Networth Nostalgia
Learning from the digital asset landscape
Today, I want to introduce you to a term I've coined that perfectly captures the sentiment of the events of last year: Networth Nostalgia.
Networth Nostalgia is that poignant and bittersweet feeling that washes over us when we reminisce about past financial situations that are no longer attainable. It's a mix of longing, regret, and reminiscence, all centered around our financial decisions and their outcomes.
Do you remember the 2022 market crash? It was a wild ride, with stocks and crypto taking a hit. But perhaps the most affected were the NFTs.
The NFT community experienced a massive blow, with many NFTs losing what felt like a staggering 99.999% of their value.
What a damn roller coaster ride. 🙃
For me, this experience sparked the birth of the term Networth Nostalgia.
It perfectly encapsulates the whirlwind of emotions we feel when we think about the missed opportunities and the potential wealth that slipped through our fingers.
Let me share an example to illustrate this concept:
Take SauceNFT, who owned a Bored Ape Yacht Club NFT and turned down a $2.2 million offer for it less than two years ago.
Fast forward to today, and it's now worth just 28 ETH (~$55k).
It's easy to be critical, but the truth is, many of us have been in similar situations when investing in the market.
Not $2 million+ but you get my point. 😂
Last year, Bored Ape Yacht Club reached peak euphoria, becoming the top NFT with a valuation of $4 billion after a $450 million funding round. It had garnered support from prominent figures such as Tom Brady, Shaquille O’Neal, Mark Cuban, and many others.
While the story of Bored Ape Yacht Club can still be considered a success, it's essential to acknowledge that not all NFTs experienced the same level of prosperity. Many others came and went, losing significant value, and some even faded into obscurity or ceased trading altogether.
But let's not dwell too much on the past. Instead, let's focus on the future and the opportunities it holds. The market crash and its aftermath taught us valuable lessons about resilience and the importance of long-term perspectives.
As we move forward, let's navigate the world of finance with a newfound awareness of Networth Nostalgia. By acknowledging and understanding this concept, we can better support ourselves and others who have faced similar setbacks. Together, we can overcome the nostalgia and embrace future financial endeavors.