Is Crypto dead?
The majority of folks in the web3 sector consistently claim that cryptocurrencies are the future, but nobody ever truly wonders what the future of cryptocurrencies is, or what the future of this future would ultimately be if you had it.
The first half of the intriguing year 2022 has been quite a few bumpy rides for the cryptocurrency space generally. Whether you agree with me or not, we have seen many big crypto companies go down to nothing, literally to zero, businesses lose questionable amounts of money to hacks, and the Russian-Ukraine saga, Bitcoin plunging to historic lows as opposed to the numerous projections from last year and previous about it peaking at $100k. This plummet resulting in the massive decline of a number of altcoins as well, even though some of them have shown quite the resistance, the likes of Solana, Ethereum and to many surprises Binance coin. Well the same can’t be said for Do Kwon’s Luna, or Celsius token, as they have dipped massively for quite a number of reasons.
NFTs as well shared the same fate with the fungible tokens as the popular Bored Ape Yacht Club floor price tanked, as well as many other blue chips, one might attribute these to another set of events but altogether, the entire space experienced a massive dip, and most of those who came in to the space most especially this year 2022, might be in a little bit of regret. Enough said about the countless events that have made many to think crypto is a scam, well it’s quite easy to say, a lot of people lost huge amounts of money as a result of these companies crashing, and the market tanking but is it safe to say the entire crypto is just a big fugazi? is crypto dead? where do we go from here?
The Future of Crypto
The general crypto market currently appears to be at a low point, and there is uncertainty circulating as to whether the technology is sustainable or if it is all a scam. The future of crypto is difficult to predict at this time, but it is inevitable that at some point in the near future, crypto will be adopted by the general masses. People fail to recognize that the potential of the blockchain goes beyond the limits of merely cryptocurrency tokens and NFTs. Cryptocurrency may be dead, but the underlying technology is not. They represent only a small fraction of what is achievable; the use of blockchain in other industries will determine how cryptocurrency develops in the future.
Another unavoidable future for cryptocurrency is government regulation. Although we strive for decentralization, the reality is that without restrictions, even decentralization can be exploited. However, one needs to be cautious about how the government approaches regulation because one never knows whether they are regulating for the safety of technology users or their own interests. We also have large institutions and international brands waiting to jump into this technology because of its apparent potential at this point. However, as fascinating as this is, the “big guys” are afraid that if they enter this market in an uncontrolled or unregulated manner, the government will come after them. Nobody wants the feds to come knocking on their door, so it is safe to say the big companies are only waiting for this government regulation.
Big businesses are eager to obtain it, but what about the average person? How do they fare? Because web3 is viewed as just a place where you can buy coins or NFTs and either lose money or win money, the anxiety surrounding it is one of financial loss. However, what is unknown is that the blockchain technology that underlies web3 goes well beyond the concept of buying and selling tokens. A musician gets to mint his music as NFTs and sell directly to his listeners without the intermediary ripping profit from the music’s sales in the form of royalties, so that’s a step in the right direction toward decentralization, right? In essence, everyone will eventually have to go to web3, just like companies had to do in the early days of the internet (web2), when local coffee shops started offering online coffee ordering, and the like. Mass adoption is the future of the crypto industry.
In conclusion, despite the fact that the financial markets may be struggling, there are still plenty of opportunities for blockchain developers to construct something new. The future is still very bright.
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