The Rise Of NFTs And dApps That Are Building A Home Away From Ethereum

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The birth of Ethereum first introduced the concept of smart contracts to the cryptocurrency world and with it, decentralized applications (DApps), applications that operate automatically without top-down oversight by a single company or individual.

But what DApps brought to the table in terms of innovation was initially balanced by a plethora of speculative use cases, which can be described as opportunistically optimistic and at worst cynical.

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Readers may recall the explosion of ICOs in 2017, which came with the promise of dApps aimed at a variety of industries, few of which ever succeeded. Among these were projects aimed at tokenizing the global dental industry (Dentacoin); An enterprise willing to pay people to visit the graves of dead relatives (tombcares), and a devoted, quite simply, to garlic bread (garlicoin).

Even those with more relevant use-cases failed, such as GetGemz (GEMZ), a social messaging app that allows people to send and receive bitcoin. Lastly, very few projects have emerged from the prime days of the ICO frenzy, retaining their reputation, although some have bucked that trend, and four years later are still successful.

a prime example is kyber network, a decentralized exchange (DEX) protocol that facilitates the direct swap of one crypto token to another crypto token. Kyber Network’s KNC token exploded by 800 percent since late 2019, cementing its position as one of the top DEX protocols even amid the uncertain days of the 2020 COVID-19 pandemic, when it more than three times in value.

Helping to kick off some less than useful projects the seismic market was pulled back in the crypt winter of 2018, when more than 87 percent of global market capital was wiped out in just under a year, many junk projects. There was a loss of up to 99 percent. Their value is provided, in large part, by the SEC’s Howie Test On (Utility) token.

In the eyes of the general public, this was a sign that the coinage of the crypto world had failed.

The developers continued to build behind the scenes. That creation process has only accelerated over the years, and the dApps market, which was worth $10.5 billion in 2019, is now expected to over $368 billion till 2027. Users and investors are now aware of the inherent benefits provided by decentralized applications, such as transparency, autonomy and reliability, and the demand for faster, more accessible versions of these is stimulating the global dApp market as I write this.

By 2020, the cryptocurrency market was beginning to rally in earnest, and its rising fortunes attracted the attention of prominent institutional players such as Microstrategy’s Michael Sayer, Twitter’s Jack Dorsey, and Tesla’s Elon Musk. As these high-profile figures began investing in bitcoin and other cryptocurrencies, the global market continued to rise and more eyes turned to the space, with bitcoin, ethereum and a host of other coins hitting new all-time price highs. Transformed.

According to Peer-to-Peer Food and Beverage Marketplace CEO Bass Ross bistro“Ethereum will continue to dominate the DeFi landscape in the short term,” Solidity-based applications will take the stage, paving the way for future Web 3.0 business models, with EVMs (Ethereum Virtual Machine) becoming more and more standard within dApps and smart contract development. .

“This ecosystem continues to grow on key aspects such as decentralization, security and scalability, with tremendous developments taking place at the layer-1 level, but certainly also in the areas of layer-2 solutions. These developments are more accessible and real. While Layer-1 is still undergoing its complex improvement process, it creates more opportunities to build further applications on EVMs and replace traditional business models in many industries in the coming years. interrupts.

NFT Crashes the Crypto Party

By last summer, a new phenomenon began to emerge in the cryptosphere, the non-fungible token (NFT) market. Inspired by the backing and collaboration of a number of well-known personalities, the NFT space emerged as the newest phase of the cryptocurrency experiment, and its combined global value exceeded the ICO craze a few years ago.

Global NFT market cap is currently estimated to stand approx. $43 billion, with a daily trading volume of over $3 billion. The meteoric rise of the NFT industry has grown so much that the term ‘NFT’ has become synonymous with the cryptocurrency space at large, no doubt that we now find ourselves smack bang in the middle of the “Era of NFTs”.

GFT Exchange (GFTX), is the company that launched the first NFT movie promotion in May 2018 20th century Fox and Atom Ticket, a limited-edition release deadpool 2 Digital poster for the promotion of the film. NFTs were available through the GFT exchange on Opensea.io. GFTX will soon announce the launch of a new exchange that aspires to establish new standardization and best practices in KYC, AML and counter party risk.

“This NFT event is just a glimpse of what is to come”, says Mitch Chait, co-founder of GFTX. Is.

“The big opportunity is to take advantage of the unique and agnostic features of NFTs as we know them. We will begin to see the emergence of new investment products making them accessible to a wider audience, eliminating the disruption of value chains that are opaque, time-consuming and costly intermediaries.” , and eliminate the need for what we today consider to be “critical services” for opening, closing and settling transactions. This new paradigm is here and those who can accept it today and work can, they will certainly gain and gain competitive advantage.”

This nascent space continues to make waves, exemplified by the recent launch of Mechaverse – an NXT gaming project centered around the ‘mecha’ robots popularized by major Japanese anime shows and manga comics. in only two weeks MekaVerse Launched, the project has accelerated over $139 million In trading volume, it is the 13th most traded NFT collection ever.

Headhunters and recruiters in the blockchain space are now overloaded with clients looking to hire experts in the decentralized finance (DFI) and NFT fields, as yet more money and interest flows into the industry.

“Basically, NFTs enable real ownership over digital assets and can be used and freely used in ways that were not possible before,” says Darius Kozlowskis, whose platform drop Enables users to borrow funds against their NFT and DeFi portfolios. “NFTs enable the creation of play-to-earn games, and the entertainment and sports industries are increasingly viewing them as a new medium of interaction with fans. An entire ecosystem has been built around these tokens. and with the rise of the metaverse we are likely to see widespread adoption in the coming years.”

Jonas Hudson, co-founder of GFTX, says, “Dynamics will lead to the democratization of crypto and blockchain, allowing everyone to own NFTs or participate in DeFi. Telecom companies and handset makers have the right to make that decision.” There will be no need for which blockchain to be used as an asset exchange, it will all be portable. The DNA of blockchain is not built on a single solution leader, but rather an agile and decentralized suite of platforms that work harmoniously. ”

Here Comes the Ethereum Killer

Ethereum’s innovative smart contracts started the dApp phenomenon, but today more and more projects are starting to fill the gaps left in the market by Ethereum’s limitations. On several occasions since 2017, the cost of doing business on Ethereum has exceeded the reach of even the most well-meaning dApp creators, as rising gas fees exclude many users from interacting with dApps at the most basic level. Have given.

One of the first NFT projects to exist came out several years before the 2020 boom, but it never lasted long to see the rise of the trend it sought to create. CryptoKitties was an NFT-based trading game that was launched in early 2017, and established many of the core features that we now see in popular NFT releases. But by the winter of the same year, exorbitant gas prices on Ethereum made it difficult to conduct simple transactions on DApps, effectively causing the project to fail. After the collapse of cryptocurrencies, little was heard of the phrase ‘NFT’ for the next few years.

The technical loopholes affecting cryptocurrencies have now been overcome for the most part. New projects have arisen from the primordial soup of the crypto space to fill in the gaps left in the wake of Ethereum’s pioneering efforts, and even Ethereum has sought to remedy its own failures with a series of technological upgrades. has demanded.

The most important of these cardano (ADA), a project that was carefully developed over the years by the same team members who contributed to the creation of Ethereum, and which is now beginning to deliver on its promise.

Cardano’s sub-centre fees and intuitive user framework have seen it as a viable home for dApps in recent times, as exemplified by some new projects taking the Cardano blockchain as the basis for decentralized operations. . Projects like Stablecoin Hub and DEX ardana, which was the first dApp to be launched on the network.

“Not only can existing and tested DeFi use cases be implemented, but Cardano’s innovations allow new DeFi use cases to be created,” said Ryan Matovu, CEO and founder of Ardana.

“For example, Cardano users interacting with…

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