Trends affect the entire encryption industry and drive community development. This state of affairs has prevailed since 2014, when the launch of the Ethereum network heralded the rise of the ICO era. After a brief period of calm, some new trends will always replace other trends in the cryptocurrency field.
Historically, the popularity of the new trend has never been lower than that of its predecessor, and has often surpassed it many times. We are currently witnessing the decline of the NFT trend, because the cryptocurrency community is about to usher in a new field-the meta universe. This new trend may change the Internet as we know it forever, and it has a high probability of success.
ICO hype and the death of McAfee
The ICO era has branded in the hearts of crypto industry participants, believing that this is an opportunity to get rich or plummet. However, as TheBlock’s chief analyst Larry Chermak pointed out, most people have lost them, and he stated that at least 89% of ICO results are unprofitable. Only the remaining 11% of ICO participants can actually make money. It was a crazy period, the project attracted millions of people and disappeared with it, and JohnMcAfee sold an ad tweet on his Twitter account for more than $100,000-more than $350 per character , Including spaces. When the ICO began to decline, many projects attracted the attention of the SEC, many projects were fined, some founders were arrested and convicted, and John McAfee committed suicide in Barcelona prison after learning that he was about to be extradited to the United States.
IEO has never surpassed ICO
After the ICO, the trend of IEO has been consolidated. However, it soon became clear to everyone that there is no significant or fundamental difference between ICO and IEO. It can be said that IEO is the painful stage of ICO as an unregulated, accessible and irresponsible crowdfunding method. According to Larry Chermak, IEO is not superior to ICO and to a large extent failed.
DeFi is cool, but there is another point of view
ICOs and IEOs have destroyed the cryptocurrency market and damaged its reputation. In 2018-2019, the media was full of headlines about cryptocurrency scandals and scams, and mainstream cryptocurrencies only depreciated because of this.
According to a report by Xangle Research researchers, with the popularity of decentralized finance, everything has changed in 2020, when the activities on the Ethereum network returned to the values of the 2017-2018 hype era. This is natural, because DeFi, like ICO and IEO, gives users the opportunity to make money. However, as long as there are investors, there will always be people who want to get rich on other people’s money.
TonyWeiss reiterated the above point in an interview with Russian Forklog media that DeFi projects are nothing more than Ponzi schemes, and regulators will quickly deal with them, just like they did with ICOs.
As Tony Weiss said, “All of the hype surrounding DeFi started this year. After about a year, people will realize that DeFi is more stupid than the ICO we saw in 2017.”
It is worth noting that the DeFi protocol has made a significant contribution to the future development of currency, and has not faded out of history like ICO and IEO. On the contrary, DeFi was driven out of the information frontier by the next more popular trend-NFT hype.
The hype surrounding NFT
NFT or non-homogeneous tokens are the next trend after DeFi. In terms of the level of publicity and the number of participants, NFT is far ahead of their previous competitors introduced in this article.
In terms of the number of Google requests, the term NFT has caught up with the index of the term “ICO” in 2017. From February 4 to March 4, 2021, the transaction volume of non-homogeneous tokens on the 12 largest platforms reached a record high of US$480 million. In addition to representatives of the cryptocurrency industry, many entrepreneurs, politicians and creative elites have expressed interest in this trend. The actress Lindsay Lohan, Vermont Senator Bernie Sanders, and the author of Nyan Catmeme have attracted the attention of NFT.
However, by May, NFT sales plummeted by 95%, and the NFT market collapsed as fast as it rose. All in all, the NFT trend lasted only 4 months, marking a counter-record in the encryption trend.
Speaking of future trends, it can be said that in terms of actual benefits, DeFi and NFT look more attractive than their ICO and IEO predecessors. They seem to be more profitable than the trend of meme tokens, which have been unable to gain a foothold in the market for a long time and still rely on Elon Musk’s tweets about Doge. Therefore, if the financial component is not reduced, basic technologies and their applications will begin to play a decisive role in the formation of trends. The more promising the technology-the wider its application range, the stronger the hype.
In general, due to the combination of new technologies and the money-making opportunities they provide for almost everyone, cryptocurrency and blockchain have become fertile ground for various hype and trends. This includes ordinary market participants, investors, traders, and even basic sympathizers, as well as those who advance technology and focus on using it to change the world.
Enter the meta universe
Meta Universe is a rocket ship that will promote the popularization and application of blockchain technology and cryptocurrency to a whole new level.
The meta universe will form the basis of Web3.0 (the Internet of the future).
Experts agree that decentralized technology is the foundation of all meta-universes.
The meta-universe provides a real opportunity to transform the online space into a multi-level environment containing many worlds (universes), thereby bringing it closer to reality.
Fans of the meta-universe believe that over time, the boundaries and differences between real life in the meta-universe will disappear. Blockchain technology will become the vehicle that makes this difference possible.
When the idea of Web 3.0 was just formed in the late 1990s, no one used the word “blockchain”. But today, when this technology has proven its ability in data decentralization, secure processing, and combining individual fragments into a common whole, no one doubts that blockchain is destined to become the basis of Web 3.0.
In 2017, blockchain developers focused on small tasks such as smart contracts or browsers. But now, we have undertaken more conceptual and basic tasks, laying the foundation for future mass adoption.
RayLu, CEO of Bit.Country
The meta-universe trend will soon develop and become one of the strongest hype in the blockchain industry and even the entire Internet history. Nvidia CEO Huang Renxun said that we are about to enter the meta-universe era. The Winklevoss brothers, the founders of the Gemini cryptocurrency exchange, have invested millions of dollars in 25 startups that design metauniverse on the blockchain. They said that the traditional social network, the most prominent representative of Web2.0, is about to become history.
The idea of a centralized social network will not exist in the next five or ten years. There is a barrier or gap between the old world and this new encrypted native universe. We are a channel that helps people go beyond offline to enter online.
Tyler Winklevoss, co-founder of Gemini
Infrastructure is already being deployed, and it will become the basis of meta-universe hype. Recently, the Bit.Country project has been supported by the game company AnimocaBrands. It is the first project that allows users to create their own meta-universe for their communities based on their own values.
As the developer of the project said, “Every bit country has a local social token, a local market and a local DAO, responsible for running the community and making decisions on issues such as asset delivery . ” At the same time, what makes this meta-universe very close to Web3.0 is to transform social activities into a 3D virtual world while maintaining access to the classic social media timeline with text and multimedia.
This is somewhere for the hosting provider. 56 institutional investors immediately assessed the prospects of this model, and they invested $4 million in the first round of financing for the project. By the way, Decentraland, SomniumSpace, Cryptovoxels and other meta-universe projects have been launched, proving their popularity and demand. We can already start the countdown to launch the meta universe rocket, which will push the cryptocurrency market to new and soaring heights with it.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/after-nft-the-fire-of-the-meta-universe-finally-ignited/
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