Friday (April 2nd) to Friday (April 9th): Marketplace Reaches All-Time Low
When will it end? Haven’t we suffered enough?
The whole week was a mess. The market continued to slide, the number of buyers dropped and never quite overtook the amount of sellers on the market, and the marketplace even closed.
My own portfolio endured a difficult week, dropping to nearly $300 in the red. This was indicative of the entire market as Moments dropped in value throughout the community.
The mood on Discord was one of anger, frustration and then general apathy: a circle that I myself also experienced. There was a pre-order pack due to drop by April 7th – this failed to happen with relatively poor communication from the Top Shot team, and also the Marketplace was down for a period.
Alas, the market (I hope) is cyclical and the dip presented an opportunity to snag a Moment at a relatively good value.
Using my Dapper Balance, I splashed out on a Jayson Tatum Base Set (Series 2) Limited Edition for $27. Although it’s a 1200+ serial number, the market sales history has shown it could fetch anything from $50 to $500 in the medium term.
Again, I stuck to my new tactic of only purchasing Limited Edition Moments. The sales history of this particular Jayson Tatum Moment paints a pretty picture moving forward.
Light at the End of the Tunnel
Having bottomed out a swing of almost $450 and a low of $-295, my portfolio is starting to show some life again.
Although it very much remains in the Intensive Care Unit wing of NBA Top Shot, the portfolio prognosis is a positive one.
While the big red $-245 profit is alarming, the improvement in the last twenty-four hours of 6% bodes well for the coming weeks.
I have been vocal in how bullish I am on the future of NBA Top Shot, and still believe it is only operating at about 20% of its full potential. As such, I expect to see my portfolio breakeven again within two weeks (particularly with the rescheduled April 14th pre-pack drop).
Status After Day 25: -$245