Cryptocurreny cycles are vicious and fast, and oftentimes during bull markets people forget about the true intentions of Web3, blockchain, and cryptocurrencies. Building world-class apps to power the next revolution of the internet is what the industry should focus on during these downtimes, and now more than ever sound DApp development is needed.
What Is BUIDL In Crypto?
Similar to HODL, BUIDL is a misspelling of the word “build” that entered the crypto lexicon back in 2018. BUIDL refers to the idea of building and expanding the cryptocurrency ecosystem, whether in the form of creating a new coin, developing a wallet, creating DApps, exploring Web3 ideas, designing NFTs, and so on.
This concept around BUIDL arose in reaction to the observation that most people entered into the crypto world in order to gain or protect their wealth (for investment or speculation), not because they actually understood anything about cryptocurrencies or blockchain, nor did they want to contribute to the ecosystem.
Therefore, BUIDL is an embodiment of the Web3 spirit that stresses creating value, creating applications (DApps), creating new Web3 businesses, and improving blockchain functionality.
BUIDL Meaning: Why Is This Term Important?
Cryptocurrencies like Bitcoin started off rather innocently. For example, Bitcoin was designed to improve P2P financial transactions by fixing the problem of trust on the internet (customers and sellers are usually anonymous to each other) and to bypass the cost and inefficiencies of third parties like financial institutions.
However, cryptocurrencies, and by extension, blockchain technology, are no longer simply about solving specific problems found on the internet; they now deal with issues of economic freedom, artistic expression (NFTs), new financial innovations (DeFi), sound money, and so much more.
So it’s this very point that makes the BUIDL internet phenomenon important. Because it’s a call to current and new entrepreneurs to take up the mantle of continuing to build and expand the crypto and blockchain ecosystem, especially in the fields of Web3 and metaverse.
As can be viewed on the State of the Dapps website, a not-for-profit directory for DApp-related information – 2017, 2018, and early 2019 was a period of enormous growth in DApp development.
Interestingly, even Vitalik Buterin participated in the BUIDL phenomenon back in March 2018 when he tweeted, “#BUIDL” in response to Ethereum announcing their first wave of grants supporting new projects to be built on the Ethereum blockchain.
Moreover, this DApp growth trend continued to rise again in 2021 after almost two years of diminished activity, which aligns with the bear market that was present from 2019 to 2020.
This is only natural as the number of blockchains increased with players such as Solana, Avalanche, Eos, Polygon, and Tron. However, when it comes to building DApps, Ethereum remains at the top of the hill with almost 3,000 DApps live on the network.
What Type Of Crypto Projects Are Being Built?
According to DappRadar, the ten most popular DApps focus on gaming and DeFi, with gaming being the most dominant. For example, Alien Worlds, Splinterlands, Gameta, and Farmer Words are some of the most popular gaming DApps. Therefore, it can be concluded that the crypto world (at the moment) will continue to focus on the interest of gamers and finance.
Also, artistic expression and blockchain-based digital assets have been gaining momentum in the past few years, especially seen with the rise of NFTs. For instance, popular collections that use Ethereum DApps like OpeanSea include Bored Ape Yacht Club and Mutant Ape Yacht Club.
In addition, other popular Ethereum-based DApps include Ethereum Name Service and Gods Unchained.
BUIDL was a 2018 internet phenomenon that encouraged people away from the “get rich quickly” motivation, towards more productive drives such as building and expanding the crypto ecosystem, especially on ideas of Web3, NFTs, the metaverse, and economic/personal freedoms on the internet.
As we have seen, 2018 and early 2019 were strong years for the development of DApps and other important projects. But as with all things, things eventually died down and settled into a steady state. Nevertheless, the momentum of the crypto world, regardless of what the stock or crypto market may indicate, is not dead.
For those developers and creators working on DApps to change the world, keep BUIDLing.