According to TechFlow, on August 12, according to The Block, Blast founder Pacman pointed out that the current crypto cycle lacks fundamental technological changes that trigger a new wave of adoption. This cycle is more driven by ETFs and market pressures than fundamental technological innovations, so it is different from the past.

Pacman reviewed major changes in previous cycles, such as ICO in 2017, the launch of Uniswap, and the invention of NFT in 2021. These "real cycles" usually lead to a new rotation of capital around major cryptocurrencies and new asset classes such as NFT. He believes that in order for the NFT market to gain new adoption, it needs to create "new ideas" based on existing NFTs.