Are NFTs Dead Cold Blooded Shiller

Popular crypto trader and Twitch streamer Cold Blooded Shiller posted a Twitter thread on why he’s buying the NFT dip and bullish.

Within cryptocurrency Twitter circles @ColdBloodShill (link to his NFT thread) is one of the most respected traders, known for correctly being bearish since the $69,000 Bitcoin top and during parts of the 2018 bear market – active on Twitter since then. He also runs a trading community ‘The Haven Crypto’ with @CryptoUB, @pierre_crypt0, @LSDinmycoffee and @LomahCrypto.

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Cold Blooded Shiller

In the thread CBS posted that he’s been buying Otherdeed for Otherside NFTs on the dip (virtual land plots in Yuga Labs’ metaverse game), taking advantage of NFT floor prices – usually measured in ETH – and the price of Ethereum dropping at the same time having a compound effect.

The sell off in ETH and floors being undercut has been a ‘double punishment’ and the panic selling creates an opportunity for cash buyers, he tweeted.

He noticed a shift in the floor price vs ETH price dynamics in mid June, when BAYC began to bounce, and started buying NFTs at that point. Another well-known crypto trader DonAlt also bought a Bored Ape NFT on the dip, sniping the bottom.

He also noted the ‘flight to quality’ of CryptoPunks NFTs being bought up, and overall is looking more at blue chip NFTs to invest in:

‘I think NFT investors who could not afford bluechip projects are moving in. The market is migrating back to quality / history. New NFT investors are interested again at trying the market at these prices (ETH). Old NFT investors are taking advantage.

Collections that were previously $100,000 floors are now $10,000 floors. Bluechips with huge barriers to entry have had their walls pulled down.’

Cold Blooded Shiller later posted he had bought a Doodles NFT on the dip.

In earlier NFT tweets from 2022 he posted:

‘There’s nothing that’s done more for normie crypto usage and integration than NFTs. I still believe we’re at the warmup phase in a macro sense. Find the right projects and hold. Good teams and social media acceptance / recognition are two of the biggest and easier “hold” signals you’ll find.

Once both sides of the polar extremes (gamers who hate NFTs and NFT lovers who want to ram NFTs down gamers throats by telling them how great they are and how dumb they are for not wanting them) find a middle ground then we’ll see huge growth.’

In terms of the crypto markets, he doesn’t think the ETH low is in yet, predicting a lower macro bottom – but is accumulating Solana (SOL) and LooksRare (LOOKS) due to their connection to NFTs.

On his latest Twitch stream he also mentioned STEPN (GMT), aka Green Metaverse Token can recover.

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