TechFlow news, on August 12, according to The Block, Blast founder Pacman pointed out that the current crypto cycle lacks foundational technological changes that could spark a new wave of adoption. This cycle is driven more by ETFs and market pressures rather than fundamental technological innovation, making it different from previous cycles.
Pacman reviewed major breakthroughs in past cycles, such as the ICO boom in 2017, the launch of Uniswap, and the invention of NFTs in 2021. These "real cycles" typically lead to capital rotating around major cryptocurrencies and new asset classes like NFTs. He believes that for the NFT market to achieve broader adoption, it needs to generate "novelty" built upon existing NFT foundations.
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