Lazy 8ight Yacht Club on Building in a Bear Market
A bear market is typically defined as an extended period of price decline within a market, often with a deviation of 20% or more from a recent high point. While a bear market can be indicative of tough times ahead, they are temporary and last less than a year (unlike bull markets). The recent numbers are telling, and the result has been a shift in the NFT market, to one more respondent to consumer wants and needs. Those active in the NFT Space saw their portfolios at all-time highs just six months ago, and have witnessed Crypto-winters ebb and flow in waves, becoming dormant, only to resurge white hot.
Gunnar Dunbar, co-founder and COO of Lazy 8ight Yacht Club (L8YC), asserted “The cat’s out of the bag…real hedge funds are investing serious money in Cryptocurrency, everyone’s heard of Bitcoin by now, and it’s related to the crazy money people made, becoming millionaires seemingly overnight.” He continued, “My prediction is, I don’t think there’s going to be Crypto-winters any more- I think that idea is antiquated at this point.” Arin Alesauskas, co-founder and CEO of L8YC, shared, “We’re adapting to a new way of looking at the NFT Space- security is being taken more seriously, especially regarding doxing, and I think the market’s shifting, therefore projects will have to shift the planning of their roadmaps to utilize different avenues, getting creative and looking at longevity with a solid plan.” Lazy 8ight co-founder and CMO, Oriana Schneps, stated, “We all know winters come and go, but for projects building for longevity, fluctuation shouldn’t be something you take into consideration.” The Darwinistic view of ‘survival of the fittest,’ certainly applies in the atmosphere of a bear market, and the founders of L8YC plan to persevere.
It is easy to get lost in whether the market is going up or down. The projects with the confidence to release NFTs, build from the ground up, and unapologetically and fearlessly release their products will endure; their merit lies in the value and utility brought to their prospective communities. Oftentimes, individuals will loudly share their gains or “wins” in the NFT Space, yet remain silent when money is lost. They may feel dumb, left out, or even ashamed, and they are not alone. Dunbar, whose background is in cybersecurity, shared, “Losses are to be expected, but people should be just as loud about their losses as they are with their wins.” Buyers have been scammed in the Space and precautions should be taken. L8YC employs a talented blockchain developer, and their code is audited by a third party, to provide their community a greater sense of confidence and security. So, what is the next step and how should projects proceed in a bear market?
Dunbar affirmed, “NFT projects should find a spot where their community is comfortable, and then execute…build their brand and show the community, and the space, that not all NFT company’s are scammers or out to make a quick buck.” Alesauskas agreed, “We do, in essence, have a responsibility to educate others in the Space; I’m a fan of my own sport, so as much as I can spread knowledge and help others, I do…it’s important.” Lazy 8ight’s founders are able to see the light at the end of the tunnel. The innovative and evolving technology surrounding the NFT Space requires a customer-focused approach to the future, including the involvement of founders to remain knowledgeable of their community, able to readily identify potential scams.
L8YC has partnered with real world brokers to enable their community to buy and transfer yacht deeds over the blockchain in a smart contract. The founders of Lazy 8ight see the potential of the Metaverse and continue to move steadily forward, cultivating relationships, and spreading love and knowledge. Through partnerships and sponsorships, the company will bring in additional revenue, and offer services through its incredible outreach and marketing programs. The NFT company envisions a limitless future, benefiting those who persevere in the current bear market. Lazy 8ight Yacht Club has announced a public mint date of June 11, 2022. Be sure to follow L8YC on Twitter, Instagram, and Discord to stay up-to-date on future announcements.