Crypto volatility and NFT collecting
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Crypto volatility and NFT collecting
I'm curious what people's thoughts are here with NFT and crypto price volatility. Does it make you less or more likely to collect this line? Would Funko be better served controlling their marketplace for the NFTs and pack drops or do you all like it being on the WAX platform where value changes so much based on outside market trends?
Not looking to turn this into a "do you like crypto / NFTs" referendum or discussion. I'm just curious if there is a different way to give collectors the same experience of collecting digital Funko NFTs and redeemables that is based on fiat currency or something else entirely. And would collectors want that?
Not looking to turn this into a "do you like crypto / NFTs" referendum or discussion. I'm just curious if there is a different way to give collectors the same experience of collecting digital Funko NFTs and redeemables that is based on fiat currency or something else entirely. And would collectors want that?
- CaseyJones14
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Re: Crypto volatility and NFT collecting
The volatility doesn't bother me at all because prices in $ stay the same for the most part. I don't do a ton of buying/selling on the secondary market, but if you are smart you can take advantage of the highs and lows. I did load up on some Wax last night and am hoping it goes up a few cents before the next drop so I can get things for cheaper.
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Re: Crypto volatility and NFT collecting
It will always fluctuate,
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- lavery01
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Re: Crypto volatility and NFT collecting
billyconard wrote:I'm curious what people's thoughts are here with NFT and crypto price volatility. Does it make you less or more likely to collect this line? Would Funko be better served controlling their marketplace for the NFTs and pack drops or do you all like it being on the WAX platform where value changes so much based on outside market trends?
Not looking to turn this into a "do you like crypto / NFTs" referendum or discussion. I'm just curious if there is a different way to give collectors the same experience of collecting digital Funko NFTs and redeemables that is based on fiat currency or something else entirely. And would collectors want that?
I would love to have the option to flat out buy the redeemables, instead of having to go through all the red tape that’s set up on getting them now. I’m sure I feel this way because I’m not that great at getting redeemables.
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Re: Crypto volatility and NFT collecting
I don't hold Wax anymore because of the volatility. I have told this story a few times but early on I bought $100 of Wax on Bittrex, and before I could withdraw it, it was less than $60. So now I buy what I need for each drop and then put together royalty, and try to get as close as possible so I am not holding anything.
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Re: Crypto volatility and NFT collecting
I definitely wish there was a way to cut out the volatility of crypto. I think the whole process of trying to get the LE redeemables and royalty sets is fun, but I wish the secondary market could just use USD.
I had just sold a Malthus grail, had $420 in wax, and was planning how to get both Invisible Freddy and Reaper Freddy. But instead, crypto crashed and the value of my wax plummeted to $270. I definitely will be more cautious in the future, but wish I did not have to worry about that.
I had just sold a Malthus grail, had $420 in wax, and was planning how to get both Invisible Freddy and Reaper Freddy. But instead, crypto crashed and the value of my wax plummeted to $270. I definitely will be more cautious in the future, but wish I did not have to worry about that.
- digithor
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Re: Crypto volatility and NFT collecting
Just wait and buy the pops on the secondary market once they are released and in hand, crypto volatility gone.
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Re: Crypto volatility and NFT collecting
lavery01 wrote:billyconard wrote:I'm curious what people's thoughts are here with NFT and crypto price volatility. Does it make you less or more likely to collect this line? Would Funko be better served controlling their marketplace for the NFTs and pack drops or do you all like it being on the WAX platform where value changes so much based on outside market trends?
Not looking to turn this into a "do you like crypto / NFTs" referendum or discussion. I'm just curious if there is a different way to give collectors the same experience of collecting digital Funko NFTs and redeemables that is based on fiat currency or something else entirely. And would collectors want that?
I would love to have the option to flat out buy the redeemables, instead of having to go through all the red tape that’s set up on getting them now. I’m sure I feel this way because I’m not that great at getting redeemables.
I agree I'm okay with being old fashioned when it comes to buying things. I appreciate simplicity.
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Re: Crypto volatility and NFT collecting
WildBill wrote:I definitely wish there was a way to cut out the volatility of crypto. I think the whole process of trying to get the LE redeemables and royalty sets is fun, but I wish the secondary market could just use USD.
I had just sold a Malthus grail, had $420 in wax, and was planning how to get both Invisible Freddy and Reaper Freddy. But instead, crypto crashed and the value of my wax plummeted to $270. I definitely will be more cautious in the future, but wish I did not have to worry about that.
Yes I wish they would cutout wax altogether.
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Re: Crypto volatility and NFT collecting
I tend to use Wax to fill out my Royalty sets and I sell my cards to get Wax. At least when the drops happen, you can use cash to buy the packs. I have also bought the collectible directly when I really wanted it and the price to get the card off atomic Hub was higher. Veve is another platform I participate in that uses cryptocurrency (OMI), but I stick to the Gems which have a 1 GEM= $1 rate. The DC NFT site deals in cash but cashing out is not easy. At least with Funko you can acquire physical Pops.
I guess my main worry is how long NFTs are going to be popular. At some point, selling all of them and cashing out is my goal but the market has to be there.
What would really be nice is to be able to get all of them on one platform
I guess my main worry is how long NFTs are going to be popular. At some point, selling all of them and cashing out is my goal but the market has to be there.
What would really be nice is to be able to get all of them on one platform
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Re: Crypto volatility and NFT collecting
Not sure if this is related but I think I am a little concerned with the exchange FTX filing for bankruptcy and everyone that held their assets there. If they can go down then any of the exchanges can.
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Re: Crypto volatility and NFT collecting
Fugly16 wrote:Not sure if this is related but I think I am a little concerned with the exchange FTX filing for bankruptcy and everyone that held their assets there. If they can go down then any of the exchanges can.
I don't even know FTX, everything can file for bankruptcy but before I would think someone will buy wax since they have good projects. Besides we all know alot of people in wax aims for the physical redemption
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Re: Crypto volatility and NFT collecting
volatility in crypto has been going on since almost the beginning of Funko NFT releases. Its not concerning so much something you just need to keep an eye on. Same with anything else really
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Re: Crypto volatility and NFT collecting
bigant212 wrote:volatility in crypto has been going on since almost the beginning of Funko NFT releases. Its not concerning so much something you just need to keep an eye on. Same with anything else really
This is true actually sometimes it's an opportunity you just need to play it right
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Re: Crypto volatility and NFT collecting
Wax is really its own stand alone eco system I wish it would just stay stable.
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Re: Crypto volatility and NFT collecting
wen lambo?
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Re: Crypto volatility and NFT collecting
bigant212 wrote:volatility in crypto has been going on since almost the beginning of Funko NFT releases. Its not concerning so much something you just need to keep an eye on. Same with anything else really
It was a thing before funko did nfts.
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