Still Waiting for Bitcoin Price to Go to $100,000? This Executive Says Traditional Cryptocurrencies Won't Be Part of Next Crypto Craze

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Mon, 06/22/2020 - 14:35
Alex Dovbnya
After being overshadowed by traditional cryptocurrencies, NFTs could be the next big thing, according to Craig Russo
Cover image via venturebeat.com
Contents

Bitcoin and Ethereum defined the cryptocurrency craze of late 2017 along with a bunch of altcoins, but Polyient Games’ director of innovation Craig Russo believes they might not be a part of the next crypto frenzy, according to his recent interview with VentureBeat.

Russo presumes that those who are staring at charts and waiting for the Bitcoin price to start a rally to $100,000 are missing the forest for the trees -- non-fungible tokens could be the next big thing:

Everyone’s waiting for Bitcoin to go up to $20,000 or $100,000 per Bitcoin. My own personal opinion on that is the next wave of crypto craze isn’t going to come in the form of the traditional cryptocurrencies. It’s going to come in the form of NFT’s and the applications of blockchain gaming.

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Russo predicts a Bitcoin-like mania 

NFTs represent a group of digital assets whose main characteristics are their uniqueness and indivisibility.

ERC-721 is the de facto standard creating new NFTs on the Ethereum blockchain.  

While mainstream audiences seem to assume that there is merely a fine line between ordinary cryptocurrencies and NFTs, Russo believes they will eventually be able to tell the difference.

But as this technology develops, and we’re able to kind of mask that blockchain layer to a point where it’s no longer associated with kind of traditional cryptocurrencies, then people can understand it in the context of items being bought and sold.

In the end, according to Russo, this industry niche is going to have its own Bitcoin moment, which is why Polyient Games is now investing in early-stage startups that work on approachable infrastructure for blockchain games.      

Very few play blockchain games 

CryptoKitties, the Ethereum-based game with virtual cats, became the star of the previous bull run, with some digital Beanie babies being sold for almost more than $114,000 in December 2017.

As expected, it ended up being just another fad that only had 400 active daily users by August 2018.

Part of the problem is that blockchain gaming is mainly rife with card games in the likes of God Unchained and fails to reach the quality of traditional games. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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