Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Former Bitcoin Core developer says NFT market pleasantly down to earth again

Former Bitcoin Core developer says NFT market pleasantly down to earth again

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:

About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

Latest NFT News, Trendings and Tutorials, right in your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided here in our website, hyperlinked sites, social media accounts and other platforms are for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them.

Recommended Posts

Leave a Reply

Your email address will not be published. Required fields are marked *