NFTs: Another Tulip Mania?
I hope everyone is having a great weekend. Last week, our friends at WallStreetBets helped us to once again experience some amazing volatility, with stocks such as SPRT and our good old buddy AMC in play. Going as far back as I can remember, the market has never been so volatile and so liquid, and it leads to trading becoming only better and better. Please take the time to watch our Friday recap and you can see where I booked over $56,000 in profit from my day and swing trades. Part of this volatility is a result of the widespread ease of access to trading for almost everyone with a smartphone and an internet connection. A new generation of traders has come into the market who 10 years ago would not have been able to successfully trade due to the high costs involved, or their lack of knowledge, or both. As I just wrote, the market is getting only better and better.
Currently we are seeing a new and big mania in the purchasing of NFTs. In case you have not heard of them before, NFTs are in part random collections of artwork from mostly unknown artists, and they are being sold for astronomical prices. As reported on Thursday in the New York Post, “A total of $897 million in NFT sales were recorded during the 30 days ended Aug. 18, according to the most recently available data from the NFT tracking site NonFungible”! What is up with this art? Really? Every smart opportunist these days is creating NFTs and selling them in Ethereum. A Single “EtherRock” can sell for over $1.3 million.
Is it mania? Perhaps, but who cares for now. You can read about the 17th century tulip mania in the Netherlands here.
When I was a child in the 1980s, for a person to be considered literate, there was a general expectation that they would be very proficient in their native language and learn how to use the newfangled computers of the then modern world. This has now changed, and financial intelligence, including even just a partial knowledge of investing or trading, is a key component of the modern day definition of literacy. Not everyone should be a trader or investor, but almost everyone these days needs to be aware of changes and movements in the financial market and how they can benefit from these opportunities. Financial intelligence is no longer a luxury, it is a necessity, whether it be in crypto, stocks, options, or even those NFTs.
This week, we at Bear Bull Traders are continuing to uphold our strong commitment to educate and provide resources for our traders so that they can succeed. The full list of our August 30 through September 3 webinars and presentations can be found on our website (bearbulltraders.com/webinars), and all webinars are recorded for later viewing by our Elite members.
I hope I will see many of you this coming week in the chatroom and/or during our YouTube pre-market and live trading shows. Our YouTube channel is of course available at no charge.
To your success,