Web3 Not That Important
Compared to the big players like Old Money, Web3 seems insignificant. Token2049 didn’t make much of a splash; on the 15th, F1 simply tripled the prices of Singapore hotels. We are like nobody.
Last year, everyone was discussing Singapore, talking about Web3, discussing the future, and where they were headed. This year, everyone seems quiet and doesn’t want to talk.
Participation has halved. There’s no hype like last year, and social media is eerily silent. The related posts received less attention on social networks, and the event itself is only moderately lively. Peripheral activities have significantly reduced.
The tech community has abandoned Token2049 and Asia. This year, in the booming Layer 2 space, not a single prominent project came to the main event. They only went to ETHSG, but attendance was sparse, not even Vitalik could save it. Tech sharing events decreased, developer communities became less active, and it’s uncertain whether the young people who were once into Web3 development are still in the industry.
Decreased Desire to Invest
Investment firms are laying low. They aren’t just refraining from getting booths; even during private conversations, they ambiguously claim they’ll “invest in good projects,” which pretty much means “not investing” from my perspective. Even when they spot good projects, they’re undervaluing them, leaving founders in tears.
NFT is Disappearing
NFTs are nearly extinct. The previously shining Azuki and Bored Ape projects are dormant this year. Even the gaming sector is eerily quiet. The pixelated, 2D novelties are nowhere to be seen, and the scene is filled with boredom.
The top projects are spending millions to reserve Singapore’s largest nightclubs, and organizing numerous side events and after-parties. In contrast, mid-to-low-tier projects can’t even bear the cost of a trip to Singapore. They’re contemplating whether the input justifies the output since there are few profitable projects, and investors are holding back. Every penny needs to be spent cautiously, and it’s a tough situation.
High Job Mobility
Just 12 months after Token2049 last year, some friends have already switched jobs three times. Regardless of the circumstances, their dedication to Web3 is admirable. It’s understandable since traditional sectors are either monopolized or suffering from intense competition. At least in Web3, there’s still hope for the future.
Disclaimer: The article does not constitute financial, investment, or trading advice. It is recommended that readers consult with qualified financial advisors, conduct thorough due diligence, and consider their individual financial circumstances and risk tolerance before making any investment choices.