How to Approach the Bull Market as a Creator
Before October, Mike Winkelmann, who is popularly known as Beeple, had never sold a print for more than $100. However, due to the sudden surge in demand and prices of NFTs in the Bull market, Winkelmann sold his first series of NFTs with a pair of NFTs being sold for $66,666.66 each in October 2020.
In December 2020, he sold another series of works for a total of $3.5 million. In March 2021, one of his NFTs (Everyday: The First 5000 Days) was sold for a whopping $69 million at Christie’s auction house. A sale that positioned him "among the top three most valuable living artists" according to the auction house.
Bitcoin went above its 2021 bull run all-time high a few days ago. All the ALT coins are doing new ATH, and new blockchains are making statements and huge promises. We are back in the bull market yet again, but what does that mean for you as a creator, and how can you make the best out of it?
The bull market offers a great chance for creators to thrive and achieve success. However, many creators have not been able to take full advantage of the opportunities presented by the bull market. In this post, we aim to provide you with some helpful tips to ensure that you make the most of the opportunities that come with this market trend.
Based on our observations over the years, we have noticed that creators often fail to take advantage of a bull market due to a lack of focus and information. This can make it difficult to distinguish real opportunities from scams and noise. In this article, we will address this issue and provide valuable insights to help creators succeed.
Stay Focus
Staying focused during a bull run can be quite challenging due to all the noise and FOMO. Many creators tend to follow the herd and jump onto the next big thing without carefully considering whether it is worth their time or not. This can make it difficult to stay on track and achieve their goals.
To maintain focus, it is recommended to select 2-5 blockchains to concentrate on. The smaller the number, the more focused you will be and the better the results you'll achieve. However, with the abundance of information and FOMO surrounding the blockchain industry, it can be challenging to determine which blockchains to focus on. The solution is simple, but many creators still overlook it. As a creator, you should seek out active blockchains that have a thriving NFT marketplace and a supportive community that caters to creators. This support can come in the form of grants for creators, launchpads dedicated to creators, creators' spotlight, or events and competitions that highlight creators in their ecosystem.
Stay Informed
Accessing good information during a bull market can have a life-changing impact. Things are always moving fast in the bull market, and one decision from the devs could change your life or render your project useless. Staying informed might mean reading project whitepapers to understand their vision, reading blog posts, joining AMA sessions, participating in the town hall, staying active on community channels like Discord, or even subscribing to newsletters.
Create and Participate
Remember to both create and participate in the market. Creating and participating go hand-in-hand. Your work will be the funnel to capture the money. By participating, you can build substantial relationships and trust with the community, which can lead to more support for your work.
Creators often make the mistake of not staying consistent and participating with the community. Creators who stayed consistent from the bear market to the bull market will likely benefit the most from the bull market because they have built substantial relationships and trust with the community over time, unlike grifters who only started creating to capture the money in the bull market.
Protect yourself
In web3, it's not enough to make money - you must also protect it. As a successful creator, you'll become a target for scammers. It is recommended that you use a separate cold wallet for storing your funds instead of the wallet connected to your work. The wallet connected to your work may be hot, which is not safe for storing your funds. It is also advisable not to use this wallet for any online interactions. Alternatively, you can use a hardware wallet to ensure the safety of your funds.
Lastly, be cautious of any phishing emails that may come into your inbox. It's important to never click any links in your inbox unless you are certain of their legitimacy. Before clicking any links, be sure to check the email address to ensure it is accurate. Scammers often send phishing emails claiming to be from reputable companies such as OpenSea, Magic Eden, Blur, Rarible, or other major NFT marketplaces. These emails may ask you to take actions such as approving an NFT bid or agreeing to new terms of service. To avoid falling victim to such scams, always verify the sender's email address to ensure it matches the company's domain address and confirm if the same news is in the company's official handles and communities.
Conclusion
As we navigate the bullish winds of the crypto market, it's crucial to stay focused, informed, and protected. The bull market presents immense opportunities for creators, but it also comes with its fair share of challenges and risks. To thrive in this environment, it's essential to maintain focus amidst the noise, select the right blockchains to concentrate on, and actively participate in the community. Additionally, staying informed about market developments, protecting your assets, and being cautious of phishing scams are crucial steps to safeguarding your success. By following these strategies, creators can navigate the bull market with confidence and maximize their potential for success.
