A Market Lacks Narrative | Crypto Daily Digest July. 13
There are several noteworthy developments in the industry since begining of the year. Firstly, in February and March, the launch of the Move public chain caused a small wave of speculation, but it quickly dissipated. Secondly, the airdrop of Blur brought a surge of liquidity to NFTs, resulting in a rise in value for blue-chip NFTs during January and February. However, when blue-chip projects like Ape and Azuki failed to meet expectations, their prices plummeted.
Moving forward, NFTs must seek new narrative and use cases beyond the PFP. It could involve combining NFTs with offline activities, such as personal fans and membership benefits. This approach has the potential to attract a vast number of new users to the industry.
In late April and early May, there was a surge of meme coin speculation, causing many meme coins to skyrocket in value. Moreover, the combination of BTC chain Ordinals NFTs and BRC20 fueled the meme coin craze. This trend reveals that the industry lacks strong narratives, and people are left with no choice but to speculate on meme coins.
Overall, the cryptocurrency industry lacks narrative and is significantly influenced by macro and regulatory factors.
Other News in Case You Missed it:
What's New from TokenInsight？
Crypto Exchange Report 2023Q2: Bitcoin has been fluctuating around $30,000 for an entire quarter. Has the crypto industry been stagnant due to regulatory concerns? Perhaps we can find the answer from the data of exchanges.
Crypto Investment Products Report July 2023: TokenInsight released Crypto Investment Products Report July 2023, aiming to help users know about the current landscape of crypto investment products and the potential risks.