It is pretty quiet right now. Some people are leaving Web 3, some are sitting on the sideline waiting. Others continue to create everyday seeming oblivious to the Bear Market. In times like this some perspective is needed. We have been doing this “Web 3” thing for a very short time. Yet artists have been creating for thousands of years. Web 3 is not a miracle cure for all that ails us. Sure, it has the potential to create previously unattainable opportunity for some. But it probably isn’t right for all. The pace of Web 3 the last 24 months is not sustainable for most of us, and this has created stress and anxiety for many.
I believe we are at a predictable inflection point in which some of us will continue to embrace and thrive in Web 3 while others will opt out. This is ok. It is healthy.
Do you want to stay? Great, but maybe you are anxious, or spending too much time online, losing sleep, possibly even finding yourself envious of other’s success. What can you do? Acknowledging these emotions or behaviors is the first step. It could be time to rebalance and lessen the priority of Web 3 in your day-to-day activities. Touch grass, adopt a long-term outlook regarding Web 3 if you haven’t already and stay patient. Understand the danger of FOMO. Create, create, create. Most of you were creating art prior to Web 3. So why not adopt a pre Web 3 mindset and focus on creating?
Stay original. Resist the urge to copy the latest trend. If it is hot, it is likely too late. Go ahead mint and vault work each year so that when demand returns, you have work available. In the meantime, think of yourself as a collector of your own pieces.
Right now, those that are actively collecting are looking to established artists as kind of a “flight to safety” This is a common human reaction much like stock investors avoid growth stocks and accumulate large blue chips in times of economic uncertainty. This will likely continue for a while until collectors become comfortable with the markets again.
Once the market loosens up, and I believe it inevitably will, offer your work at a price attractive to others. I believe when sales pick up, the key will be to get work into other’s vaults rather than focusing on maximizing the price of individual pieces.
Remember, these are the thoughts of one collector. Every artist ultimately needs to do what feels right to them. Don’t overthink it, just make sure you have a plan you can execute.
In closing, if you only take one thought from this article, please keep this in mind: No strategy is correct for every artist. But every artist needs a correct strategy. Good luck in the world of Web 3!