Filecoin is in the Spotlight, as Polkadot and NFTs gain Popularity
By Harry B - Crypto Speculator - 02-04-2021
Filecoin (FIL), a decentralised file storage network project is becoming increasingly popular, with FIL being one of the most traded tokens across multiple exchanges on Thursday. The platforms in question do have a large Chinese user base and account for a sizable portion of Tier One trading volume for big pairs. On Thursday afternoon, Huobi trading volumes of FIL were more than three times that of buying Bitcoin (BTC), as the price increased 170% in seven days.
Filecoin has had a lot of success in attracting the interest of Chinese investors, including major crypto market investment firms including Fenbushi Capital, SNZ Capital, and Neo's EcoFund. These three were among those who contributed to the $23 million Filecoin Ecosystem Fund, which was announced on March 25. The Filecoin Ecosystem Fund is intended to aid projects and network growth. It can also provide backers with early access to new ventures, which is a profitable model for venture capitalists in an intensely competitive investment space. It continues to be seen which one of these two outcomes is more important to the funds involved.
OKEx released a video explaining the concepts behind Filecoin on March 28, which received approximately 600 shares and 3400 likes on Weibo. This indicates a high degree of interest from the Chinese retail audience, a crypto buying market that is difficult to attract and difficult to maintain over longer time periods.
On March 26, Beijing-based BlockCreateArt hosted a major NFT art exhibition sponsored by Christie's, Digital Finance Group, and mining rig manufacturer Bitmain. In China, interest in digital art has risen, while cultural and artistic preferences have also expanded into a more realistic approach to leading digital artists like Beeple.
Candaq Fintech Group funded the Open Days blockchain exhibition in Hangzhou. Polkadot (DOT) projects were featured in one space, with speakers from Rarelink, Litenty, and Phala, among many others. With so many regional investments and programs with links to the area being developed on Polkadot, the upcoming parachain auctions have turned a subject of interest.