In a bear market, every KOL who continues to produce high-quality content deserves respect, and they undoubtedly have their reasons and understanding for their unwavering commitment to the industry.

For our ninth interview, we are delighted to have WaTell join us to share his experiences in Web3 and insights into the Web3 space.

Q: I came across WaTell on Twitter and noticed that you're still a student. I'm curious about WaTell's background and how they got into Web3 and NFTs.

A: I'm currently a graduate student, majoring in "Fashion Design" at the Central University of Korea. Well, at least that's what it says on paper, but the reality is quite different. Due to my deep involvement in NFTs, I've ended up delaying my studies for several semesters. Fortunately, taking a break from studies is quite common in Korea (laughs).

I first stumbled upon NFTs towards the end of 2021. I remember it vividly; I was watching a couple of videos on Bilibili where a content creator talked about their investment in "Creepz by OVERLORD," which had surged tenfold in value, resulting in significant profits. My feelings at the time were mixed. First, I found it incredible that something seemingly as simple as collectible cards, similar to the ones that used to come in instant noodle packages, could be worth so much! Second, I was intensely curious about this new phenomenon called "NFT" and wanted to understand it better.

Being in South Korea, I didn't have to deal with internet restrictions, so I naturally started researching NFTs. One word was recurring in all the articles I read - "get rich quick." Reading these pieces got my adrenaline pumping, and I felt like I had stumbled upon a new world, much like Christopher Columbus discovering the Americas.

That's when I decided to download OpenSea. When I explored OpenSea for the first time, the first NFT collection I came across was "CoolCat," which Chinese-speaking users affectionately call "酷猫." As a newbie to NFTs, the vast array of these little cat-themed collectibles felt like a child peering through a toy store window. However, my excitement quickly waned when I realized I couldn't afford any of them at the time.

I embarked on a journey to learn how to download the MetaMask wallet, log in to Dapps, purchase ETH, and gradually progressed to where I am today.

Q: Many blue-chip NFTs are currently trading at historical lows. Do you consider this a prime opportunity for buying in at a low point, or is it a sign that it's time to exit before things get worse? Could you also mention a few collections and provide your insights on them?

A: I don't believe it's a time for buying low, nor is it a time to cash out. In other words, I don't think those who are already involved with or have purchased blue-chip NFTs should stay stuck in the phase of "trading existing blue-chips." From my perspective, there's no need to continue focusing on the so-called "blue-chip NFTs" currently in the market. The status of these collections as blue-chip assets has, to a large extent, been influenced by the FOMO sentiment of 2021 to 2022. As the old sentiments and trends fade away, we realize that they aren't as perfect as we once thought.

If you curious about "What kind of NFTs should we consider?" I would say, "New ones, the ones that may be puzzling, but have a strong community engagement." This is because I've found that in the world of Crypto and Web3, the most significant value comes from "people" and the "liquidity" they bring. Those NFTs with substantial liquidity and active community involvement hold the most value.

Q: Recently, projects like friend.tech and tips have gained popularity on social media. How do you view such projects? If the market experiences another bull run, do you believe similar projects will attract the same level of attention?"

A: If it were the old me I might have delved into analyzing the pros and cons of these projects and investigated the reasons for their success at length, aiming for better personal understanding, comprehension, and belief. However, today, I find such an approach somewhat futile. It's essentially seeking excuses for these "breakouts." The success of a project like FriendTech is undoubtedly a result of the perfect alignment of timing, circumstances, and people. Such success is challenging to replicate, and it's not worth expending excessive effort to explain it.

Nevertheless, I've learned a profound lesson - value lies in traffic. When you come across a project where the underlying logic appears rudimentary or even inconsistent, yet it enjoys high popularity with a substantial number of participants, you should proactively get involved. Dive into that muddy pool you might disdain, get your hands dirty first, and then contemplate how to cleanse it. The reason is quite simple, as I mentioned in the previous statement: value lies in liquidity.

Q: In your opinion, when and in which niche do you anticipate the next NFT bull market to unfold? Are there any strategies that Web3ers can employ to foresee the onset of a bull market?

A: I hesitate to make any definitive claims about where or when the next NFT bull market will unfold. In fact, I cannot even guarantee the existence of a "next NFT bull market." However, if, at some point in the future, NFTs once again capture widespread attention, I believe it would likely be driven by the "consumer goods economy." As for the second question, to be honest, I have not personally experienced the lead-up to a bull market, so I'm uncertain about what the market will look like in the period just before a bull market arrives.

Q: In the current phase, are there any potential sources of wealth or hidden investment opportunities that deserve our attention?

A: If we're talking about NFT collections, I believe there are very few collections in the secondary market that can be referred to as "hidden gems." However, in the primary market, there are still many promising profit opportunities. If you have access to the whitelists of these collections, there's a 90% chance of earning a decent return. Moreover, in my recent conversations with numerous NFT collections teams, I've noticed that the collections that continue to thrive in a bear market have mostly secured substantial funding. It's like the rough seas separating the wheat from the chaff, with bear markets helping us identify high-quality projects.

Q: One of the reasons Web3 has a high barrier to entry is the lack of a structured learning path. Do you think there are effective learning paths that can help Web3ers rapidly evolve into professional researchers or Degen Players during a bear market?

A: It's quite straightforward. I believe there are two key points: 1. Follow those outstanding researchers to observe their practices. 2. Put yourself in others' shoes and consider what information you'd most want to know when trying to understand an unfamiliar project. Make those aspects the focal points of your research. Similarly, if you aspire to become a professional Degen Player, all you need to do is follow the top Degen Players.

Epilogue

We want to express our sincere thanks to WaTell for sharing, and we hope that everyone can make their mark in their areas of passion.

We look forward to seeing what’s next for them and how their plans unfold in the years ahead. Stay tuned for our next engaging conversation with another prominent Web3 leader.