The year 2021 has started with the meteoric rise of Bitcoin and the following ascension of its fellow-token, Ethereum. What this irrefutably points at is the decentralized economy is embarking on another rally, this time much higher in altitude than the year back. This is strongly evidenced by the dynamics of decentralized finance (or, shortly, DeFi) – just a few days ago, it raised to the pedestal of $42.7 billion, far from the tiny portion of $275 million back in 2019. At the cornerstone of its structure, DeFi integrates such advanced trends as AI, which is likely to push the global adoption pace forward. All in all, at this point of evolution, the question is not whether DeFi will be a part of the global economy, but rather, how creatively and speedily it will be able to conduct the global scaling campaign.
Defining role in this enterprise is set aside for emerging trends like Non-Fungible Tokens, or NFTs. Built on one of the two Ethereum token standards – ERC-721 or ERC-1155, these tokens possess unique characteristics that cannot be reiterated, in contrast to fungible tokens. Reaching the value exceeding $250 million by 2020, this latest blockchain economy progression is predicted to turn ecstatic in 2021.
But even having said so, art is not the only factor that makes the NFT market flourish. The latest testament to this is the emergence of the so-called ‘meme economy’ – the term used to describe the framework for those who aspire to buy or sell memes. Kick-started by Chris Tarres, the artist-creator who recently sold the internet rattler Nyan Cat for $600K (or 300 ETH), the idea of creating memes and trading them on a blockchain is promised to transform into a new obsession. For developers, this means that they will finally be appraised in full for the work spent on programming and design. For a wider community, that would give an opportunity to own a meme.
Now, another project is gleaming on the horizon. EtherCards, the project aimed at building the platform with value-maximizing opportunities for NFTs, is an equally-valued lucky find for both creators and artists, as well as fans of a new generation of online entertainment delivered by blockchain. Intending to expand the marketplace as well as to allure more creative artists, EtherCard constructed a system where everyone may participate in building blocks for ticketing, puzzles, bounties and various other utilities, as well as get rewarded for that.
Seizing a chance to speak with Andras Kristof, the Founder of the project himself, I decided to bring to the table the discussion about the future of the global economy, evolving trends of DeFi, blockchain-led transformation and a growing movement of NFTs.
I’m delighted that you chose to participate in the interview. Let’s begin with the following question: what role will you give to DeFi in shaping the post-pandemic future economy?
What is your vision of the world in 2021? How long will it take to rebuild the economic system after the disastrous pandemic crash, and what changes are we likely to see?TSLA
With growing market confidence in cryptocurrency, and Bitcoin in particular, can we count on rapid institutional adoption? In your opinion, what sparks more interest for the COVID-damaged businesses – is it cryptocurrency, or the technology behind it?
In your opinion, how can technological developments of Smart concepts and the Internet of Things (IoT) be synchronized with blockchain technology? How will it affect the capabilities of data transfer and exchange, and how they will be reflected in the trajectory of economic development?
What role do you see NFTs playing out in the context of DeFi? Besides that, what are emerging trends in NFTs you’d suggest to keep an eye on?
Having in mind the loud incident of the CryptoKitties-blamed Ethereum crash, how have blockchain capabilities - especially that of Ethereum - improved since then? Can NFTs someday be based on other blockchain networks?
Could you say a few comments about the meme economy? Do you see any advantages of it for your project?
For those who are interested in creating a value-generating applications on top of your platform, could you describe the process in more detail?
Can you explain the difference between the cards, and which one is best to obtain for long-term contributors, would you suggest?
How can anyone participate in the initial round of EtherCard token distribution? How long will this distribution last, and how many participants can benefit from it?