In 2017, CryptoKitties was one of the most popular applications on Ethereum – digital works of art that could be traded and bred in search of rarer creatures.
The idea behind these on-chain kitties was that you could use them to show that they had a certain character, much like people with wealth who flaunt their art collection.
While the importance of the CryptoKitties quickly declined after the Bitcoin Billionaire scam and Altcoin markets peaked in late 2017 and early 2018, the circle appears to be coming full circle with another round of Ethereum- based digital art .
Rarible Gaining Pace – Crypto Influencers Share Their „Artwork“
Over the past few weeks, both crypto Twitter influencers and artists involved in the crypto space have gotten heavily involved in Rarible – a digital marketplace where creators can issue and then distribute non-fungible tokens and receive commissions.
One of the platform’s biggest sponsors is „BlueKirby,“ the pseudonymized sponsor of Yearn.finance known for their hilarious interactions with the DeFi room. He sold a work of art created by “Wrong Nebula” for 100 ETH, in which DeFi images were transferred to a painting of the Last Supper.
According to Messari , Rarible has reached a point where the company has handled over $ 5 million in sales this month – well above its $ 2,300 in June.
Much of the recent hype surrounding Rarible appears to be related to the RARI token being distributed to users of the platform.
Rarible isn’t the only platform for NFTs. There are other projects like MEME and Makersplace that act as platforms for users to shape and distribute digital art.
Just a short term meme?
While the NFTs now have the wind in their sails, a pseudonymous crypto-commentator and DeFi analyst posits that it may just be a short-term „meme“.
He has the Tweet below on September 19 published and commented on how quickly the tide has changed in the Cryptography and especially DeFi lately.
There was the hype about the rebasing of coins, which triggered a 5,000 percent increase – first in Ampleforth, then at Forks and Based. This quickly subsided, leading to corrections to AMPL and other tokens.
Polkadot-based projects like Polkaswap and others gained traction due to the high transaction fees and slow transaction times of the Ethereum network.
Farming projects like Kimchi, HotdogSwap, and obscure food coins could spread quickly as they offered obscene yields for short periods of time.
And now here we are, with the NFTs.
A key theme running through all of these trends is: They only lasted for a short time – and after the money stopped flowing, income and returns in each of these subsectors quickly became depleted.
To illustrate how quickly these trends have come and gone, the AMPL spike was in late July – basically no time at all in a macro market cycle.
That’s not to say the NFTs are the next food coins. What the trader is saying is that in this market cycle, DeFi investors are apparently inclined to throw in the gun if there are signs of a better investment opportunity – even if that means giving up a fundamentally viable idea.