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New Form of Cryptocurrency - NFT, DAO, Metaverse

Published Tue, Sep 21 2021 06:06 am
by The Silicon Trend




Real Cryptos Doesn't Revolve Around Bitcoin but Shifted Elsewhere

Though Bitcoin is dominant & powerful, the actual avant-garde and pioneering cryptos have moved to layer-two solutions - NFTs with utility, Decentralized autonomous organizations (DAOs), and upcoming Metaverses. Traders started to feel that Bitcoin (BTC) is doing its own things by going back and forth between resistance levels and critical support.

We all know about the crypto exchange's current plan, 'moon,' which is depositing a physical wallet with a single bitcoin on the moon's surface. It depended on organizational investor commitment, cracking the previous record at $19K. Other than bitcoin, experts dedicate their effort to speculation, development, pondering & networking of DAO, NFT & metaverses that will lead to innovative space projects.


You may read: Facebook, Microsoft are Building the Metaverse


Viral Social Network – Loot

Launched by Dom Hofmann, Loot - collection of 8K unique adventurer gear bags. At launch, anyone could claim these bags for gas under 4 hours. It was created for free by interested users willing to pay the gas cost & the community assigned value to NFTs through its platform - OpenSea sales, rather than putting on a suit, offering friendly C-suite presentation & hunting after business capital dollars.

The participants shared their ideas via Discord discussion & these ideas were free to release as their own derivative contracts where the platform holders could recreate the listing & minting cycle again.


Seismic Change

The space drop model in Loot involves the product development, be it a protocol or an NFT, mention it to an interested community & permit them to produce a free token with a specific supply range & the rest is done by the OpenSea platform. For example, the recent BridgeLoot drops in the Avalanche ecosystem got an 895-GB token airdrop at a peak rate of $2.60/GB.


You may read: NFT or Non-Fungible Token Defined


When visualized from a market's point of view, money hunts after money & investors after liquidity. For example, this often happens where numerous dollars keep shifting from Ether (ETH) to Avalanche (AVAX), or Terra (LUNA), or Arbitrum (ARB) & USD Coin (USDC) to GMX & dYdX (Web 3.0-based decentralized exchanges).