An NFT Bullrun is happening right now as the greater crypto market trends downwards.
This is despite OpenSea going down multiple times and not staying online during peak froth.
Oh, and BTW OpenSea just raised another $300 million with a $13.3 Billion valuation.
While Phunks started the decentralized marketplace trend, expect it to accelerate over the coming months. The next project that will most likely launch a decentralized marketplace is Phunky Ape Yacht Club.
PAYC has a considerable head start, but others will surely follow. Owning a Phunk or Phunky Ape is a bet on the decentralization of Web3 away from centralized companies, which sounds funny when you say it out loud.
Web3 is supposed to be decentralized, trustless, and permissionless. However, centralized intermediaries are in a rush to stake their claim as Web3 gatekeepers.
NFT infrastructure is still very underdeveloped, and liquidity is fragmented across multiple ecosystems. Until you can seamlessly transact across multiple chains, a central intermediary like OpenSea is needed until Web3 developers build a bridge with great UX.
As the NFT market continues, bearish sentiment remains in the greater crypto markets. So one has to wonder when the Fed decides to raise rates (March - June is the target), how will that affect NFTs, aka illiquid JPEGS with fragmented liquidity ecosystems?