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The Garden of Magic Eden
by
Seth King
https://li.substack.com/p/the-garden-of-magic-eden
Mandatory read on how Magic Eden has been deceiving the public to seem like the most successful NFT marketplace on Solana.
The Medium article's got 1.5K+ likes, and was written months ago, so not sure how the person would feel about it today, but I'm guessing their opinions haven't changed.
TLDR on this: The numbers behind Magic Eden don't add up. Looks like they may be presenting volumes of other marketplaces as their own.
Damn that's too bad. Hate seeing a few turds ruin the reputation of a promising opportunity. NFTs will come back around I'm certain of it. Just a lot of bad news as the market turns.
I bet give it 2 years and NFTs are cooking hot once again.
NFTs, as they exist today, are a scam. And there are so many charlatans in the space.
Just yesterday the department of justice slapped charges against a person promoting “Baller Ape Club” NFT in a rug pull.
I wouldn't avoid this stuff like the plague right now. In a few years, they might come around but there needs to be a purging of the bad actors and probably some regulation.
So...the author of this post is talking about how web3 companies are prospering in the long term, despite some rough short-term hiccups (a.k.a falling 70% over time). I don't buy it.
The company might have just raised $130M at a valuation of a $1B but it's going to go the way of Coinbase. People will say it's got room to hit $400, and then they'll be less confident when its in the low $50s.
A stock's price doesn't reflect a company's long prospects, but the hype behind NFTs and Web3 is falling fast, regardless of what the author of this post says (I'm guessing she's somehow involved with a VC firm in some way or another).