All the tell tale signs of the next risk contagion coming to the crypto/NFT space but at the same time also expected and necessary if you actually educate yourself on the space.

Lots of crypto projects thought they were clever by no listing on CEX’s or on exchanges that were under the purview of US and EU regulatory bodies. What the project founders didn’t really think about is many questionable exchanges like Binance, Gate.io, Kucoin, MEXC and so on are most likely owned by only a handful of owners. It was always a risk gamble trying to avoid regulatory scrutiny by listing your project token on questionable exchanges and now the reckoning is approaching.

We’re going to see not the full arm of the law crack down on shady CEX exchanges these next few months as well as on DEX’s. If you think that DEX’s cannot be touched at all by regulators because there is no sole owner you severely underestimate the ingenuity of regulators. Remember these are the same people that finally nailed Capone on Tax evasion, not murder. Ultimately this is a net positive for the space in the United States because there is no other country on Earth that has the regulatory framework and open discussion as well as the massive economy like that of the United States. Not only in crypto but in many other areas of legal, land rights, business, trade, reserve currency, talent pool, education. You can listen to the geniuses who say the US is falling under and the world is ending or you can leave their bubbles and see the forest and not the trees alone. Great debate and contention always precedes great innovation and break throughs, so says I.

Anyways, if I haven’t pissed you off already please keep reading.

The NFT market and crypto market are interlinked but they are separate markets. They may enter or exit bull and bear markets at different times so don’t look for cues in one to translate as signs in the other. NFT’s are getting into the next evolutionary stage of their existence with gaming, cross chain gaming, asset lending, the beginning stages of standardized protocols for cross asset NFT gaming, as well the new era of phygital drops.

As you all know I am a massive supporter of Sanrio’s NFT initiatives and as I have stated before in previous threads here, I believe their genesis NFT project coupled with their future phygital initiatives they are sure to announce in the future will create massive value for the genesis collection as well as introduce Sanrio NFT’s to the masses through multiple collections, collaborations and countless drops.

The picture at the top of this thread is that of the floor for Snapshots on the Recur website. This is the first drop of challenge cities I explained in previous threads and will be part of the dynamic attribute system that Recur will employ. I am very excited on how Recur will implement this new system. Dynamic NFT’s allow NFT’s to change over time due to any number of inputs or external factors. These could be time, adding or wrapping additional traits, completing quests, etc. This dynamic system will completely flip rarity charts and tables on their heads. At least that is what I suspect since there are no longer any rarity tables listed on the site. Initially the site had rarity listings for all PFP’s from the HK collection. However if dynamic wrapping is utilized then then the potential for new attributes might skew the rarity table. In other words the table would always be changing and so a set fixed rarity table, before the wrapping, was good to have but with the wrapping the table will change and so it is useless to hold on to old data. Dynamic NFT’s will also be able to increase or decrease their rarity levels. So you have to be careful to wrap or merge/fuse the correct traits otherwise you may lower the overall rarity of your PFP if you don’t know what you’re doing. Of course there might be rules that say “If you wrap a HK riding on a bike with a Snapshot of My Melo sitting at the beach holding a camera you’ll create a whole new PFP” However the mods have said the original PFP will remain the same so I take it a new secondary pfp/snapshot will be created however it still may affect rarity levels. In the NFT space what was true today may not be true next month and I wouldn’t expect MODS not well versed in the latest in NFT tech no understand what they are talking about unless they actually follow NFT’s. I mean if we want to get crazy, RMRK’s composable dynamic NFT’s are really ahead of the game but that’s another discussion altogether. The point is MOD’s are usually only told what to say and keep their lips sealed about any important information.

I do hold a sizeable amount of snapshots because I see these snapshots and the HK NFT’s (PFPs) to be very undervalued due to current market sentiment. I believe the wrapping will introduce fresh money and eyes to the collection as it will allow holders of lower rarity NFT’s to be transformed into higher rarity NFT’s if they wrap the right snapshots to them. At the same time people who hold rarer NFT’s will be able to further increase rarity too. Dynamic NFT tech allows new possibilities to open with the direction and scope of what NFT’s can do.

Barring any overly positive news, I do expect the floor for Premium Snaps to go down to 20 to 25 level over the next few months as people grow impatient with the wrapping announcement. The wrapping was supposed to be in December of 2022 but has been delayed since then. I am expecting an end of August launch for the wrapping. In the short term prices may decline further as stated and it will be a great opportunity to scoop up cheap snaps as you do not know if the low rarity snap might become much more valuable as a wrapped item to certain PFP’s because it possesses desirable traits that when combined with an HK NFT will boost the original NFT’s rarity or add a new attribute few others have.

Even if the dynamic wrapping is not as elaborate as I believe it will be, it still does not take away from the long term phygital and digital NFT roadmap that Sanrio is sure to follow. While others are crying and wimpering that prices are falling and that it portends the end of the NFT era, you should be looking at opportunities presenting themselves at those prices.

Also I have mentioned that the current bear market, coupled with Recur’s miscalculated forays and management of their NFT IP’s, has created a cynical and acidic environment in the Discord. So much so that I can’t even write the way I do here because for one nobody there wants to understand the future of NFT’s or they don’t care about anything but “community” and apparently complaining about Recur’s well established history of problems is somehow the new norm. I get it, I was complaining for a long time too but I kept buying though. It’s one thing to complain about how a licensee manages a leased IP but its another to also lose scope of the owners of the IP brand, their initiatives relative to the overall NFT market and the long termimpact of NFT’s on the world. When you look at things from this perspective, Recur’s mistakes are absolutely insignificant. Of course, bless your soul if you invested in their self created brands like NFTU which from the beginning was all hype. In the end you need to take ownership for being a sucker in believing the words of startup’s in an industry that changes month to month. Many people underestimate how ruthless and constantly changing the NFT landscape is. This applies to me as well. Recur could go under and the HK project would be put on hold until someone else bought the rights to the NFT experience, of which I have no doubt would have many takers.

The HK Discord now is just full of rightfully angry people. The more successful ones vent, re-evaluate, and then proceed to sell at a loss or adjust their portfolios. Others like me just keep buying. I don’t know maybe we have a screw loose but, at least when it comes to HK, the Sanrio brand and NFT’s are a match made in heaven. However if I’m not complaining endlessly for days, weeks, months, on end with the other pitchfork holders I’m seen as an oddity who doesn’t know what he’s talking about.

I do check the general chat and HK chat but I have blocked over 165 people as of today and it will rise. Most of them are not bad people it’s just that their whining and complaining clogs up any important info the Mod’s might have and I don’t want to scroll through hundreds of messages on an important day to find news. Many times Recur Mods say something important but no official announcement is made and so the general chat is the go to place. I don’t really care to make friends with most of the people on HK discord because most are so negative or jaded. People made the choice to invest and now blame everyone but themselves for how they spend their money. Jeez. I never believed anything Recur says. I only believe in my choices and in my plan. That’s it. I was once angry about the stamp redemption being done so hastily and before that about the crappy communication Recur has with the community but then I told myself “You know what, you need to man up and take ownership of what you got yourself into. It’s your own damn fault for having unfounded expectations because you saw the grass greener on the otherside with other projects.”

In the end I’m here to make money and improve my standard of living for me and my wife. If I make healthy friendships with people that is a plus and if you have made healthy wonderful and net positive friendships online then that is fantastic. However, the priority is making my investments work. Not trying to get rich quick, or be quick to blame others for my choices.

I know blocking people is considered taboo in the online world but I really don’t give a damn. If you whine all the time and post meme’s all the freaking time and distract from official news or from people who actually post informative content on the Discord, you’re wasting my time and you deserve to be blocked. It’s unfortunate discord has no mute button for conversations within a channel. In a toxic community that has resentful people, they eventually turn on you and each other. All it takes if for you to call them out and they all turn on you or are looking for an excuse to vent their anger from the mods, onto you. Block, block block the negative Nancy’s when a project is good but the project is just not meeting the expectations of the community. This is a recipe for contentious fighting as people see the value in what the project is doing but are baffled, usually because of ignorance on how most Web 3 startups are exactly like this, at no progress being made. If you are making the same mistake I did by comparing great community managed projects, to Recur, you’re going to set yourself up for failure. Even great communities have been rugged or have had project leaders who didn’t mange their projects correctly. Usually though their ideas were shit to begin with but people love the utopian ideals of “community” so freakin much they forget to use common sense when analyzing how the project or business will generate realistic value. If you throw in a few marketing terms and Web 3 terms, wrap it with “community” as the center piece and you get suckers by the thousands jumping in. They’re warped in the mind. The first thing that you should think about is “Is the project and its initiatives viable?” “Does the project have something, an edge, that will give it a leg up?” “Is the project aware of the changing landscape and can it adjust even if it means drawing the ire of the community?”

People who harp on about community as being the only important thing to focus on should be avoided.

When the bull market starts to return in the NFT space all the whiners and weak hands and complainers will have sold and be long gone. Fresh blood will enter, more positivity will ensue, new money will of course enter and everyone will be happy as a clam. The people on the HK discord, with the exception of a few, will be long gone by next year when I think the market will really bounce back. By the way so many people larp on about “OG’s”. “Oh yeah so and so was an OG but he or she left!”

Bro no one cares or should care or will ever care about “OG’s”. Also to be honest a real OG doesn’t complain. I’m not an OG because I was crying like a baby at one point on the Discord. The real OG’s just don’t get caught complaining. Period. But even then who the f is keeping score?

It’s all about making money in the end. That’s it. Money money money. Gasp! If you can maneuver correctly through the NFT bear market, you’re an OG in my book. But then again who cares what I think too? Make your money, reinvest, rinse and repeat. Community ass kissing don’t pay the bills. Make friends but friends who can handle bullshit. The moment they become resentful trolls or angry plebs, you need to reevaluate your friendship, distance yourself or just move on completely. Friendships in the online world are generally a dime a dozen.

Oh by the way if anyone from the Discord is reading this and you’re angry that I blocked you, please don’t take it personally. You’re just clogging up the channel with either too many memes or negativity that is well established. It’s not news anymore. I can’t stop you from expressing yourself, just block you.

Also if you’re one who is angry that likes to play politics and is angry with me because I blocked your friend, I respect your courageous stance but I don’t got time for you either. Blocked.

If you block me, it was probably never meant to be either lol.