With the bidding slowly drawing to a close and the final bids placed, a total sum of $69,000,000 was reached. For Beeple’s EVERYDAYS. That almost ended the hype of the NFT Spring in quarter one of 2021. Not though, before quite simply, an epic bull run of which the likes we’ve never seen before nor in these particular times too. Some might have you question it being more then just your average run. Maybe, even a super cycle.
All Time Highs… BREAKING
Ethereum stands at a new ATH of $3,954,17 and looking to touch $4000 very soon as of 8th may 2021. Altseason has began. NFTs are at an all time high on google search and the meme coins keep on coming. After the master of memes rallies on, who knows where it ends but it most likely appears that we may see a $1 for $Doge before the end of Q3.
Explaining what this means for the future of non-fungibles just when defi is really coming into it’s own with the innovations of YFI, FANTOM, KEEP3R and others working smoothly following V2 updates and UNISWAP V3 around the corner, Decentralised Finance is just beginning to gain traction from outside investors that are also keeping real track.
Super Cycle
The big guns in the business like ECOMI, CHILIZ, THETA, had a little run up recently before ETH started plotting it’s course towards the $5000 mark, this was an early sign for things yet to bloom in the super cycle process.
There is still so much room left for growth with non-fungibles. Though if you listen to the likes of Gary Vaynerchuk, an early investor of notables like Facebook. From a recent Yahoo Finance Article realises there may be an NFT winter. Much like that of crypto’s very own 2018 we bulls seldom dare to remember. What we are seeing is early potential for this ERC721 Asset. With influencers wanting to make a quick buck and much more, it does though, beg the question to truly realise what the actual reality is for the future of this token.
With that said, let’s check out some projects that are quickly picking up attention with in this space.
Binance Launch Own NFT Platform
Bayern Munich player, Davies is selling collectibles through Binance. After they launched their own platform in the NFT space. Following from that musician XXXTentacion will also be realising unreleased soundcloud tracks.
With the news of last week, that could almost feel like it was last month with what’s been happening alts wise in between the Binance platform launch for non-fungibles. It doesn’t appear as though market sentiment is slowing down generally any time soon. Personally, what I love to see develop in this space, is use-ability and what all these developments and influencers use of this market actually bring to the table.
Superfarm
Super farm is one example. Under construction for two years and created from Youtuber EllioTrades, Wainmen was one of the first to make utilities out of collectible NFTs where community members earn the right to vote given special interest on the token they own. Distributed via a whitelist lottery, Superfarm’s first Genesis series allows members to unlock new experiences and access unique privileges.such as; Super Airdrops and much more is in the works.
Through interoperability and cross chain adaptation. Along side the benefits of making NFTs without using code, whilst creating a space of equal access to the platform users and benefits those making passive income streams fairer in terms of the content creators ROI. Superfarm extends itself to not just a platform for creating amazing non – fungible assets with added utility but also an ecosystem unmatched in terms of utilisation and fair distribution. It is also an added and much appreciated benefit.
These types of projects are still fairly early in a new and very innovative industry. Where the best is yet to come or truly develop over time. What is promising about these projects is their ability to provide something that is out-of-the-box and the community members who trust in their investment of these projects to deliver on time and create an engaging experience where members feel they are backing not just a regular run of the mill shitcoins. That said, as much as we love real development like these projects. It is currently not the generation of tiktokers who get behind these kinds of innovations. It is the $shitzu and $shiba memes that go parabolic if crypto is nothing more then just a gimmick market where you can make a quick thousand here and there.
Keeping Up With Trends
it is said that crypto has had so much mass adoption now, that the government makers despite their reluctance to its mainstream appeal, have said that crypto has gone past the point of shutting it down totally. It got me wondering where the market will end with these valueless tokens and what it really means for crypto as a whole.
Trends, are very important to know what is happening and where traders can enhance their wallets. Research is king and the best wins. If your emotional it’s a hard market to really make it worthwhile to capitalise on, but if your like me and back projects you believe in by hodling and really researching projects like the ones I mentioned previously, then I hope to continue writing posts for this type of alpha ape.
Having noticed a trend of projects like SAFEMOON, SHIHTZU and others being released on Binance smart chain, the more serious projects like Cardano’s first launchpad OCCAM launching on Ethereum, seems to be a trend of the more wider accepting community despite the scaling issues of ETH needless to mention gas problems, launching on ETH is still the best blockchain for new and most promising projects.
Ethereum and the development of decentralised finance, if 2020 is anything to go by, surely reminded us that it is still superior a chain and the deployment for smart contracts for defi to build on, just goes to show that the promise land is still very much a fruitful land at that.
Conclusion
In summary, gas fees are slowly going down and the implementation of IEP 1559 having passed to increase the scalability of Ethereum alongside the massive pump that’s only just beginning just goes to show, ETH is still growing and has yet to grow. I feel it’s underestimated and when we are not even adding in to the sum of the possibilities of the future for non-fungibles when we have not yet really begun to truly explore this new territory given the only thing to represent the ERC721 asset in 2017, was cryptokitties. My believe on a personal level, in the long run, NFTs will change the creative industry for the future and quite possibly the very near future as we begin to recover from this pandemic. What we are seeing now is the infancy stage and there has never been a better time to be apart of something so innovative that to imagine the next few years seems deeply underestimated for the developments that will be implemented very soon may give way to another, bigger NFT Bubble.
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