Non-fungible token (NFT) traders who’ve lost real money amid this year’s market downturn can now try wagering fake funds on JPEGs through something akin to fantasy sports, amassing a mock portfolio through NFT data and trading platform called Flip.
Participants in the new NFT fantasy league can pretend-buy NFTs, and those with the best simulated portfolio performance win prizes.
“Fantasy Flip is a way to have fun in a bear market,” Flip co-founder Brian Krogsgard, who goes by Ledgerstatus on Twitter. “Most of us are too poor to be spending the [ether] we have left on huge sweeps, but we still want that sweet adrenaline rush of flipping JPEGs. It’s fun for folks who want to participate in NFTs but can’t do so with big money.”
NFT trading volumes have fallen nearly 97% from this year’s January highs, according to data provider Dune Analytics. And many formerly high-flying JPEGs now fetch a pittance compared with their peak prices.
“We may be too poor to transact much in real life, but we still have the spirit for NFTs,” Krogsgard said.
There are, however, 36% more NFT traders now than there were a year ago, according to a report by DappRadar. “NFT volumes are way down across the board, but interest is still high,” Krogsgard said. “We're still super excited about the future of NFTs.”
Flip, launched amid the NFT winter in April 2022 by Krogsgard and co-founders Sam Hotchkiss and Jennifer Jacobs, helps customers navigate the actual – not fantasy – NFT market, enabling trading on multiple marketplaces and providing portfolio and wallet tracking.