflecting on these questions and follow that up with a plan, and commitment to yourself, to execute. The market isn’t something you can control. So focus on something you can control—making art.
Build Stronger Relationships with Your Collectors
It's exciting to find a buyer for something you’ve created and put out into the world. The sale though is only the first step in, what should be, a long relationship with each collector.
I speak with many artists who find the "soft skills" of building and nurturing relationships with collectors challenging. The secret? There’s a formula to building strong and meaningful connections and, with some practice, you can excel in this area.
Now, for that formula. Most people just want to be seen. They've recognized you and your talent, now it's your turn to recognize them. Here are some exercises to try:
- Reach out to new collectors within 24 hours: a short and personalized DM or video message thanking them for their purchase makes a BIG difference. Photographer @joecardamon blew me away when he sent me a video message after I purchased one of his pieces.
- Tweet about each sale: express your gratitude/appreciation publically and (when possible) tag the collector(s)
- Make your relationships mutually beneficial: spend 10xs more time asking your collectors ABOUT their life/experiences than you ever spend asking them FOR anything.
Remember, keeping a customer is much easier than finding new ones. Make this a top priority in a bear market and remember, it’s never too late to say thank you.
Don't Panic
Do. Not. Panic. No matter what happens. Don't burn your work on the blockchain. Don't sell at a loss if not necessary for your financial wellbeing. Don't make rash decisions.
I’m not saying to stay in this space at all costs. We all have different life and financial commitments and coming to that conclusion would be acceptable and understandable. What I ask is that you give yourself 48-72 hours to commit to that decision and, from there, create a plan on the best steps moving forward.
It's difficult to stay calm when crap projects are selling out while your 1:1s are still available. It's not an indication of your work and doesn't mean that you'll never sell anything again. It simply means that it may take a while this time around. Markets go up and down—it’s the nature of the game.
Conclusion
This is the crucial moment to ask yourself, “is this truly my passion?” If the answer is yes and you have a genuine desire, patience, and financial ability to wait out the bear market, then hold on tight. But if you need to step away for any of those same reasons, do it knowing you’re the only one that knows what you need at any given moment. If web3 truly is the next iteration of the internet—which I strongly believe it to be—it will be here when you’re ready to come back.
