The article discusses the current state of the cryptocurrency and web3 industries, highlighting several key points:
- NFT NYC Conference: The article mentions that despite the potential for easy authentication and identity verification using NFTs, the NFT NYC conference was plagued by long lines and inefficient registration processes.
- Crypto Community Behavior: The author notes that the crypto community often touts the benefits of web3 technology, such as decentralized identity and authentication, but fails to implement these solutions in real-world applications like conferences.
- Market Volatility: The article reports on the decline of cryptocurrency valuations and the impact it has on founders and investors, leading to a shift towards a VC-friendly landscape.
- Crypto Founders’ Struggles: The author notes that crypto founders are facing difficulties in securing funding and maintaining investor support as market volatility increases.
Some key points from the article include:
- Despite the potential for web3 technology to simplify conference registration, NFT NYC was marred by long lines and inefficient processes.
- The crypto community’s emphasis on "family" culture can lead to a cult-like mentality, causing some investors to follow bad advice without questioning it.
- Crypto founders are struggling to maintain investor support as market valuations decline, leading to a shift towards a VC-friendly landscape.
Overall, the article highlights the challenges and contradictions faced by the crypto community as they navigate the complexities of web3 technology and market volatility.