For blockchain companies, innovation over intervention is the need of the hour

economictimes.indiatimes.com:

crypto world over the past few weeks is enough to make even the most enthusiastic Web 3 supporter take a step back and assess his position. With Bitcoin diving to an 18-month-low and showing no signs of stopping anytime soon, crypto lenders such as Celsius halting transactions to curb the volatility amongst crypto assets and exchanges like Coinbase firing staff to keep itself steady, the outlook for the entire industry seems to have changed drastically from just a few months ago when products and technologies like NFTs and metaverse was on everybody’s minds. Added to these are global headwinds that have created the perfect storm that we’re seeing the crypto industry go through currently. Indeed, with 40-year-high inflation in the US pushing the Fed to raise interest rates, daily items getting costlier thanks to high oil prices, the uncertainty over the war in Ukraine and the threat of Covid-19 and possibly monkeypox lurking just around the corner, things have decidedly taken a turn for the worse wherein investors have started dumping riskier assets such as equities and crypto assets.

Did you Know?

Fan tokens or sports crypto are digital assets that enable sports teams, leagues, clubs, associations and players to strengthen fan engagement.

While things might look bleak, I firmly believe this is a great time to go back to the drawing board and work on products and services that have the potential to disrupt the crypto industry as and when things stabilise over the next few months.NFTs Look at the NFT space for example. While things have been great for digital artists, there’s potential to create a lot of exciting new ways to engage audiences when it comes to this new technology of owning assets.