Above is the Ethereum chart from early January 2018. Coinciding with this chart, according
to the team behind crypto kitties, total registered users reached 250k accounts or roughly - an over 4x increase since December 5th, 2017.
To add, it’s important to note that roughly 25% of ALL Ethereum traffic came from crypto kitties during (as of December 5, 2017). This traffic literally grew to the point where it actually slowed the Ethereum network down considerably
The first conclusion that can be drawn is not only were initial coin offerings (ICO’s) a key catalyst, but often overlooked, NFT’s played a slightly less but nearly equal role in driving traffic and attention to one of the most widely used blockchain networks at the time.
So, what does this mean?
Pivoting from that, we’re witnessing the same patterns beginning to emerge and these patterns are on a much greater scale than initially witnessed in 2017/2018 in terms of a macro sense.
What we’re slowly witnessing is the growing acceleration of the core ideals behind decentralization - but they’re beginning to hit home in a truly meaningful way.
Not only are we starting to see a growing case for bitcoin in terms of a world’s treasury asset - it performs better in terms of functionality, and is a greater store of value amidst the vast money printing by the federal reserve and european union.
But, we’re seeing a truly widespread environment take form around this technology. This environment is being catered by the growing momentum within Decentralized Finance and unsurprisingly, NFT’s.
On the surface level, it makes sense to see a lot of traction towards something within an ecosystem where there exists a lot of well to do people. For, what things do wealthy people like?
(You should have thought about art, if not I’m sorry.)
Celebrity endorsement of NFT’s has hit an all time high. Everyday we’re met with more people talking about them, building them, building marketplaces around them, and more.
What we don’t really consider is just exactly why the main platform in which these NFT’s are predominantly minted has reached an inflection point. In case your wondering what that platform might be, it’s Ethereum.
The world’s economy and new digital financial sector will not be built on a platform where you have to pay $100 just to move a token, nor pay even more/slightly less just to mint an NFT. Value will begin to seep into more user friendly and cheaper alternatives. If you think otherwise, you’re only fooling yourself.