Beleaguered NFT Traders Can Now Relive Mania With Fantasy League Game

As NFT winter deepens, Flip says its new fantasy league will still provide traders the “sweet adrenaline” of flipping JPEGs.

AccessTimeIconSep 30, 2022 at 9:29 p.m. UTC
Updated May 11, 2023 at 5:52 p.m. UTC
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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.

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  • “Fantasy Flip is a way to have fun in a bear market,” Flip co-founder Brian Krogsgard, who goes by Ledgerstatus on Twitter, told CoinDesk. “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.

    CORRECTION (Sept. 30, 2022 21:40 UTC) – Corrects Sam Hotchkiss' first name.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Tracy Wang

    Tracy was the deputy managing editor at CoinDesk. She owns BTC, ETH, MINA, ENS and some NFTs.


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