Co-Founder Liteflow Passionately helping NFT Projects bridge the gap between their audience and NFT's through an NFT Marketplace Solution.
Co-Founder Liteflow Passionately helping NFT Projects bridge the gap between their audience and NFT's through an NFT Marketplace Solution.
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Perspective is so important during financial downturns, especially for businesses looking to build. Perspective helps us place our immediate situation into the larger context of history, which is how lessons are learned and new strategies developed. Perspective now shows us that markets like these are when great projects become greater, by recognizing the opportunity to innovate.
Mark Twain once said, “History doesn’t repeat itself, but it often rhymes.” This quote resonates with me, as someone who has been helping businesses build in Web3. When you look back on major innovations, financial downturns (as brutal as they are) have been a fruitful time for those that seize it. Following the 2008 recession, not only did companies like Instagram and Uber rise to transform our daily lives, but they became major companies in the next bull cycle. Even more relevant, it was following this recession that Bitcoin made its entrance to the financial world.
Investments into development, infrastructure and tooling during bear markets have the potential to transform industries and lead to enormous returns. Let’s look at four projects that are a testament to this perspective…
Launched by Larva Labs in June of 2017, toward the end of a bull market, CryptoPunks has since become a blue chip NFT collection. This 10,000 piece collection was created in part to explore the value and interest of ownership in the digital age. 9,000 of the NFTs were minted for free, with the remaining 1,000 being reserved for the team. On February 12, 2022, CryptoPunk #5822 was sold for 8,000 ETH, which at that time was valued at $23.7 million.
This NFT collection has become the blueprint for many others that followed, from the profile pic design, to the 10k unique assets, and the ethos of digital ownership on the blockchain. This innovation will undoubtedly go down in blockchain history, but it certainly wasn’t borne of a desire to maximize revenue in a bull run. It took years for the value of this digital artwork to be understood, and for other projects to begin building in its wake. Matt Hall, one of the project’s founders was quoted in 2017 saying, "The whole thing is pretty weird, and that's kind of why we did this." This is the spirit of innovation.
Opensea
Founded in 2017, the OpenSea beta launched as the market began to crash in December. This didn’t stop founders Devin Finzer and Alex Atallah from raising $2.1 million in VC funding in November of 2018, and laying the groundwork for the innovation that lay ahead.
During this cryptowinter, OpenSea didn’t stop innovating. By 2020 they had deployed platform upgrades that allowed anyone to create and mint their own NFTs, free of charge. The work that OpenSea put in between 2017-2020, positioned them perfectly for the 2020 bull market and NFT summer of 2021. It was the conviction to keep building and innovating that prepared them for the time adoption started to rise. Now valued at $13 billion, OpenSea is the largest and most well known NFT marketplace on the planet.
Development of Axie Infinity began in 2017, eventually leading to the October 2018 beta release. Building continued, leading to the alpha release in December of 2019, demonstrating what is possible during crypto winter. Since then, Axie has become a leader in DeFi and NFT gaming, creating play to earn opportunities for gamers around the world. While hacks and vulnerabilities have since set this project back, they are clearly still on the path to continue the work they’ve set out to accomplish.
Many point to Axie’s innovations as inspiration for the next era of gaming. Others have attempted to take Web3 gaming to the mainstream, but Axie is the first to actually attract a global economy of gamers using blockchain to drive the gaming experience. By building and innovating during a bear market, Axie prepared themselves for the success that followed. In 2021 they closed out the year having generated $1.3 billion in revenue, no small feat for a project released in a bear market.
The next wave of successful NFT and crypto projects are being built now by teams that are focused on their long term vision, and not a short term market cycle. It will be these projects that drive the industry into the future, as money-hungry imposters fall by the wayside due to lack of true conviction. When the euphoria dies down and the hype disappears, you’re left with builders that now have some room to breathe and strategically advance their vision through focused innovation.
Perspective is so important during financial downturns, especially for businesses looking to build. Perspective helps us place our immediate situation into the larger context of history, which is how lessons are learned and new strategies developed. Perspective now shows us that markets like these are when great projects become greater, by recognizing the opportunity to innovate.
Mark Twain once said, “History doesn’t repeat itself, but it often rhymes.” This quote resonates with me, as someone who has been helping businesses build in Web3. When you look back on major innovations, financial downturns (as brutal as they are) have been a fruitful time for those that seize it. Following the 2008 recession, not only did companies like Instagram and Uber rise to transform our daily lives, but they became major companies in the next bull cycle. Even more relevant, it was following this recession that Bitcoin made its entrance to the financial world.
Investments into development, infrastructure and tooling during bear markets have the potential to transform industries and lead to enormous returns. Let’s look at four projects that are a testament to this perspective…
Launched by Larva Labs in June of 2017, toward the end of a bull market, CryptoPunks has since become a blue chip NFT collection. This 10,000 piece collection was created in part to explore the value and interest of ownership in the digital age. 9,000 of the NFTs were minted for free, with the remaining 1,000 being reserved for the team. On February 12, 2022, CryptoPunk #5822 was sold for 8,000 ETH, which at that time was valued at $23.7 million.
This NFT collection has become the blueprint for many others that followed, from the profile pic design, to the 10k unique assets, and the ethos of digital ownership on the blockchain. This innovation will undoubtedly go down in blockchain history, but it certainly wasn’t borne of a desire to maximize revenue in a bull run. It took years for the value of this digital artwork to be understood, and for other projects to begin building in its wake. Matt Hall, one of the project’s founders was quoted in 2017 saying, "The whole thing is pretty weird, and that's kind of why we did this." This is the spirit of innovation.
Opensea
Founded in 2017, the OpenSea beta launched as the market began to crash in December. This didn’t stop founders Devin Finzer and Alex Atallah from raising $2.1 million in VC funding in November of 2018, and laying the groundwork for the innovation that lay ahead.
During this cryptowinter, OpenSea didn’t stop innovating. By 2020 they had deployed platform upgrades that allowed anyone to create and mint their own NFTs, free of charge. The work that OpenSea put in between 2017-2020, positioned them perfectly for the 2020 bull market and NFT summer of 2021. It was the conviction to keep building and innovating that prepared them for the time adoption started to rise. Now valued at $13 billion, OpenSea is the largest and most well known NFT marketplace on the planet.
Development of Axie Infinity began in 2017, eventually leading to the October 2018 beta release. Building continued, leading to the alpha release in December of 2019, demonstrating what is possible during crypto winter. Since then, Axie has become a leader in DeFi and NFT gaming, creating play to earn opportunities for gamers around the world. While hacks and vulnerabilities have since set this project back, they are clearly still on the path to continue the work they’ve set out to accomplish.
Many point to Axie’s innovations as inspiration for the next era of gaming. Others have attempted to take Web3 gaming to the mainstream, but Axie is the first to actually attract a global economy of gamers using blockchain to drive the gaming experience. By building and innovating during a bear market, Axie prepared themselves for the success that followed. In 2021 they closed out the year having generated $1.3 billion in revenue, no small feat for a project released in a bear market.
The next wave of successful NFT and crypto projects are being built now by teams that are focused on their long term vision, and not a short term market cycle. It will be these projects that drive the industry into the future, as money-hungry imposters fall by the wayside due to lack of true conviction. When the euphoria dies down and the hype disappears, you’re left with builders that now have some room to breathe and strategically advance their vision through focused innovation.
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