Since the beginning of 2021, the cryptocurrency industry has become one of the most competitive spaces in all technological advancing sectors. There is currently too much going on in the entire cryptocurrency industry and too many products are making a name for themselves.
Ever since the foundation of the cryptocurrency industry, many products had been launched but they failed to gain much popularity. That was because the cryptocurrency industry did not have much exposure and public attention.
The Year 2020 changed it all for the Cryptocurrency Industry
There were many products in the entire crypto-verse, which were launched, had been struggling to make a name for themselves. However, the cryptocurrency industry gained true recognition and adoption when the year 2020 came. The pandemic brought lockdowns and curfews with it, confining people to their houses and giving them the time to learn and think more about increasing their earnings and returns. This is when people started investing in cryptocurrency like defi coin and the cryptocurrency industry was never the same again.
Back in 2017, when the cryptocurrency industry experienced its first boom, the cryptocurrency firms introduced many products and innovation in the same year. However, the 2018 plunge of the entire cryptocurrency industry made things worse for the new projects. In the year 2017, two major projects were launched that were Decentralized Finance and NFT, but both of them did not experience much adoption.
The reason why these products did not gain much adoption rate was because the cryptocurrency industry was struggling after 2017. Later on, the cryptocurrency industry continued growing gradually, until the pandemic hit in 2020 and things changed dramatically around the entire crypto-verse.
Products That Emerged from 2020
When the crypto-boom arrived, almost every product that once had potential managed to gain the attention of public. People were looking for an opportunity to invest, be it be a cryptocurrency or other product such as decentralized finance, NFT, fan tokens, or something else. Among the rest of the products, the products that gained tremendous growth were as follows:
Major Cryptocurrencies
When it comes to cryptocurrencies, the major cryptocurrencies were the ones that gained tremendous growth. The first one was none other than Bitcoin, which hit an all-time high of $28k per BTC in 2020. Then it went onto hit another all-time high in mid-April of 2021, which was $64.86k per BTC.
Then next up was Ethereum, which started performing very well by the end of 2020 but did not perform better than Bitcoin. Then the following year, Ethereum went onto hit its all-time high of $4,362.35 per ETH.
Then there was Cardano, which also started showing great performance in the year 2020. Its trend continued all the way up to 2021 when in May, it hit its all-time high of $2.31 per ADA.
Non-Fungible Token (NFT)
Then the most prominent and adopted product in the year 2020 was non-fungible token. The technology started gaining ground in late 2020 more and more companies based in the crypto-verse started launching their own non-fungible token.
The sector became very popular among the music sector, sports sector, and digital artwork sector. In the music sector, it provided artists the ability to create and launch their own NFT. This way, the artists would not have to give any royalties to record labels and make all the money for themselves.
Then it was the sports sector where NFT adoption became a popular product. Different football clubs, NBA clubs, MMA fighting clubs, car racing clubs, and many more started launching their own NFT to make more profits out of them.
Then last but not least, it was the digital artwork sector where NFTs gained tremendous adoption. Many digital artwork designers started launching their artwork through the NFT technology. This ended up bringing them a lot of success and adoption rate. To your surprise, the most expensive NFT-based digital artwork that has been sold so far is worth $69.5 million.
