Crypto Meltdown, The Sky is Falling!

June 17, 2022

No it’s not. 

A little over 20-years ago the dot-com bubble burst. The carnage there was 1,000x worse than this is. Yet now, just as then, while some garbage was thrown out of the system the fact was (and is) that the market reaction was in no way an indictment of the industry. The internet would go on to utterly disrupt and transform the world, affecting almost everything we touch in our personal and business lives daily. And the businesses that embraced that rapidly evolving reality survived the market of that time and became some of the greatest and most valuable enterprises. 

Now, in my opinion…

  • Will Bitcoin become the (or even “a”) currency of the future? No.
  • Will Ethereum, Polygon, Provenance, Solana and/or other tokens have increasing value in the future? Probably yes, as they are consumed in blockchain transactions and we are barely in the first inning of that game. 
  • Can people safely earn 6% – 18% interest by lending or “staking” tokens? {{insert I’m-laughing-so-hard-I’m-crying emoji}}
  • Will “algorithmic” stable coins be worth $1.00? No, they were (quite obviously) fraud at the start, and they’re still fraud today.
  • Is “Web3” real? Very.

Is the current crypto market meltdown unpleasant? Yep.
Is it an indictment of the industry and the future of blockchain? Not in the slightest.

Some trash is getting tossed, and that’s great. Some good businesses are getting hammered, and that’s not fair, but it’s temporary just as it was with the dot-com crash. Most of the world can’t see it yet as it’s still in the infancy of development and some critical infrastructure doesn’t exist yet (my team is building it, as I’m sure others are as well), but everyone will see it soon enough. The blockchain, thanks to NFT’s, will utterly transform your future…

  • Event tickets for sports, music, business conference and more will all be NFT’s to combat fraud and ensure royalties on resales, as well as form a new dynamic for post-event engagement with attendees and fans;
  • Surgical devices and equipment implanted in peoples bodies will all have NFT’s attached to them to combat device and insurance fraud;
  • Estates and wills will all be accessed via NFT’s, making the data secure, portable, and easy to organize while confirming authenticity;
  • Music, film and other intellectual property will all be issued as NFT’s to assure royalties and create new paths for fan engagement;
  • Theme parks and other “experiences” will use NFT’s to gamify their real-world audience both at home and (especially) while they are at the venues;
  • Real estate will all be tokenized, resulting in the long overdue death of the title insurance industry and revolutionizing lending, insurance, liquidity, resales, securities markets, and ownership records (provenance) to fight fraud;
  • Personal medical records will all be accessible via NFT’s;
  • Shipped goods and inventory will have NFT’s attached for tracking movements and fighting fraud;
  • And countless other industries including gaming, securities, lending, healthcare, insurance, manufacturing, government, media, etc.

Our world will be transformed yet again. Like the internet3, aka “Web3”.

This is happening, regardless of what the markets are doing today.

So keep calm and carry on, we are all changing the world together (again).

– Scott Purcell, Founder & CEO


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