# Crypto Down, NFTs Up *Author: David Hoffman* *Published: Jan 31, 2022* *Source: https://www.bankless.com/crypto-down-nfts-up-639070caed39286b12323252* --- Dear Bankless Nation, Last week, we published “[5 Reasons to be Excited about the Bear Market](https://bankless.ghost.io/5-reasons-to-be-excited-for-the-bear-2eb/)”. Since then, ETH & BTC are up 6%, to $2,700 and $38,500. Not bad. The bear has stayed away for at least another week. But you know what’s up way more than 6%? **NFTs.** NFT’s have broken records in January. ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/public/images/9d9e68ed-69ea-48df-a7b6-3073657484b3_1736x956.png)*Crypto down, NFTs up* It just goes to show… Crypto has fragmented into niche markets: L1s, DeFi, NFTs, GameFi, DAOs, etc. And there’s always a bull market somewhere. Every time I see the red “-20%” numbers on CoinGecko, I open up OpenSea and peruse the JPEGs as a coping mechanism to distract from the pain. Apparently, I’m not alone. January NFT volumes have absolutely dominated all previous months, *even after you take out the NFT wash-trading from LooksRare.* ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/public/images/64ee4c57-3f72-4faf-8e3a-241b73110457_1422x790.png)*Not a bear market for NFTs* Why are NFTs going up while crypto’s going down? Simple: NFTs have net new buyers right now—the rest of crypto does not. A few NFT collections have hit record floor prices, so let’s dive into a few of them! ### 1. Bored Apes The BAYC floor is at an astonishing 115 ETH. **That’s $300,000+.** 🤯 Absolutely mindblowing. I’m actually highly skeptical that this is organic demand; there are definitely some handshake deals between BAYC and celebs who are donning them as PFPs, making it hard to discern what’s true demand and what’s marketing, but that’s a topic for a different day. Justin Beiber bought BAYC #3001 for 500 ETH, a purchase that has left many speculators perplexed as to why Justin would pay $1.3M for an ape that’s worth something closer to $250,000. ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/public/images/feb04ba3-b2fc-4b53-85b4-1a03f2467c04_1176x1250.png)I guess it’s pretty on-brand for BAYC to be messing things up like this tho 🤣🤭 ### 2. Doodles [Doodles](https://opensea.io/collection/doodles-official) have hit a 15 ETH floor, up from just 2-3 ETH a few weeks ago. Their unique art has attracted many believers claiming that they’re the next big thing! I tried my best to get on the Doodle train, but I just couldn’t find resonance with them. [Eric Conner](https://twitter.com/econoar) told me to [HFSP](https://www.urbandictionary.com/define.php?term=HFSP). ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/public/images/d0ed75b3-addd-4df6-9841-0ee0a5128c43_1358x678.png)Justin Beiber disagrees, and also hopped on the Doodle train. > [](https://twitter.com/purple_police/status/1487505220867342349) ### 3. Azuki [Azuki’s](https://opensea.io/collection/azuki) are new on the scene. Just 21 days old, and have risen to a 10 ETH floor. ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/public/images/438df781-2282-4a8f-9ed0-fbbe5cb3e250_2512x1744.png)These PFP NFTs have found resonance with anime and Asian-culture lovers, but also with 3x NBA champion Andre Iguodala. > [](https://twitter.com/andre/status/1486506963735232514) Absolutely no clue why he chose a snot-bubble Azuki to flex on his 1.3M followers… but… Hey, to each their own. ### 4. Cool Cats ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/public/images/4b6bd3f1-44ef-4ce0-a382-fa7bffaa6999_2266x2374.png)The Cool Cat floor is at 15 ETH! The whole cat community is very excited about Cool Pets, which is like a Bored Ape Kennel Club addition to the cat’s ecosystem but also has a Neopets element, where you can engage and care for your pet. > [](https://twitter.com/nq/status/1487847502208450566) Innovation like this has become the new table-stakes for an NFT ecosystem, as attention is always fleeting. High-touch things with hyped announcements are definitely driving attention to Cool Cats and are one of the main forces behind the rising floor price. Also, they’re just so damn cute! > [](https://twitter.com/TrustlessState/status/1487157750970732545) We like the cats ¯\_(ツ)_/¯ *(disclaimer, I own 1 cat)* ## Not-Pumping NFTs that are also my bags There are a few NFT projects out there that have strong highly engaged communities that have captured my attention lately! ### 1. Crypto Covens I’ve fallen in love with [Crypto Covens](https://www.cryptocoven.xyz/) lately. It’s a female-led NFT project featuring various witches. The art is super unique and the community is very grounded and wholesome! ![Image](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/public/images/fbaaa5ee-4812-4b16-844a-8a5450dbe961_3678x1198.jpg)The play is that this becomes the lady-beloved NFT project, shoulder-to-shoulder with [World of Women](https://worldofwomen.art/). Most of my Web3 lady friends love this project and the endless permutations of hairstyles and looks. ### 2. MFers [MFers](https://mfers.art/) are hard to hate. They’re the perfect level of facetiousness but also good vibes. They’re not as egregious as [CryptoDickButts](https://opensea.io/collection/cryptodickbutts-s3) when it comes to ‘sticking it to the man’, but they’re still so offensively simple. ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/public/images/fcdb4677-e947-4752-addf-ba097b79b3db_2232x1600.png) ### Concluding Thoughts People are leaning into the ‘fun’ aspect of NFTs lately. NFTs are helping us collectively recover from the gut-punch of this year’s price action. It’s been impressive to watch floor prices go up almost universally in **ETH terms, while the USD value of ETH falls**. The crypto markets continue to segregate and mature into better versions of themselves! Markets are reeling, but communities are vibing. Which begs the question that I posed in last Market Monday’s piece: Does it *feel* like we’re in a bear market? - David --- *This article is brought to you by [MetaMask](https://www.bankless.com/sponsor/metamask-1776260643?ref=crypto-down-nfts-up-639070caed39286b12323252)*