This week we saw ETH and other cryptocurrencies make quite a tumble. The immediate reaction to this on Twitter and Discord can be described as panic. And once one artist shows signs of panic, it seems to simply latch on. Before you know it, your Twitter feed is one big, desperate black hole.
The general consensus was that January would be another bullish month, but so far, it has only gone downhill. Nobody can predict what will happen next, but a bear market wouldn’t exist with a bull market on the other side. Over 2021, Crypto and NFTs proved their utility and gained a lot of ground. They became more and more mainstream. Hence we believe we will see another uptrend ‘soon’, leaving when that is undefined.
Now, if you are an artist and freaking out about what to do in a bear market, you’ve come to the right place. We’re going to share 5 tips with you on what you can do in these ‘darker times’.
1. Time management
Over the last months, you might have spent a lot of time on crypto Twitter and in various Discords. Maybe you’ve also been heavily involved in other people’s projects. There’s nothing wrong with that, but now might be a good time to figure out a steady schedule for yourself and decide which your priorities are.
Which activities have been most fruitful for you? Whether that’s in sales, happiness, peace of mind or connections is up to you. Write them down and then try to make a schedule. When are you going to focus on what?
2. Focus on your craft
You might have seen this one coming, but bear markets are usually great times to concentrate on your craft. As fewer people might be buying NFTs, you can use this time to focus on the production of your works.
But hey, don’t feel pressured! Just because now is a bear market (for however long it may last, maybe it’s only a few days - so don’t stress) doesn’t mean you can all of a sudden shift into creative gears.
So first, find a way for yourself to spark those creative juices. Some simple ideas include going for a walk, putting on music that you like, visiting a gallery or museum, spending time outdoors or with friends/family (yes, sometimes social contact helps too), doing exercise, or taking a hot bath. Or maybe, for you, it’s smoking a joint, having a glass of wine, or something like that. Whatever you think helps you most!
3. Connect and build your network
This third tip is one of our most shared pieces of advice for any NFT artist in general but becomes even more important in bearish times. THIS is when you should show your love and support to others. THIS is when you should build those relationships.
People are feeling down; try to be there for them. You’ll quickly figure out that by showing your support to them now, they’ll do the same for you later. Encourage artists around you in their journey, give them a like, retweet and comment. Make posts highlighting your favourite artists. Host Spaces or join some, chat a little. Do this, for example, just for half an hour after you’ve spent time creating. You might be on a ‘high’ and be able to lift others up too!
We also suggest creating group chats or joining new Discords. It’ll help you to maintain relationships and find new ones.
Want to take it to the next level? Then make a list of the people you want to keep in contact with regularly. This way you can easily visit their profiles and your chats with them to catch up every now and then. You could even put this on your to-do list. That might sound very enforced, but it’s really not that crazy, especially not if your daily calendar is already quite full.
4. Think out of the box
You’re an artist, which probably means you got some creativity in you. We all know creativity goes far beyond a pretty picture: it’s mostly about problem solving.
So when things get rough, trust your talent. Use your imagination and inventiveness. Don’t sit still, but innovate. If you are worried about your income, then look for ways to generate alternative income.
With NFTs, you could, for example, think about collaborations that can help to expand your reach. Or launch a collection that’s free to mint - but from which you solely take royalties (we’ve seen only a few 1/1 artists try this so far, but it’s an interesting model).
You could also take elements from your NFTs and sell them as stock imagery for small additional benefits. Or look for NFT related businesses who are hiring. Many businesses need help with graphics or their art.
And what about reaching out to traditional brands that aren’t in the NFT space yet? You, as an NFT artist, could go ahead and lend them a hand to step into our space. The more brands we onboard, the more influx of money there is and the more stable the NFT space will eventually become. Nothing wrong with that.
Not a fan of any of these? Then what about learning to invest wisely; spread out your money over various assets, and get to know those assets in detail. Explore the new play-to-earn games, or step into communities and help them to build their audience.
We are sure that there are plenty of ways for you to generate an income with the new skills you’ve acquired over the last months. And iff you do have a buffer, then we recommend you to use bearish times to hone your skills and focus on your network. Either way, thinking outside the box will probably bring good things. Innovate! Think about the things you would like to see realised with Web3, and then figure out how to contribute to realising those things.
You got this.
5. Don’t freak out
Last but not least: don’t go crazy and spend hours each day reading negative tweets, watching the floor price on projects and the latest cryptoanalysis. Things are likely to become better. Don’t be too hard on yourself and use the time you have now to prepare for the next wave. “Wax your surfboard, train your underwater breathing skills, and work on your stamina”, as surfers do when the tide is low.
The past has proven that those who stay grinding, keep their faith and HODL often win. Of course, YOU know what’s best for you. But if we can give any last advice, then we reckon you do the same as our previous champs.