BREAKDOWN: Are NFTs the True Store of Value?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 29 January 2022
⏱️ 13 minutes
🧾️ Download transcript
Summary
OpenSea had its best month ever even as the rest of crypto nuked.
This episode is sponsored by Nexo, Abra and FTX US.
On this edition of the “Weekly Recap,” NLW examines why NFTs are having their best month ever, even as the rest of the crypto market bleeds value.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Time” by OBOY. Image credit: Jose Martinez Calderon/iStock/Getty Images Plus, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:08.9 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:14.9 | The breakdown is sponsored by nexo.io, Abra, and FtX, and produced and distributed by CoinDesk. |
| 0:22.6 | What's going on, guys? It is Saturday, January 28th, and that means it's time for the weekly |
| 0:28.5 | recap. And on this weekly recap, we are discussing the all-important question. Are NFTs the true |
| 0:36.5 | store of value? Before we get into that, if you are enjoying |
| 0:40.9 | the breakdown, please go subscribe to it, rate it, review it, or join the Discord. That's where we |
| 0:46.9 | discuss everything that we talk about on the show, plus a heck of a lot more. If you are |
| 0:51.1 | interested, you can go to the link in the show notes or go to bit.ly slash |
| 0:55.4 | breakdown pod. Finally, a disclosure. In addition to them being a sponsor, I also work with |
| 1:00.9 | FTX. So, if you are in the crypto industry, you had a painful last weekend and not much better a |
| 1:09.1 | week. But you also probably noticed something weird. |
| 1:13.7 | To explain that weird thing, let's start with a few tweets. Moon Overlord writes, |
| 1:18.6 | Not gonna lie, feels like crypto is about to completely implode. It's getting ugly in every corner, |
| 1:24.9 | except NFT land where people are just viving and buying JPEGs. |
| 1:28.4 | Frank Shapiro over at the block says people who keep saying crypto hasn't been a hedge |
| 1:32.3 | have clearly not been looking at the NFT market. Thus far, NFTs have proven to be the strongest |
| 1:37.2 | macro hedge. Convince me I'm wrong. Sue from Three Arrow's tweets told some Tradfai guy today that |
| 1:42.9 | crypto natives hedge against uncertainty |
| 1:44.5 | by accumulating NFTs. He thought I was kidding. I said, check the tape. So what the hell is going on here? |
| 1:52.5 | Well, let's recap with what's been going on more broadly. At the end of last week, Bitcoin just |
| 1:57.6 | broke down from around the $42,000 level where it had been hanging out, |
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