Jeff Garzik predicts that higher-quality programs will continue to develop now that the crypto asset market has weathered the hype.
According to Jeff Garzik, co-founder of the software development firm Bloq and former Bitcoin core developer, the excitement that once drove the popularity of non-fungible tokens (NFT) may have ultimately waned.
Garzik, the founder of Web3 entertainment company NextCypher Productions, characterized the [NFT] market as “pleasantly grounded” in an interview with CoinDesk TV’s “First Mover” on Tuesday.
The situation with NFTs has improved, although they are still nowhere near the volume of last year. The trading volume on the NFT market increased by 137% in the first quarter of 2018, according to research by DappRadar, an online retailer for decentralized applications (dapp). The total value of the ecosystem for the first quarter was $4.7 billion, despite a 15% decline in March.
During the first three months of the ecosystem, trading volume increased substantially due in large part to the emergence of new and developing online marketplaces such as Blur. Garzik believes that projects like Blur are “fantastic” because they will stimulate market competition and possibly “force other market competitors to improve and get better.”
Garzik blieves the majority of the excitement surrounding NFTs has “burned off,” and people are now pursuing NFTs that may be useful, engaging, and attention-getting.
Content Source: coindesk.com