With the sharp drop of blue-chip PFPs this weekend, the era of NFT 1.0, which relied solely on community support, has come to an end. Talin Tastingo.eth, a crypto researcher, has summarized the main features of NFT in the two years since its formal outbreak, as well as the positive aspects that still exist in the bleak situation.
Characteristics: 1) Fresh narrative. A large number of cultural and entertainment enthusiasts who have not previously experienced cryptocurrency have entered the crypto circle; 2) Wild growth, low cost for project parties to commit wrongdoing. The industry has no clear norms or legal protection, nor consensus on self-correction and restraint mechanisms; 3) Hodlers generate power for love. Project parties treat hodlers as consumers, stubbornly refuse to compromise, and hodlers treat themselves as co-builders, ultimately getting hurt; 4) Excessive financialization. Blur shows the bad culture of the industry’s insiders rolling themselves, eventually leaving project parties with no long-term profit point, completely flatlining, and the entire industry entering a garbage time; 5) Single business model. The 20,000e event last week made everyone fully aware that even the industry’s leading projects cannot act alone, and their almost fraudulent behavior towards those they trust the most, almost like “let me be the only one to suffer in the world”.
Positive things: 1) NFT as a consensus for virtual world ownership has firmly entered people’s hearts. The current pullback in innovation in this round of metaverse is only due to the need for technological advancement and experience upgrades. No one will question the argument that crypto will be the core underlying technology of the future metaverse; 2) A group of professionals have grown with the industry. Whale users, opinion leaders, and core builders’ positive public opinion guidance will continue to lead the market forward in a healthy way; 3) Incremental market potential. As BTC ETF progresses and the Hong Kong crypto center gradually lands, old money has never lost interest in this potential field; 4) Web2 companies’ interest remains unchanged. Luxury goods companies, trendy brand companies, internet technology companies, cultural IP companies, etc., have never given up on researching and observing the crypto industry; 5) Legal supervision is gradually improving. The collapse and restructuring of FTX may become the cornerstone of industry norms. Once rules and civilized order come in, a huge wave of wealth opportunities will reward all those who persist.
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Reference: https://twitter.com/TastingoV/status/1676808705445347328
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