The cryptocurrency bear market has its benefits, says DappRadar’s CEO

The bear market has been in play for the past few months, and DappRadar’s CEO believes that it has its benefits.

Skirmantas Januškas, the CEO and co-founder of DappRadar, revealed in a recent interview that he likes the bear market because of the opportunity it offers many projects to build amazing projects. He stated that;

“I see that lots of people live this “what bear market? The prices are down, but what bear market?” narrative. I think that’s the main difference between 2018 and now. I would say, we even like it to an extent because that brings some sort of clarity to the industry. It pushes all of the “hype” projects away and those that are backed by nothing away. When these go away, we have a good time building and focusing on projects that are really valuable.”

DappRadar has grown to become one of the leading DeFi and NFT stores in the cryptocurrency space. Januškas shared how he got into the cryptocurrency space eight years ago, stating that;

“Probably seven or eight years ago, Dragos kept pinging me to do something with Bitcoin. He got into Bitcoin much earlier than I got into crypto, in general. During these few years, I had the same understanding of crypto as probably the majority of people nowadays – you know, “I don’t get it, looks shady, I don’t understand it – I don’t touch it. That happened when CryptoKitties – in 2017 – they launched and went through the roof on high volumes. And then, at that point in time, being a back-end developer, I thought I needed to start understanding what smart contracts are really about.”

The DappRadar CEO also added that he believes NFTs are here to stay. The NFT ecosystem has become a multi-billion dollar market and is expected to grow even bigger over the coming years. Januškas said;

“A big difference between those who joined because of NFTs and those who joined because of SHIB and other coins is that when you want to buy SHIB – you go to a centralized exchange, put some fiat in the account, and buy the token – this has quite literally nothing to do with blockchain at that point of time. That’s because all your tokens are sitting on a spreadsheet with Binance.

Whereas with NFTs, you have to have a wallet, you need to put some crypto in it, to learn how to use MetaMask – that was a massive opportunity that the market had, and we saw that again.”

The crypto space has been in a bear market since the start of the year, with Bitcoin and other cryptocurrencies down by more than 60% from their all-time highs.