Undeniably, Web3 is indeed rife with many scams.
But when I say "scam," I do not refer to the common phishing or fraud. Many projects are actually born to "create assets," which in simple terms means to issue tokens for a quick profit. However, you cannot completely label them as scams, as this is akin to "creating demand" in the real world. It is useful, but not much.
For example: bottled water. Before the invention of bottled water, people would fetch water home to boil and drink. But bottled water brands perfectly created demand by packaging themselves as "healthier and purer." Doesn't this resemble those hyped TPS public chain projects?
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Water, still has drinkers; but does the chain truly have users?
From the previous DeFi and GameFi, to the recent L2, and the upcoming Perpdex (decentralized exchange for perpetual contracts). In the future, there will be many similar tracks, continuously repeating a process: not understanding - frenzy - collapse - rebuild.
If we pull up the trend chart of the main market (e.g., BTC, Nasdaq), we will find that the world of Web3 has simply accelerated this process.
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Reflection of history: the mirror of the bear market
This sentence in the text precisely summarizes the current situation: "Bull markets are noise; bear markets are magnifying glasses, microscopes, and demon mirrors."
I do not know what kind of future Web3 will lead us to, but history is always strikingly similar. Just like the internet bubble mentioned in the article: from "just having a .com can skyrocket you," to the bubble bursting and values returning to zero.
Web3 is experiencing rounds of revelry - selection - revelry - selection. We can only endure such growing pains to ultimately walk on the correct path that holds actual value.
The next phase of this path will not be dominated by "pure Web3 innovations." The main line in the next five years will be the "complete integration of Web3 and traditional finance."
Web3 is transitioning from "single-player mode" to "a plugin for real-world financial systems."
