Bitcoin (BTC) is doing “Bitcoin things” by bouncing around between the customary “key” support and resistance levels, as traders have learned to expect, and it’s all starting to seem a little boomerish.
Bitcoin’s long-awaited “moon” depended on institutional investor buy-in, which broke the previous all-time high of $19,000 and shattered several other long-held assumptions. All of this came to pass, and the run to $64,900 surpassed many investors’ wildest expectations.
However, if you believe that the top-ranked cryptocurrency would eventually top out around $100,000 in the present bull market, the entire BTC situation feels predictable and dull. New decentralized organizations (DAOs), non-fungible tokens (NFTs), play-to-earn gaming, and metaverses are all popular topics right now.
This is where the real minds are right now, speculating, building, wondering, networking, and doing real work. And what distinguishes individuals who are truly immersed in the crypto trenches are that this grassroots approach and bottom-up construction trend is yielding some of the space’s most ground-breaking projects.
Loot was minted for free by interested participants willing to pay the gas costs. The community had assigned value to the NFTs via OpenSea sales rather than donning a suit. It placed together a C-suite-friendly presentation and chasing after venture capital money.
A flurry of Discord debates determined the value of new ideas. Anyone with an idea was allowed to establish their derivative contract, allowing Loot holders to repeat the minting and listing cycle.
The argument is that trends and liquidity influence cryptocurrency. The whole Loot craze let the cat out of the bag, revealing a feature that had always been there but had only lately been discovered. Bottom-up fundraises, NFTs with metaverse utility, DAOs, and the big liquidity suck into a layer-two ecosystem will all be around for a long time.
Loot is so interesting because it has established the foundation for what is quickly becoming a new drop model in the market. The creators then leave the rest to the community, speculators, believers, and OpenSea.