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Crypto Assets Market Dilemma: Narrative Failure, Talent Drain, Declining Appeal
Current Challenges Facing the Crypto Assets Market
Recently, while traveling in Yunnan, I communicated with some industry insiders and found that the current primary market for Crypto Assets seems to be caught in a multiple predicament that is difficult to break through:
Narrative Failure, Speculation Prevails
What is concerning is that market participants seem to have abandoned the narrative of technological innovation in favor of fully embracing a culture of short-term speculation.
In the past, although the technological narrative progressed slowly, it at least embodied a spirit of long-termism. The project team had a clear roadmap that included phases such as construction, testing, and mainnet launch. The transparency of this process helps users assess the project's strength.
Nowadays, the market has evolved into a pure community operation and capital game. Trading opportunities can even be counted in minutes, significantly amplifying the risks. For most participants, the market environment has become more dangerous.
Talent loss in development, innovation stagnation
Data shows that the number of active Crypto Assets developers on GitHub has decreased by nearly 30% compared to last year's peak. During the same period, salaries for engineers in artificial intelligence and traditional tech companies have been rapidly rising.
As mainstream tech giants compete for talent in the development of artificial intelligence, the vision of the crypto assets industry to "disrupt the internet" seems difficult to retain developers.
More seriously, after multiple rounds of development cycles, the enthusiasm for innovation among developers in the Crypto Assets field is sharply declining. There are very few technological breakthroughs from 0 to 1. Although new concepts continue to emerge, there is still a lack of practical applications and product-market fit.
Insufficient Attractiveness, Industry Marginalization
The appeal of Crypto Assets to external capital and talent is significantly lacking. Currently, the real secondary market hotspot is in the US stock market's artificial intelligence sector, while the primary innovation market is in the Web2 artificial intelligence field. The attraction of Crypto Assets to traditional venture capital and top talent is steadily declining, and it may even carry the negative label of "speculation."
The root cause is that, apart from the characteristic of "token issuance", Crypto Assets seem to struggle to provide other solid advantages. Although ETFs have brought institutional funds, this is more of a recognition at the financial instrument level and is not closely related to the altcoin market.
It is worth considering in which scenarios Crypto Assets are indispensable. In the past, Crypto Assets provided a relatively free experimental space for financial innovation. However, as traditional financial institutions begin to enter the market through stablecoins, ETFs, and other means, what unique value can Crypto Assets bring to users besides the technical feature of "decentralization"?
Despite the current challenges, maintaining an optimistic attitude is still crucial. A true breakthrough may be just around the corner, and we need to continue exploring and innovating to find new directions for the industry.