Adoption — When?
MySpace has Millions More Daily Active Users than Cryptokitties
While there is a record number of blockchain jobs out there (check out our upcoming and previous jobs Keys!) there is still a lag in the actual implementation of blockchain use cases. A lot of these hires may be subjected to a “wait and see” approach so companies can say that they hired “blockchain people”. In a similar manner to the “dot com” bust in the early 2000’s, we could be in a period of retrenchment where companies are reconsidering what they are working on and identifying next steps.
According to the CEO of one of the world’s largest banking conglomerates, we are still three to five years out from mass blockchain adoption, where there is a large gulf between actual use cases and the ICO hype. Consider Filecoin, which raised $257 million last year — and has just over 800 likes on Facebook. Furthermore, you may have seen previous Keys where we showed how the actual amount of daily active users for these platforms are really small. Case in point: CryptoKitties, which was supposed to be the Next Big Thing ™ , only has 244 daily active users (a drop of 98% of its peak), and just over 7000 Facebook likes. That’s almost the same dropoff rate as Bitconnect! If you think this is not a big deal, consider this: Platforms You May Have Heard Of such as Facebook and Instagram have billions of active users. At this point, even MySpace has millions more daily active users than CryptoKitties and other top ETH based platforms (with all due respect to Tom). In a similar manner, universities got over $70 million earmarked to study blockchain, and yet have little to show for it.
After this negativity, the real question remains: What’s next? After the explosion of all of the shitcoins this year, it will take time to consolidate it all to find real solutions to be adopted by everyone. As we told you previously, we may not be in “1994” finding ourselves on the cusp of a crypto revolution, but rather in “1964” where any real adoption is truly a long way off. There are a few things that need to be done first. After all, it will take time to find genuine use cases to be adopted by all. It was very similar during the first dot com bubble: After the cambrian explosion of tech companies, some succeeded after the 2001 bust like Amazon, and some spectacularly folded such as Pets.com. The real question is, which of your alts is Amazon and which is Pets.com? Dear reader, it’s time for you to find out…
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