The 6 month reality check of web3 in 2022
In the past few months:
- Bitcoin fell below $20K
- Thousands of $s of NFT scams
- Celsius crypto lender overheated
- Solana blockchain shut down 7 times
- Terra “stable-coin” stopped being stable
- Osmosis on Cosmos exploited for $5 million
- Ethereum blockchain burned > $100M in a day
Are these the side effects of focusing too much on technology, or are we actually trying to create meaningful products for real use cases?
By putting technology first, seems like many projects become highly dependent on hype to become successful.
We’ve evolved from modems to 4G in our pockets today.
The technology will keep getting better.
Products will become user friendly.
Scams will be harder to pull off.
Gas prices will decrease.
Blockchains will scale.
More talk about products and less about technologies.
What do y’all think?