I qualified for 4 Zama NFTs. Pre-launch valuations had them priced around $5,600 each—solid numbers on paper. Fast forward to now, and you're looking at sub-$1k trading prices. That's a brutal 80%+ drawdown.

This kind of collapse completely reshapes how you think about the asset. The gap between projected value and actual market pricing isn't just a dip—it forces a real conversation about whether the fundamentals ever supported those initial valuations, or if it was all hype cycling through.

If you're sitting on these yourself, the question becomes whether you're holding for something or cutting losses. Market doesn't wait around.