Bitcoin is great, but real crypto innovation has moved elsewhere

Bitcoin can perpetually be the boss, however the important innovative and groundbreaking developments are happening in layer-2 solutions, DAOs, NFTs with utility and also the rising Metaverse.

Something is production, and people with finely tuned noses will smell it. As traders have come back to expect, Bitcoin (BTC) is doing “Bitcoin things” by bouncing around between the standard “key” support and resistance levels, and to be honest, it’s all getting down to feel a small amount boomerish.

Bitcoin’s long-awaited “moon” dependent on institutional investors buy-in, breaking the previous uncomparable high at $19,000, and a collection of alternative firmly command beliefs. Well, all that happened, and therefore the run to $64,900 exceeded several investors’ wildest dreams. however despite this, the complete BTC scenario simply feels certain and boring if you’re of the opinion that the prime-ranked cryptocurrency can eventually top out around $100,000 in the current market.

So, back to what else is brewing…

Decentralized autonomous organizations (DAOs) are hot, nonfungible tokens (NFTs) are hot, play-to-earn gambling is hot and therefore the Metaverse is hot.

This is wherever the $64000 heads are right now — speculating, building, pondering, networking and doing shit that really matters. And what’s distinctive regarding those that are extremely putting in place in the trenches of crypto is that this grassroots approach and bottom-up building trend is resulting in a number of the space’s most groundbreaking comes.

Take Dom Hofmann’s “Loot” project as an example, or the recent sensible Bridging and BridgeLoot drops in the Avalanche ecosystem.

Rather than putting on a suit, throwing along some c-suite-friendly presentation and chasing once capital dollars, Loot was minted for complimentary by interested participants willing to pay the gas prices, and therefore the community ascribed worth to the NFTs via OpenSea sales.

The value of latest concepts was prescribed by a flurry of discussions in Discord, and anyone with a concept was unengaged to launch their own derivatives contract wherever Loot holders may then replicate the minting and listing cycle once more.

Will Papper’s airdrop of 10,000 journey Gold (AGLD) to Loot NFT holders, before long became value over $50,000 and catapulted the whole project to high status and into the history books. It was essentially the “YFI” of NFTs, some would say.

What’s distinctive and intriguing regarding Loot is that it’s set the precedent for what’s turning into a replacement drop model within the house. the method involves making a product (whether or not it’s AN NFT or a protocol), mentioning it to an interested community, and permitting them to mint tokens for free of charge among the 7,777 to 10,000 offer vary. After that, creators let the community, speculators, believers and OpenSea do the remainder.

Hofmann inspired the whole fam to try to to what they needed with the project — he primarily aforementioned, “This is yours! Go and build, my children!” The anon genius behind the great Bridging (GB) token drop additionally did an equivalent however with even less guiddance.

Basically, 16,000 early users of Avalanche’s Ethereum-to-Avalanche bridge got AN 895 GB token bringing, that at its peak worth of $2.60 per GB was value regarding $2,300. Not too shabby, eh?

To add to the present, GB holders who did not straightaway liquidate the drop were eligible to mint a gasless BridgeLoot NFT as an award, and some hours later, the Avalanche-based NFT marketplace Snowflake verified and listed BridgeLoot, wherever several holders listed their NFTs for 20 to 100 AVAX.

From a markets perspective, money chases after money. Investors chase after liquidity, and that’s part of what drives price action within markets.

We see this happening with all the layer-one incentive launches wherever many ample bucks area unit shifting from ETH to Fantom, or ETH to Arbitrum, or ETH to AVAX, or ETH to Luna, or ETH and USDC to Web3-based suburbanised exchanges like dYdX and GMX.

The point is that crypto is driven by liquidity and trends. the entire Loot development let the cat out of the bag and enlightened builders on a feature that has continually been present but only recently uncovered.

Bottom-up fundraises, NFTs with utility within the Metaverse, DAOs and also the nice liquidity suck into layer-2 scheme are here to remain.

The views and opinions expressed here are exclusively those of the author and don’t essentially mirror the views of Cointelegraph.com. each investment and trading move involves risk, you ought to conduct your own analysis once before creating a choice.

Source: https://omgfin.medium.com/bitcoin-is-great-but-real-crypto-innovation-has-moved-elsewhere-8691dc8e0369?source=rss——-8—————–cryptocurrency