Bankrupt Companies and Tech Bros Keep Trying Crypto Returns
Those of us who have been paying attention to new blockchain projects over the past year have noticed a strange trend. Failing or failing individuals or companies are trying to reform their image, and it has everything to do with the still nebulous idea of Web3.
You don’t have to search hard to find news of a “hey yeah, I forgot this person/company/project existed” who suddenly bursts through the wall with all the wasted energy of the Kool-Aid Man to say they’re back, and this time they have a project that will really “shift the paradigm” (or as Weird Al once said, “advancing our vis-à-vis market share; Our proven methodology”).
At first you think they would be laughed out of the building. After all, who thinks working with the guy who single-handedly built and destroyed WeWork is a good face for investing? Why would I give an old torrent website the light of day when all it promises is NFTs? What’s weirder about these projects is how they all seem to be gaining at least some traction, whether from users in the blockchain community or investors.
Because as silly as it may seem for investors to consider taking advice from the wolf of Wall Street, Web3 projects are inherently attractive to investment firms, which are already practically drooling on the thinking of disruptive blockchain technology, especially one that promises to increasingly monetize already monetized industries, whether it’s carbon credits or pharmaceuticals. Who cares if it’s the universally despised “Pharma Bro” that pushes?
It is an open question how far the investment in crypto will go, because a recent study by the Pew Research Center showed that crypto investments among average people have remained stagnant since last year. That doesn’t mean there aren’t huge crypto companies and even more traditional technology companies pour millions of dollars into the scene.
Seeing dollar signs is one thing. Actually building a utility using blockchain technology is something else entirely, and so far we haven’t seen much or anything that looks useful coming from one of them. once dishonored companies or businessmen.
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