TL; DR
-
If you’ve been on crypto Twitter lately, you’ll have noticed a lot of people talking about industry players rebranding themselves.
-
The subtext is: Web3 is not as popular as it once was, so companies are no longer using it as a selling point on the front end.
-
We may be way off, but for us it’s a solid indication that we’re in the deepest depths of the bear market.
Full story
If you’ve been on crypto Twitter lately, you’ll have noticed a lot of people talking about industry players rebranding themselves.
(Essentially de-emphasizing that their company/project/brand is blockchain-based or Web3-related).
The subtext is: Web3 is not as popular as it once was, so companies are no longer using it as a selling point on the front end.
As we write this from the TechCrunch Disrupt conference in San Francisco, we can confirm the following:
The rebranding is a fact.
Just look at the header image of this article. Hedera is a cryptocurrency with one of the largest stands on TechCrunch.
…and not a single mention of blockchain technology.
Why is this important?
Well, we may be way off, but for us it’s a solid indication that we’re in the deepest depths of the bear market.
Sure, the broader market cooled off on Web3 and crypto a while ago, but crypto companies cooled off on crypto? That’s new! That’s the bad news.
The good news is this:
Crypto is very cyclical. Historically, crypto has ‘died’ only to be reborn bigger and better, in a corresponding four-year cycle the halving of Bitcoin.
This means that if we are right in assuming that this is the lowest level in the market and you are confident that the market will recover as it has in the past:
We can only go up from here, baaaaby!