The cycles of the crypto market are as predictable as the changing seasons. There are times of exuberance and times of despair, times of growth and times of stagnation. As we witness the current bear market unfold, it is important to take stock of the stages we are likely to encounter.

Stage 1 is the Unwind. Prices pull back, but it doesn't feel like a bear market yet. Investors and builders are optimistic, and life goes on as usual. This is the time to be vigilant and disciplined, to prepare for what's to come.

Stage 2 is Capitulation. This is when things get ugly. Prices crash, narratives die, and layoffs abound. The bears are out in force, and any bounce is immediately sold into. This is the time to hunker down, to hold on for dear life, and to steel yourself for the long haul.

Stage 3 is Exhaustion. This is when the market hits rock bottom. There are no bounces, no narratives, and no excitement. It's a time of boredom and silence. This is the time to stay focused, to stay interested, and to stay the course.

It's easy to get discouraged during these tough times, but it's important to remember that bear markets are good for the industry. They test individuals, companies, and industries, and those that survive come out stronger and more disciplined. Communities that form during these times hit a different level of strength and resilience.

We've been through this before, multiple times, and we'll do it again. The NFT projects that are still building and growing their communities will emerge from this bear market unbreakable. The teams that survive this bear market will be the ones that endure for years to come.

So, to all those in the crypto space: stay around, stay interested, and stay the course. Bear and bull cycles will always occur, but human nature doesn't change. We are building an open, permissionless world, and it will take decades, not years. Close the computer, zoom out, and go for a walk. And remember, don't give up.

NFTs have unlocked a new technology layer that has revolutionized the way we view ownership and value. As we move forward, NFTs will continue to create innovative applications that have the potential to shape our future.

We are builders of the future, and we have the power to shape it.