A bear market market is a time to build, but what are they building? A fintech expert looks at how the Web3 industry is responding to the downtrend.
) had lost 50% of its value, and the entire crypto market dipped below its $1-trillion capitalization for the first time since January 2021. As we enter a clear bear market trend, it’s essential to focus on what the blockchain industry has always suggested: build.
As we witness an exodus of talent from Web2 projects, we also anticipate increased growth of Web3 brands, with several brands such as Yuga Labs, The Sandbox and RTFKT already partnering with retail giants, including Adidas, Nike, HSBC, Warner Bros and others. Blockchain-powered decentralized applications and DeFi have the potential to lead the Web3 evolution in the future and seize control from a handful of centralized gatekeepers.
These projects took years to be successful. In 2021, OpenSea generated $20 billion in nonfungible token sales, while Uniswap adoption grew significantly, showcasing the potential of a decentralized financial system. Other examples in DApps, DeFi, NFTs and Web3 games are abundant.During the current crypto winter, there’s likely to be more venture capital available to fund new projects, so they may not only survive but thrive during the next big surge. And that’s the key to survival — utility.
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