Early this year, after emerging from the FTX aftermath, I published two now-popular articles: “The Web3 Opportunity: What's Next” and “Web3 for Brands: Beyond the Hype”, on the state of Web3.

Eight months later, the Web3 community is again in turmoil:

  • NFT markets are tanking. Blue chip collections like Bored Apes, Azuki, Pudgy Penguins, Moonbirds, and CloneX have shed up to 80% of their value in recent weeks.

  • OpenSea recently ended mandatory royalty fees for artists, leaving their community wondering how sustainable business models for artists and brands could look like in the future.

  • If that wasn’t enough, interest in NFT collections of big brands is at all-time lows:

    • Adidas’s monthly NFT volume is $1k, down from its high of $57m in Dec 2021.

    • Dolce Gabbana’s monthly NFT volume is <$1k, down from its high of $14.8m in April 2022.

“The NFT bubble is finally bursting”, declare the skeptics. “I told you so, remember?!”

We’re in the midst of crypto winter action, folks.

But the situation is more nuanced. Here’s my thesis. 👇

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