Where do NFT come from?
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The best thing that a project can do during crypto winter is build – and the most popular current NFT project has been working on over the past two years. Decentraland, which raised more than $ 20 million in 2017, was successfully launched this year. The volume was taken over by a single developer project Cryptovoxels which financed itself by selling digital plots of land. Meanwhile, VC-backed Dapper Labs, author of the renowned NFT collection game CryptoKitties, has been working on its own blockchain to offer a better throughput environment for NFTs.
We could argue that the crypto ecosystem, in general, has just made another infrastructure leap over the years. In 2017: All you can do is take part in projects with Ethereum, while MetaMask is just starting to gain momentum.
This is what we have now: Stablecoins for a sustainable price; non-custodian wallet; fiat on ramps; fund management platform; decentralized storage solution; and digital identity providers. Explosion. None of that happened a few years ago.
With the good use cases and impressive returns that decentralized finance brings, Ethereum has observed a new cycle of user behavior that has been seen in crypto time and time again. The first rising curve has started and is only going to go up – the market is increasing, and people will be bringing more money into the ecosystem.