Key differences among three poular cryptocurrencies
|Initial purpose||Created to be used as a currency or store of value||Created to sell processing power of the decentralized network||Created as a joke spoof of Bitcoin and the doge meme|
|Approximate market capitalization*||$1.02 trillion||$314 billion||$41.4 billion|
|Number of coins*||18.69 million||115.66 million||129.24 billion|
|Maximum number of coins||21 million||Unlimited, but issuance is fixed||Unlimited|
* Estimated value as of late April 2021
The rise of NFT
Unless stories about non-fungible tokens (NFTs) pop up, it’s almost impossible to read the news or scroll through the timeline. Our group believes that it is this self-sustaining attention that is causing people’s interest in NFT. Nearly three-quarters (74%) of panel members stated that new crypto millionaires have attracted NFTs to the public’s attention and attracted headlines for certain NFTs, sparking a gold rush for people who want to cash in cash.
About half (53%) also believe that the emergence of NFTs like NBA Top Shot makes them more accessible to a wider audience; about a third (35%) believe that Covid-19 has played a role , More people participate in it because of the pandemic and the spread of cultural activities online, so digital art.
Although about three-quarters of people believe that NFTs will continue to exist (73%) and NFTs will become mainstream (76%), four-fifths (80%) believe that this is not a good time for retail investors to invest in their stocks. In the water.
Investor Veronica Mihai is one of the prudent experts. He said: “Those who want to invest in NFT must understand the artwork, value it accordingly, and don’t invest because of hype and short-term speculation. This will ultimately result in insufficient liquidity in the market.”
Even if Sorcha Mulligan, the founder of SMEChain, believes that NFTs still exist, she can still understand why some people regard them as a fashion.
She said: “It’s not a fashion, but it’s almost a fashion.” “People have time in their hands. Many people get extra cash from lock-in and are exploring NFT for FOMO (fear of missing out). With the art world More and more use cases are emerging, and the prosperity will stabilize. However, for the needs of artists and creative circles, NFT will stay here.”