Filecoin

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Filecoin says it is uploading one non-fungible token (NFT) per second on its decentralized storage network, or about 86,400 NFTs each day. Although many have lauded the growth of tokenized digital artwork, some critics say the latest numbers suggest that the industry is getting crowded.



“While NFTs are growing – and possibly becoming saturated – major variety game and esports companies will not enter the market until the issue of fraud is solved,” said R.J Mark, founder and CEO of esports and gaming outfit Verasity.



According to Pooja Shah, head of product at Protocol Labs, more than 7.75 million NFTs are now stored on the Filecoin database, representing over 55,000 gigabytes of data. Platforms such as Opensea, Makersplace and Jigstack are utilizing Filecoin to store their non-fungible tokens, she said.



Filecoin is an open-source protocol that stores data online using blockchain technology. Created by Protocol Labs, the decentralized storage network allows users to rent hard drive space that they can manage on their own or have Filecoin do that for them. Anyone can add and retrieve their NFT data on the network.



Shah said the number of users looking to store non-fungible tokens on Filecoin is “accelerating”. She did not specify the type of NFTs that have seen the greatest number of uploads. However, the most popular non-fungible tokens are collectibles, art and utility, according to Dappradar.



‘NFT projects with value will grow’



The market is typically dominated by small transactions, with nearly 60% of NFTs traded in the three months to September costing between $100 and $1,000. This suggests that creators may be looking to make easy money by creating NFTs on anything they consider valuable.



Now, without a limit on who or what can issue an NFT, or who can create markets for crypto artwork, critics have started to question whether there could ever be a ceiling on the number of NFTs issued.



But not everyone agrees with this assessment. Emil Angervall, co-founder and chief operating officer of Corite, a platform that enables fans to invest in artists, believes that projects with real value will see growth.



“Naturally, a growing number of NFTs is a reflection of its adoption, which is good for the traders and the creatives,” Angervall told Beincrypto in an interview.



“It is less important to look at raw numbers to determine the state of the market. One NFT is not equal to another NFT. The number of web pages was a relevant number in the early days of the Internet, but it’s hardly something we care about today. We care about the sites and services that provide value. The same is true for NFTs,” he explained.



Using the example of Spotify, where more than 60,000 tracks are uploaded each day, Angervall argues that decentralized markets will inevitably face similar challenges, as the cost of distribution – and storage – decline. 



“This means that there will be an infinite amount of content, the total value of the market will grow, but the vast majority will have little to no value,” he said.



Filecoin cashes in on Ethereum’s problems



The argument is that Filecoin is getting more numbers because it has become too expensive to transact or store data on the Ethereum blockchain, where the majority of NFTs have traditionally been built.



Cheaper blockchains such as Solana and Ronin have also benefited from Ethereum’s gas fees nightmare. Dappradar says Ronin accounted for about 20% of non-fungible tokens market share during the third quarter of 2021. The network is capable of processing and storing large volumes of NFTs.



In addition, Filecoin has recently struck deals with major non-fungible token entities such as Opensea and Flow Blockchain, leading to a sharp increase in the number of digital artwork uploaded to the platform.



“Both networks [Opensea and Flow Blockchain] are home to top NFT projects, meaning that a big share of this multi-million-dollar market now goes to Filecoin, as together, they have created surging demand for transactions on Filecoin,” said Zack Horn, chief knowledge officer of Adacash, a token with a reward system on the Binance Smart Chain.



The total amount of NFTs sold during Q3 soared to $10.7 billion, up more than eightfold from the previous quarter, data from Dappradar shows. The third-quarter figure was up from $1.3 billion in Q2 and $1.2 billion in Q1, said the market tracker.



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  The post NFT Industry Getting Crowded as Filecoin (FIL) Uploads One NFT per Second on Database appeared first on BeInCrypto.


Filecoin says it is uploading one non-fungible token (NFT) per second on its decentralized storage network, or about 86,400 NFTs each day. Although many have lauded the growth of tokenized digital artwork, some critics say the latest numbers suggest that the industry is getting crowded.
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NFT Industry Getting Crowded as Filecoin (FIL) Uploads One NFT per Second on Database


Polkadot price brushes shoulder with $30 just days after testing support at $24.
NFT boom could be setting Filecoin up for another rally above $100 in the coming weeks.

The majority of major cryptocurrencies are showing sluggishness mid through the week’s trading. Bitcoin is mainly in a range between $46,000 and $50,000. Upward movement appears to struggle; thus, there is a chance BTC will dive under $46,000 before resuming the rally to $50,000.
Although Ethereum climbed above $3,400 on Tuesday, action to $4,000 is faltering. However, higher support will keep the uptrend intact in the near term. Solana has settled above $110 after rejection from the new all-time high of $118.
Polkadot:
Polkadot has kept the uptrend intact since the week started. Support at $24 was crucial for the resumption of the gains toward $30. As per the data by CoinGecko, the smart contract token is up nearly 12% in the last 24 hours and has accrued weekly gains to 20%.
The ninth-largest cryptocurrency boasts $32.4 billion in market capitalization. Solana, which has been roaring since July, displaced DOT from the eighth spot. Polkadot has attracted a $7 billion trading volume across all know exchanges, which is becoming a preferred asset in spot trading.
Meanwhile, Polkadot is pivoting at $30 as bulls struggle to keep the uptrend intact. The short-term technical outlook is bullish, accentuated by a confirmed buy signal from the Moving Average Convergence Divergence (MACD). Perhaps a real break above $32 (August high) will trigger more action to $40.
DOT/USD Daily Chart
 Live Chart  
DOT/USD price chart by Tradingview
Note that discussions surrounding Polkadot have increased to levels last seen in March. If interest in the token remains unchanged or improves, the rally may continue to the all-time high at $50.
Filecoin:-
Filecoin has lifted from the lows of $40, seen in July, to the highs of $80. The price increase is attributed to a surge in NFT adoption on the platform. According to Wu Blockchain, a renowned crypto analyst, the token’s computing power hit levels above 10EiB.
Filecoin network data
According to live price data from Binance, Filecoin is teetering at $76. The daily chart shows that the Bollinger bands are moving toward a squeeze, suggesting a massive breakout.
FIL/USD Daily Chart
 Live Chart  
FIL/USD price chart by Tradingview
The token is mainly in the bulls’ hands despite the barrier at $80. An ongoing consolidation seems to be giving bulls time to regroup before launching another attack toward $100.
The post Polkadot, Filecoin Price Analysis: September 1, 2021 appeared first on Coingape.


Polkadot price brushes shoulder with $30 just days after testing support at $24. NFT boom could be setting Filecoin up for another rally above $100 in the coming weeks. The majority of major cryptocurrencies are showing sluggishness mid through the week&#8217;s trading. Bitcoin is mainly in a ran...

Filecoin price	$54.02
Low - High 24H	$53.92 - $56.18
Market cap	$6.98B
Volume 24H	$510.49M
All time high	$236.84 -77.20% April 1st 2021
All time low	$20.06 169.17% December 29th 2020
Genesis date	N/A

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