Perspective
This will undoubtedly be a bit dated by the time you read it (this scribbler usually sits 7-10 days out in terms of blogs), nevertheless perspective in bear markets is important. So here are some comments from a crypto fan and man with an outstanding investment track record, Raoul Pal:
That's a good starting point and we'll let him expand upon it in: "Crypto is in full panic mode. All the monkeys are flinging poo at each other (or at me!) on Twitter and that is a sign of approaching the lows. March 2020 was very similar in levels of fear, anger, vitriol, shock and panic. June 2021 was less.” Pal says that despite the fear, uncertainty and doubt (FUD) regarding crypto investment, volatility is also the reason why the market has the potential for massive gains.
Pal says that the bear market and recession may seem difficult and scary, but they also give investors huge opportunities. “Keep Calm and Carry On. Stick to your framework. Relentlessly test your hypothesis and keep an open mind. Filter out the noise and focus." Lastly, today let's look to the future, which is very much NFT related as we have argued ad nausea in this blog commentary. Here is a Jan Forbes article discussing NFTs. First the upside: (https://www.forbes.com/sites/forbesfinancecouncil/2022/01/04/nfts-the-promise-and-structural-hurdles-to-widespread-adoption/?sh=577761f663a3) "The importance of digital identity. People will buy items, such as Zoom backgrounds, to enhance their digital identities. For Gen Z, “digital identities are an extension of themselves,” fueling demand for items such as sneakers and charms to enhance their avatars. NFTs extend Web 3.0, further disintermediating the internet. While Web 2.0 introduced the participatory web, it gave control of our data, privacy and monetization to a handful of tech giants. The Web 3.0 model has the ability to redistribute the power, ownership and reward structure to creators and communities." Moving forward, I believe NFTs are poised to transform the future in ways we can only imagine. I am encouraged by the category’s increasing bias towards utility and the way that NFT valuations are shifting from the speculative to the utilitarian, based on the opportunities they give token holders. As NFTs and those invested in them work to streamline real estate transactions and medical records, reduce ticket-scalping, enhance charitable activity, and monetize online assets, they could edge into another blockchain-based field, decentralized finance (DeFi), that may fundamentally reconfigure the financial world." Obviously, we couldn't agree more and see our NFT offering and its potential to disrupt the inefficient and archaic auction-based markets as a case in point. Now to the hurdles: "As we envision a shift toward a world with decentralized control — further enabled by NFTs and their properties — widespread adoption faces several structural hurdles: • Market access. Despite recent headlines about NFTs, the category remains niche — only 25% of U.S. adults are familiar with NFTs, while only 7% are active users. This is mostly due to barriers around consumer onboarding and participation — merely converting fiat currency to cryptocurrency to purchase NFTs can be daunting in itself! I’m intrigued by companies that help resolve the back-end complexities of blockchain and streamline the end-user experience. • Performance and scalability. The bulk of NFTs are powered by general Layer-1 blockchains, such as Ethereum; nevertheless, volatile gas fees and high network congestion make the current construct unappealing for most creators. In addition, other factors continue to raise worries about the outlook of NFTs — namely, marketplace fragmentation, overdependence on custodial wallets and blockchain’s high carbon footprint, among others. To prosper and welcome mass adoption, the NFT ecosystem will require more robust end-to-end solutions and purpose-built networks. • Secure storage. Storing an NFT is complex. Due to the storage limitations of any existing blockchain, most NFTs are held on centralized cloud storage services like Google Cloud and Amazon Web Services, introducing risks around reliability, ownership and privacy. Through an innovative peer-to-peer file sharing system approach, IPFS (short for “InterPlanetary File System”) seeks to address the shortcomings of the client-server architecture and HTTP web, but network management and stability remain concerns. • Cross-chain interactions. Today, NFTs usually live in siloed networks. With the growing numbers of chains, marketplaces and options for creators and collectors, however, NFT interoperability will be a key driver in establishing widespread utility, driving adoption and providing liquidity. I am excited by cross-chain technology, which enables the seamless transfer of value, data and information among different blockchain networks.
Well since Jan things have improved dramatically on the hurdles front. Most notable is the move by Meta/Instagram to embrace NFTs so it's becoming a medium of choice, interoperability is increasing and that will only continue as the range of offerings in the space increase (we're certainly part of that trend). With BAYC, no matter your feelings on issue or its valuation, it has undoubtedly created attention outside crypto and that is no bad thing. The build-out in NFT platforms and not just Ethereum-based ones is giving people a cheaper, more stable entry to NFTs. It is also worth noting that Ethereum 2 and the Proof of stake switch and upgrades will improve the energy wastage, and reduce high gas prices and the experience (but delivery of that is of course potentially not till 2023). All of this will help with scalability and performance. Naturally, the NFT ecosystem will require more robust end-to-end solutions and purpose-built networks (and they are already happening) - an example being BAYC and apecoin. As the Forbes article states, secure storage of NFTs is an issue but is being improved (though clearly there is still much work to do). As Binance billionaire CZ said after the recent crypto market nose dive urged the crypto community must ‘go back to building real products that people use’
The FIX00 project is heeding that clarion call with our digital offering. We'll sign off today by simply saying NFTs are the key to unlocking real value in digital markets.
For a short overview of the FIX00 project 🙂 please use this link: The Start of something new
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