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This week’s whipsaw market movements test NFT traders’ resolve — What’s next?

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It goes without question that there has been an influx of excited investors piling into Web3 and this is despite the decrease in total volume sales in the last seven days. Since the start of May, the total market capitalization for nonfungible tokens (NFTs) rose to over $19.4 billion with the total volume exceeding $1.2 billion in the last seven days. 

7-day NFT market capitalization / volume. Source: NFTgo.ioAlthough volumes are lower than usual, spectators are quick to wonder whether the projects launching are delivering workable products given the amount of liquidity that pumps into them. Although this is not always the case, NFT investors are making their assessments based on roadmaps, announcements and projections that the team shares. However, given the speed at which the nascent NFT sector is moving, detours and roadblocks are to be expected when investing in NFTs. 

Notable projects and blue-chip status NFTs like Cool Cats’ Cool Pets, Axie Infinity and even Bored Ape Yacht Club (BAYC) have slightly deviated from their intended plans, slightly curbing its users’ enthusiasm. While this clearly worked out well for BAYC, it is important that investors understand that investing capital on the promise of a roadmap could ultimately lead to disappointment.

The unpredictability of growing pains 

It’s exciting to stumble on a project that appears to be blue-chip caliber. The project might tick all the boxes and the team has proven to have previously developed a working product, the art resonates with diverse groups of people. If the community is strong and rallies around their conviction toward the project and it’s backed by a desirable roadmap, then investors feel convinced that they’ve stumbled on a winner. 

Of course, all of this is no guarantee of success.

Take for example, Cool Pets, which launched on Jan. 31 and intended to roll out its play-to-earn (P2E) game, Cooltopia. A few technical setbacks delayed the roll out and resulted in many NFT traders losing faith in the project. Adding to this, on April 29, Chris Hassett, the former CEO of Cool Cats NFT, stepped down from his role and the company is now in search of a replacement.

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