Bear Market, Build On!

How to take advantage of what is going on lately

Bear markets are more than a good time window to benefit from investments (buying NFTs at lower prices) – they are the perfect time to double down and build your NFT project.

Historically, bear markets are an inevitable part of the crypto sector. During these times, it is easy to feel unmotivated while seeing token prices drop. We’ve got three tips for you on how to live long and prosper beyond the current bear market.

Take Advantage of Fear, Uncertainty, and Doubt (FUD)

FUD is a term we know all too well. When there is negativity, there is also added anxiety in the market. Don’t let this anxiety take over! 

Beyond stopping negative self-talk, remind yourself that ups and downs always happen. However, as prices are down, it’s a great time to build your community and user count. Everyone loves a discount – even in a bear market. Consider encouraging users to buy an NFT from your collection while prices are much more reasonable.

Focus, Focus, Focus!

Bear markets obviously are difficult times, but they can also bear fruit (pun intended). Bear markets offer a great opportunity to reflect on your NFT project and generate momentum and hype.

Building solid fundamentals is crucial for any NFT project. If you’re working on a totally new collection, here’s the chance to do more research on what people are interested in buying now. If you haven’t launched your NFT collection, use this time to create unique artwork and build community excitement. Already got an NFT project? Start working on new features for your NFT project – or improve what you already have! 

Know (and Build) Your Community

KYC is of the utmost importance in the crypto/ NFT space, and we’re talking about Know Your Community! And bear markets happen to be the best time to start campaigns to find out where your user base is and who you are building for.

If you happen to (unfortunately) see your user base drop, take note of what your NFT community is engaging in – and take part too. Reaching out to your community is a must-do! Take measures to reassure your users that you’ll prosper through this bear market and that you’re in this for the long run.

Bear markets are a chance to double down on development and establish trust in your community. User engagement is understandably higher during these times, with many doom scrolling to find hope. Your excitement and enthusiasm for your NFT project may be the silver lining for an avid NFT collector out there!

Wrapping up

You may think otherwise, but when things are uncertain, it’s always a good idea to build. While other projects are worried, cutting down on budgets, and postponing announcements, seize the opportunity by building and promoting your NFT project when the space has less competition. 

Use this bear market to scale and connect with your community. Happy building!

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About Refinable

Refinable is a decentralized multi-chain NFT platform and marketplace designed for creating, trading, exploring, and leveraging NFTs. The project’s aim is to become the go-to platform that empowers individuals and communities to adopt and benefit from the experience of using NFTs through their low transaction fees and high efficiencies when it comes to creating and trading on the blockchain.