Dogecoin is one of the 5350 cryptocurrencies listed on Coinmarketcap.
There was only Bitcoin nine years ago After which came alts, and then ICOs. NFTs and DeFi have seen a huge bang in growth in the last year in particular.
Although there are so many on CMC, will each of these chips survive over the next few years? It was one of the subjects of discussion in a recent Bloomberg TV interview with the co-founder of Coinbase.
That question was quickly answered by Fred Ehrsam the former excecutive of Goldman Sachs. He noted that:
“People are going to try all sorts of things. There’ll be millions and millions of cryptocurrencies and crypto-assets, just like there were millions and millions of websites. Most of them won’t work.”
Fred Ehrsam also had similar rulings on hot NFTs trends in the crypto industry. He drew parallels with the early Internet companies of the late 1990s and MFI. He stated:
“I go so far as to say that 90% of NFTs produced, they probably will have little to no value in three to five years. You could say the same thing about early internet companies in the late ’90s too, though.”
The timing of such a daring statement is rather strange. Particularly taking into account the vast interest NFTs have seen.
More recently, a pixelated digital character, known as CryptoPunk #3100, sold for $7.58 million, making it the second most costly NFt in history, behind artist Beeple’s digital artwork. NFTs have seen a significant boom in the music and fashion industries as well with diverse artists publicly backing them.
So, what changed since 2017? Here’s what Ehrsam said on this issue:
“The thing that changed in 2017 is all of a sudden the doors opened to much broader applications. Ethereum came on the scene and showed that blockchain-based applications were possible to build … I think over time we’ll see mainstream consumer apps, and perhaps NFTs are a weird ‘bleeding edge’ of exactly that.”
Transitioning from one buzzword to another, Ehrsam talked about Dogecoin as well. He stated:
“If crypto has taught us anything, it’s never to dismiss a good meme that couldn’t later manifest into more concrete progress.”
What’s The Future of the global crypto industry….
Although Ehrsam criticized the different bubbles within the crypto market, he remains hopeful about BTC and other ‘meaningful’ cryptocurrencies. He added:
“The world doesn’t change overnight, but you can see the seeds of exponential growth occurring already. So I do think we will live in a future where for us to coordinate, we won’t need these centralized platforms today. That’s already true of financial services, in that you can be your own bank. You don’t need a central institution to hold your money anymore.”