Crypto Winter started in the second quarter of last year, yet analysts are only starting to reflect on its long-term consequences. Could it mark the end of the ecosystem?
Opinions vary, but it is clear that a large proportion of crypto’s early supporters are now gone. Nevertheless, this week’s news shows the resilience and potential of the metaverse sector. Stanford just published a study on the positive psychological ramifications of digital environments; the Financial Times reports on the increasing presence of metaverse-related ETFs; despite the decrease in NFT value, a new report finds that collectors are spending more, not less, on NFTs; as Elton John and other major starts continue launching concerts in the metaverse, digital events are becoming more and more mainstream.
Together, these news items point to the promises of a new internet. Yes, the role of crypto may need refinement and regulation, if not total rethinking. Yes, user engagement is disappointing as of now. But these two challenges may represent obstacles to overcome for an early-stage industry, not death sentences for the industry itself.