Looking at the cyclical history of cryptocurrency markets, it is evident that every major bull market has been underpinned by a compelling narrative that attracts mass capital and investor interest. The first narrative was Bitcoin's emergence as digital gold; this was followed by the ICO wave in 2017, which enabled anyone to issue their own token.
By 2020, decentralized finance (DeFi), promising to eliminate traditional financial intermediaries and generate returns through yield farming, had taken center stage in the bull cycle. In 2021, the market's focus shifted to Non-Fungible Tokens (NFTs), built on cultural excitement, with profile picture NFTs (PFPs) becoming an expression of digital art, online identity and community belonging. Beeple's $69 million sale and the rise of collections such as Bored Ape Yacht Club demonstrated that NFTs had reached the peak of financial excitement as a phenomenon. Subsequently, the Metaverse, touted as the future of Web3, and more recently Artificial Intelligence, continued to attract investment thanks to their potential for blockchain i
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