It has been a dark few weeks in crypto and it’s easy to get buried under the deluge of awful news. But Web3 as a whole is looking more promising than ever and here’s why.
Token Gamer and NFT Insider have decided to combine forces to launch a weekly podcast, Mint One (formerly WAX Lyrical). John Nichols of NFT Insider and I will discuss a new topic every week, as well as feature special guests. If there’s a topic you’d like us to cover, make sure you let us know through the Token Gamer Discord or Twitter, or the NFT Insider Discord or Twitter.
In last week’s episode, we had no choice but to peer into the FTX and SBF abyss. This week, we want to rally morale and discuss why this bear market has been unlike any we’ve seen for positive reasons too.
Mint One, Episode 45: Why NFTs are NOT Dead
Some might say it’s hopium, but there is a lot of light in the darkness if you pay attention. This bear market has been like no other, both in terms of distance dropped from the peak and in productivity. The latter doesn’t receive much attention, at least anything close to what the former does, but perhaps it ought to.
It felt as if it would have been disingenuous to focus on anything other than FTX last week, so this week, I wanted to balance the scales a little. In previous bear markets, we have seen doom and gloom (albeit perhaps not to this degree) and positive news was scarce. However, this bear market has been singular in how many major developments there have been in the space.
If you take a moment to look past price — and I know how hard that can be to do — you’ll see Starbucks moving their loyalty scheme on-chain, Reddit onboarding people to the tune of 3 million new NFT wallets for their avatar collection, Sony patenting gaming NFT concepts, Instagram installing NFTs and sales mechanics, and so much more. 2022 has seen more flagship, high-profile adoption of blockchain and Web3 than any year before it, and yet many of us will enter 2023 with the bitterest of tastes in our mouths.
In the immortal words of many Bitcoin maximalists, “if in doubt, zoom out.” In this instance, what I mean by that is this: compare the onboarding of major brands, the new games and projects, and the improvement of infrastructure in our space to previous years and you will see that price does not tell much of the story.
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