The current #NFT rush is remarkably similar to the ICO bubble of 2017. Nowadays, instead of long-winded white-papers, colorful digital-art is on the pedestal. A thread (1/6) 👇
(2) Back then, early-adopters began to recognize that #Ethereum presents the necessary ingredients that can solve real and significant problems. Back then, and similar to now, early-adopters believed that the change can happen almost overnight—but that wasn't the case.
(3) Most of the promises that were made during 2017 never truly came to fruition. The capital injection into space, however, was essential. After the ICO bubble exploded, talented teams turned their heads down and focused on building a collection of novel financial primitives.
(4) Out of the ashes, #DeFi emerged. Just like in 2017, the current hype around #NFTs is a clear indicator that this emerging #nonfungible primitive empowers creators in ways that were not possible before. The past, however, suggests that this #NFT run will most likely cool down.
(5) Many assets will lose value, but a handful of creators and projects will conserve their success and continue to lead the way and set the pace. The current cycle is part of the natural evolution of the #NFT ecosystem.
(6) I would argue that it might even be necessary to catalyze the next wave of innovation. If ICOs brought us #DeFi, I can't wait to see what comes next in the NFT space after the ongoing mania begins to wither away.
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