A few years back, CryptoKitties has become one of the most popular applications on Ethereum. Their digital art pieces can be traded and bred in search of rarer creatures. The idea of the on-chain kitties was that they could show off that they own a particular character; this is parallel to people with fortune bragging their art collection.
After the application’s prominence have quickly reduced when the Bitcoin and Altcoin have capped in late-2017 and early -2018, but now it looks like that everything is coming back with another round of Ethereum-based digital art.
Crypto Twitter influencers begin sharing art
In the past few weeks, Crypto Twitter influencers and artists are both involved in the crypto space have been heavily involved in Raribale. In this marketplace, creators can produce and then circulate non-fungible tokens and receive directives for doing it.
“BlueKirby”, is one of the biggest promoters of the platform. Yearn.finance champion is known for hilarious interactions with the DeFi space. They also sold an art created by “Wrong Nebula,” this has transplanted DeFi imagery across The Last Supper painting, for 100 ETH.
Messari says that Rarible has reached a point where it has processed for about $5 million in sales for this month, which is above $2,300 in June.
Rarible’s recent hype looks to be related to the RARI token, and this is distributed to users of the platform.
While Rarible mainly is not the only platform for NFTs, there are other projects like MEME and Makersplace, and they act as a platform where users can perfect and dispense digital art.
Meme for a while
While NFTs are in control right now, a pseudonymous crypto commentator and a DeFi analyst have postulated that it may be a “meme” for a time.
Ona Sept. 19 tweet, the analysts have noted how fast the tides have changed in crypto and DeFi recently.
There was the amount of how the coins are rebased; this has spawned a 5,000% surge in Ampleforth, then the forks such as Based. This has quickly died down, and it resulted in a correction in AMPL and some tokens.
Polkaswap and other projects have gained traction as many have acknowledged the high transaction fees and slow transaction times of the Ethereum network.
On the other hand, Yield farming projects like Kimchi, Hotdogswap, and other food named projects quickly saw adoption and were offered obscene yields for a short period.
A theme has been running through all the trends, and they have lasted for some time, and then the money have stopped flooding in, the yields and returns are offered in each of the sub-sectors were fast to deflate. To show how quickly these trends have come and gone, AMPL’s surge was in late July, which is no time at all in a macro market cycle.