Filecoin gains attention as Polkadot and NFTs move into the Limelight

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Filecoin (FIL), a decentralised file storage protocol is becoming rising in popularity, with FIL being one of the most traded tokens across several exchange platforms on Thursday. The platforms in question do have a huge Chinese user base and account for a considerable portion of Tier One trading volume for big pairs. On Thursday afternoon, Huobi trading volumes of FIL were exceed that of buying Bitcoin (BTC) by three-fold, as the price increased approximately 170% in one week.

Filecoin has seen soaring popularity and has had success amongst Chinese investors, with major crypto market investment organizations including SNZ Capital, Fenbushi Capital, and Neo’s EcoFund. These three firms were amongst those who contributed to the $23 million Filecoin Ecosystem Fund, which was announced on March 25. The Filecoin Ecosystem Fund is intended to support projects and propel network growth. It can also provide financiers with early access to new endeavors, which is a lucrative model for venture capitalists in an increasingly competitive investment space. It remains to be seen which one of these two outcomes is more beneficial to the funds involved.

OKEx published a explanatory video for the concepts behind Filecoin on March 28, which received approximately 600 shares and 3400 likes on Weibo. This indicates a high level of interest from the Chinese retail market, a crypto buying market that has proven to be a difficult to attract and difficult to maintain over longer time periods.

Beijing-based NFT marketplace BlockCreate art held a major art Exhibition on March 26, with influential sponsors Christie’s, Digital Finance Group, and mining rig manufacturer Bitmain. Across China interest in digital art has grown while cultural and artistic preferences have also developed into a more pragmatic approach to leading digital artists such as Beeple.

Berlin Based Candaq Fintech Group financed the Open Days blockchain exhibition in Hangzhou. Polkadot (DOT) projects were presented in one area, with speakers from Rarelink, Litenty, and Phala, among other prominent organisations. With various regional investments and programs with ties to the projects being developed on Polkadot, the upcoming parachain auctions have become a point of interest.

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