Market crashes, or “corrections” as they are often euphemistically called, are not entirely bad things. While it is true that a lot of people can and often do lose a lot of money, they are a natural feature of any investment or financial ecosystem. In fact, most investors say that such crashes are necessary in order to shake out all the weak or overhyped investments. To paraphrase Warren Buffet, market crashes expose investments that are naked and, perhaps, worthless. In the NFT world, the crash is exposing CryptoPunks and Moonbirds, leaving Chronoly (CRNO) looking full dressed and solid.
Cryptopunks failed to sell at auction
Earlier this month, Sotherby’s decided to withdraw CryptoPunks NFTs, fearing that they simply wouldn’t sell. After much deliberation, the conclusion was reached that the seller of CryptoPunks has decided to HODL the NFT’s. As The New York Times points out, it is customary for auction houses to withdraw from sales due to legitimate concerns or a fear of being flopped.
According to one NFT collector, the auction company warned the seller that the CryptoPunks collection was unlikely to sell at a lower estimate, hence the sale fell through. This should’ve been the pinnacle of the CryptoPunks collection. A bundle of 101 BAYC NFT was sold for $24 million just a few months ago, and supporters of the CryptoPunks were hoping for similar results. The complete and embarrassing flop of the auction, though, may suggest that the enthusiasm for Cryptopunks has vanished.
Moonbirds spiral back down to earth
Blue-chip NFTs like Moonbirds have seen their floor prices and market capitalization fall by more than 50% during the month of May. Moonbirds had been considered a blue-chip NFT
Blue-chip NFTs are the most popular NFTs in terms of market capitalization, and they’re also the least volatile. The collection’s meteoric rise surprised NFT fans, with the collection immediately outselling popular series like Bored Ape Yacht Club and CryptoPunks in terms of sales volume. However, the crash they have undergone in recent weeks may indicate that investors are growing wary of NFTs or tokens that have only novelty value going for them but little else.
Chronoly (CRNO) is not naked
Chronoly (CRNO) stock is supported by luxury timepieces of the likes of Richard Mille, Audemars Piguet and Patek Phillipe. Chronoly (CRNO) provides its investors with the opportunity to buy a share of a valuable luxury watch. Consumers will be able to invest as low as $10 in the NFT marketplace of Chronoly (CRNO). Whales that have invested in Chronoly (CRNO) believe it will be the next big thing in cryptocurrency.
During the presale, Mark Engleberg, a famous crypto expert, predicted that the price of Chronoly (CRNO) will climb 2,500% higher before the presale comes to an end. Due to its unique utility as a currency for the Chronoly marketplace, several crypto experts predict that Chronoly CRNO is likely to be a unicorn by 2023 thus producing hefty returns for presale investors. So this week’s pick for the cryptocurrency most likely to bring the largest gains for investors is, you guessed it, Chronoly.
Website: https://chronoly.io/
Socials: https://linktr.ee/chronolyio
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