| | October 2023 8OPINIONIN MYAfter a dizzying pandemic price pump, this year has seen crypto asset prices tumble, with most major cryptocurrencies currently trading at a small fraction of their all-time highs. Price mania and excessive leverage have once again led to a spectacular crash. However, proponents claiming that "crypto is dead" or "crypto is a scam" should be wary of dismissing the innovations made during this last cycle. To draw a comparison, we can look back to the initial coin offering (ICO) craze of 2017 and 2018. At that time, ICOs raised billions of dollars with lightning speed to fund blockchain projects. What was originally touted as a democratized venture-funding model was quickly exploited by swindlers preying on unsophisticated investors, who were afraid to miss the next big investment opportunity. Although the vast majority of tokens sold through ICOs failed, numerous projects that emerged from the ICO craze became fundamental to crypto. Projects like Aave, 0x, and Chainlink revolutionized decentralized finance (DeFi) and contributed to the 2020 crypto boom known as "DeFi Summer".Similar to the ICO boom, the popularization of non-fungible tokens (NFTs) in 2021 ushered in a new speculative wave and growth phase. While many NFTs will likely entirely lose their value, some projects will create significant value for their investors and the entire crypto ecosystem. The popularization of NFTs has created supplementary building blocks for continued innovation in web3 - the next evolution of the internet based on decentralization and digital asset ownership. Additionally, the creation and sale of NFTs have created yet another fundraising path for startups.GEAR-UP FOR THE NEXT CYCLE OF BLOCKCHAIN TECHNOLOGIES By Ariel shain, CO-Founder, GMI Capital Ariel shain
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