Bitcoin is great, but real crypto innovation has moved elsewhere

Someone is doing something, and those with a finely tuned nose can sense it. Bitcoin (BTC), as traders know, is “Bitcoin stuff” and bounces around between the usual support and resistance levels. It’s starting to feel a little boomerish.

The long-awaited Bitcoin “moon”, which was announced in late 2016, depended on institutional investor buyin. This broke the $19,000 record and other deeply held beliefs. All that was accomplished, and the $64,900 run exceeded all investors’ expectations. However, the whole BTC situation feels boring and predictable if you believe that the top-ranked cryptocurrency in the bull market will eventually reach around $100,000.

Now, let’s see what else is in the works…

Hot are decentralized autonomous organizations (DAOs), nonfungible tokens, NFTs, and play-to earn gaming. The Metaverse is also hot.

These are the real heads right now, where they’re speculating and building, pondering and networking. What is truly unique about the crypto community is the grassroots approach and bottom-up building trend that is leading to some of its most innovative projects.

Dom Hofmann’s Loot project is an example. Or the recent Good Bridging or BridgeLot drops within the Avalanche ecosystem.

LOOT – Randomized adventurer gear, no stats or images. intentionally omitted for others to interpret – no fee, just gas – 8000 bags total opensea: https://t.co/qSnRJ1FD0n etherscan: https://t.co/bF9p0RSHX2 available via contract only. Not audited. mint at your own risk pic.twitter.com/uLukzFayUK
— dom (@dhof), August 27, 2021

Instead of putting on a suit and trying to get venture capital dollars, Loot was created by interested parties who were willing to pay for the gas. The community also attributed value via OpenSea.

Discord was abuzz with discussions about the value of new ideas. Anyone with an idea could launch their own derivative contract, where Loot holders would be able to repeat the listing and minting cycle.

Will Papper’s airdrop in 10,000 Adventure Gold (AGLD), to Loot NFT Holders quickly became more than $50,000 and catapulted all of the project to stardom. Some would call it the “YFI of NFTs”.

A seismic shift is at hand

Loot has created a precedent that is now a standard for the new drop model in this space. It involves creating a product, whether it is a protocol or an NFT, and then letting interested communities know about it. They can then mint tokens free of charge within the 7,777-10,000 supply range. The creators then let the community, speculators and believers, as well as OpenSea, do the rest.

Hofmann encouraged his entire family to take control of the project and let them do whatever they liked. Go build, my children! The token drop of Good Bridging (GB), an anon genius, also encouraged the entire family to do the same thing but with less guidance.

Basically, 16,000 early users of Avalanche’s Ethereum-to-Avalanche bridge got an 895 GB token airdrop, which at its peak price of $2.60 per GB was worth about $2,300. It’s not bad, is it?

To make it even better, GB holders who didn’t immediately liquidate the drop could be eligible for a gasless BridgeLoot NFT. A few hours later, Snowflake, an Avalanche-based NFT marketplace, verified and listed BridgeLoot. Many holders listed their NFTs at 20 to 100 AVAX.

Money chases money from a market perspective. Investors seek liquidity and this is part of what drives market price action.

This is evident with all the layer one incentive launches, where hundreds of millions are shifting from ETH or Fantom or ETH or Arbitrum or ETH or LUNA or ETH, USDC, to Web3-based, decentralized exchanges such as dYdX or GMX.

Crypto is driven by trends and liquidity. Loot was a great way to let the cat out and educate builders about a feature that’s been there for ages but has only recently been discovered.

Bottom-up fundraises are here to stay. NFTs with utility within the Metaverse, DAOs, and the immense liquidity that is sucked into layer-2 ecosystem are all here.

com. You should do your research before making any investment or trading decision.

https://cointelegraph.com/news/bitcoin-is-great-but-real-crypto-innovation-has-moved-elsewhere