Lions and Tigers and Bears, oh my!
Wow, what a historic week in the markets. So much happened in such a short time. And the nexus event, at least in the crypto world, seems to be centered around Luna UST and the Anchor protocol. UST Luna’s stable coin became unpegged if you’ve been hiding under a rock over the last couple of days. This caused a cascade of events to unfold and brought a top 10 by market cap currency to its knees, all when the broader Crypto and financial markets were not doing well either. Words like recession reform and inflation have been used by mainstream media ad nauseam. It’s a dog-eat-dog world, my friends, and it appears we are all wearing Milk-bone underwear. The circumstances which caused this meltdown is still unclear. However, there are tons of theories running amuck out there. It might be worth a google if you’re interested. Suffice to say, it’s been an absolute shit show. Between Wednesday and Thursday of last week, $200 billion worth of assets vanished from the crypto markets overnight. To put this into perspective, this is more than the total market cap of Bitcoin in 2020.
Glass half full
The good news is that the Crypto market is now large enough to absorb a loss of this magnitude. The takeaway here is that we are all still learning. We are all still growing. The Crypto market is still in its infancy. That term we all hear on Twitter and YouTube all too often, “we are early,” is true. Looking back on history will tell you that there will be bumps in the road whenever something genuinely remarkable, and something truly life-changing, is created. If you want to make an omelet, you have to break some eggs. The problem is that these eggs were worth billions of dollars, and many people lost a lot of money along the way, myself included.
Crypto, Web 3, and NFTs and what it means for the future
This week, I was sitting at the barbershop getting a haircut and overheard the guy next to me talking about his thoughts on Crypto. Then, he said that it was “over for Bitcoin and Ethereum.” Is it? I can’t fathom how people can be so narrow-minded. Maybe it’s over for him, but this my friend is the land of opportunity. Warren Buffet said it is wise for investors to be “fearful when others are greedy, and greedy when others are fearful.” The needle is pointing to pure fear time to be greedy! In my estimation, if the mountain of Gox didn’t destroy Bitcoin, this situation will be no different. And what about the other fruits? Web 3, in my estimation, is just getting started. Is that over too? NFTs and all the possibilities that surround that new technology. Tickets, Music, and Art are all gone, huh? I think not. So the good news, if you are still reading, the good news is that everything is on sale. It’s time to make the donuts.
Who we are
Requiem Labs is a group of creators and visionaries playing and disrupting the NFT Space. We hope to inspire you to wake up and get involved in this exciting time. You can find all of our content at Requiem Labs. We invite you to join the conversation and would love to see how we can help.