1. Market Overview

The virtual asset market has been increasing since the advent of Bitcoin in 2009. After the significant liquidity increase due to Covid-19, the blockchain ecosystem is expanding, such as the increase in demand for virtual assets, the expansion of smart contract applications, the emergence and growth of NFTs, and the diversification of De-Fi.

However, the value of various project utility tokens of De-Fi services, which pay tokens at an annual interest rate of up to 20%, such as Terra and Luna, continue to decline, and limitations due to rapid growth have been causing investor losses. Despite the view that there is a temporary slowdown in growth linked to the global economy, the controversy over the devaluation of cryptocurrencies continues. It is also true that NFTs, which have just appeared, are increasingly skeptical of growth stagnation.